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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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Doing Business in Vanuatu

Vanuatu is better known as the region’s foremost financial center. However it also offers many local business opportunities and a favourable business environment for local investment.

What are the advantages of investing in Vanuatu?

For a start how about the following reasons:-

•    No Income taxes,
•    No corporate taxes on local and offshore income,
•    No withholding taxes,
•    No Capital Gains taxes (except on some real estate transactions),
•    No Death Duties,
•    No burdensome filing of audited account filings for companies with annual income of under VT25, 000,000. (fantastic for holding companies, i.e. in real estate etc)

All this means minimal bureaucracy, less annoying office paperwork, filings etc. No ‘friendly’ tax collectors to deal with. More time to run and develop your business and to enjoy the unique life style Vanuatu has to offer.

Every elected Government of Vanuatu have always encouraged and promoted local investment. The government is pro-active in taking initiatives in conjuncture with the private sector to streamline bureaucracy and fast track overseas investments in Vanuatu.

The Government is particularly interested in encouraging investment in tourism, agriculture, fishing, forestry and timber products. However, there are restrictions to ensure that natural resources are not over exploited. The thrust of Government thinking is to encourage labour intensive industries, using local products which will lead to import substitution.

The cost of labour in Vanuatu is inexpensive. The minimal wage is VT26, 000 (approximately A$260.00) at the current exchange rate. Even though there are 3 official languages, English is the main business language used.

Vanuatu has excellent international communication facilities, with its own earth satellite stations and twenty four hour telephone and data transmission facilities. Broadband internet is available. Currently a huge project is underway to deploy Vanuatu’s first international submarine fibre optics system linking Vanuatu to the rest of the world and is expected to be in place by early 2012.

There is extensive financial and legal expertise available. The Supreme Court of Vanuatu has jurisdiction to determine all matters. Commercial law is based on English law.