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Offshore news !

Vanuatu To Join The World’s Optical Fibre Internet Backbone

As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s 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 Vanuatu’s 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 Vanuatu’s competitive position as an e-business hub.

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Incorporate a Local company

 

To carry on business in Vanuatu as a company, you will need to incorporate a local company as a Vanuatu offshore company is not permitted to carry on business in Vanuatu, only outside of Vanuatu - "offshore".

A Vanuatu Local company must have as a minimum, 1 Resident Director, 2 Shareholders and 1 Secretary.

The company must have an authorized capital which can be denominated in any currency. For simplicity, this is usually denominated in the local currency, the Vatu as most local companies are incorporated to trade locally.

A Local company can also be used for property holdings. This has many advantages. One is that when selling the property, you may just sell the company with the asset, by transferring the shares of the company. This will minimize the time in finalizing ownership bypassing the requirement to obtain consent from the customary land owner, registering the Lease in the new owner’s name etc, though Stamp Duty still applies on change of ownership but at a reduced rate.

The advantage as such holdings companies is that they are exempted to apply for business licenses and VIPA approval for the owners when local companies are used for such purposes.

A Vanuatu local company may have a Vanuatu offshore company as it's shareholder. This will allow you additional confidentiality.

As is the case with an international or offshore company, no tax is levied on a local company’s income. The only ‘tax’ is VAT. A local company is required to register for VAT, if the company’s turnover is VT4, 000,000 or more per annum. VAT is 12.5% on sales. VAT can also be claimed back from business expenses.

The company is also required to file audited accounts if the turnover s VT25, 000,000 or more. Currently amendment to the law is in progress to increase this to VT50, 000,000 to minimize compliance cost for smaller businesses.

Moores Rowland Vanuatu can assist you in incorporating your local company.

We incorporate local companies with a minimum 2 directors. This is to satisfy the requirement of a local resident director and to allow other non-resident shareholder/s to be represented on the board.  

Our annual corporate management/maintenance fee provides for the following:-

2 x Directors,

2 x Nominee Shareholders,
1 x Secretary,
Registered Office.

The annual fees are paid on or before the 31st March annually.