Did you know that if you want to form an offshore company and open up bank accounts in Vanuatu, you are not required to live there? This is true. It can be done in person if you chose; however, it can also be done remotely. Not only that, it is not mandatory you live in Vanuatu to do either one. How does this work? What do you need to do? These questions and more will be answered in this blog.
Is This a Good Idea?
Judging from the increasing popularity of this type of venture, it is an excellent idea. There are many reasons to create an offshore company in Vanuatu, and then set up at least one bank account. For one thing, due to the International Companies Act, moving forward with this venture is easier than ever. There are laws to follow, as there are everywhere. However, there is quite a bit of flexibility associated with Vanuatu laws.
Why Else is This Beneficial?
A significant benefit is offshore companies in Vanuatu are tax-exempt for the first 20 years of existence. The only thing to pay for is an annual fee, which is extremely low. Once the tax-exempt privileges subside, the amounts due are also quite low.
Another perk is the privacy factor. Details of company hierarchy personnel such as directors, shareholders, beneficiaries, or owners, are able to be kept secret. No information can be disclosed publicly. This makes having a business venture in Vanuatu is completely safe. Nobody can do it or you any harm.
We have some relevant details an entrepreneur ought to consider when deciding whether or not to open an offshore company there. Your company must have one shareholder; however, it is not required to have more than that. It may be a corporation or an individual. The same is true of company directors.
It is necessary for international companies in Vanuatu to have a local registered agent. This agent needs to have a license and perform the duties assigned to him or her. The agent has to be local, yet the business owners and top brass do not.
Another pertinent fact is there are not any mandatory annual meetings that corporate brass or employees need to attend. If the officers do wish to conduct an annual meeting, it can be done electronically. Once again, a physical presence in Vanuatu is not a requirement.
Let’s Talk about Offshore Bank Accounts
The Vanuatu banking system is friendly to international account holders. The primary system consists of a vast array of widely-known merchant banks and commercial banks. There is a special sector for offshore persons. At the top of the banking chain in Vanuatu sits the Reserve Bank. Although some mandatory requirements and documentation do exist, it is a fairly easy procedure to open bank accounts there. This is especially true of corporations, but does apply to individuals too.
What If You Are Not Opening a Business?
If you are not planning to open a business in Vanuatu, but still want to have at least one bank account there, go ahead. Their system does have provisions for personal bank accounts. You can have the typical assortment of services such as checking accounts, savings accounts, and scores of related services. To discover which are best for you, you must enquire with the specific bank you are interested in. As with any other country, each Vanuatu bank has different features and services.
You Are Interested in Vanuatu, Now What?
The first thing to do is connect with a firm to represent you in Vanuatu. It ought to be someone who is an expert in everything having to do with the region. They spend a lot of time there, are familiar with business and banking laws and regulations, and have been successful entrepreneurs in the area. The business whose website you are reading this blog on is a great place to start. They would be willing to represent you and can do so in extraordinary fashion. Why don’t you give them a shout out now?