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Offshore news !

Vanuatu To Join The Worldís Optical Fibre Internet Backbone

As part of the Government Vanuatuís commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown itís full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatuís first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.

Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatuís competitive position as an e-business hub.

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Securities Dealers

Vanuatu has a very user friendly Act, the Prevention of Frauds Act which allows an individual or a company to apply for a Securities Dealers License.

This license allows you to buy, sell, trade securities such as shares, bonds, options etc and managed a portfolio of investments for and on behalf of your clients.

This License can be useful for investment/fund management institutions such as Brokerage firms, mutual or hedge funds etc who may have clients wishing to invest in securities which may not be permissible or must comply with onerous and costly compliance of their resident jurisdiction. Such investments can be done through an entity incorporated in Vanuatu licensed to carry on Securities dealing business thereby bypassing these constraints legally.

As part of the application you are required to lodge a bond of VT200, 000 with the Vanuatu Court Registrar as security. This will be refunded when the Security Dealerís License is no longer required and no liabilities outstanding.

Previously Security Dealerís License were issued only to an exempted company incorporated under the Companies Act.

Recent amendments to the International Companies Act have which came into force on 11 August 2010 makes provisions to bring under the International Companies Act all exempted companies existing under the Companies Act. This Amendment Act, has enabled to bring under one legislation, for registration, all companies which included Securities Dealer companies that are formed exclusively for offshore operations.

A Securities Dealerís License can now be issued under an international company which has fewer restrictions and are now much more cost effective to operate.

Moores Rowland Vanuatu has acted on behalf of clients on many occasions to apply for such licenses successfully.

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