Vanuatu International Company

[Alex Fr]

Hello to all entrepreneurs!

What do you think on this jurisdiction? I haven't found any mention that they are planning taxes or economic substance requrements to keep zero tax for this type of companies.
The latest changes I found are some changes of International Companies Act in 2017 regarding keeping UBO docs by registered agent and disclosing of it to local Commision and information then can be provided to foreign govenrment agencies in several cases.

 

[Gediminas]

Hi Alex,

Yes, that is indeed correct - currently, there is no need for the substance or a director present for IC in Vanuatu.

In regards to the future, it is difficult to know, since the election should commence by the end of March. At least for the time being everything seems calm.

 

[Joe Blasco]

Hello to all entrepreneurs!

What do you think on this jurisdiction? I haven't found any mention that they are planning taxes or economic substance requrements to keep zero tax for this type of companies.
The latest changes I found are some changes of International Companies Act in 2017 regarding keeping UBO docs by registered agent and disclosing of it to local Commision and information then can be provided to foreign govenrment agencies in several cases.

it s a great idea except if you just don t want the certificate of incorporation hanging on some wall, which bank on earth is going to open you an account and if the need arises for some special document, notarial authorization etc are you going to Vanuatu to sign it or have nomiinee in the other end of the world you never met , do it for you ?

 

[JohnLocke]

If you are using the Google search to search the forum you will find threads about it. enter site( : ) ffshorecorptalk.com vanuatu and you will get results.

 

[Sols]

Vanuatu has a terrible reputation with banks and EMIs. It's on many financial institutions' blacklists. Much of this stems from Vanuatu's extremely slow path towards enacting sensible money laundering laws, and its disproportional usage among criminals.

If you go for a Vanuatu company and you need it to have a bank account of some sort, make sure you have a robust personal network or your corporate service provider is very confident that they can place you with one of their partners.

 

[Gediminas]

You can always find a bank for Vanuatu IC. Just like for any other exotic jurisdiction.

 

[Joe Blasco]

You can always find a bank for Vanuatu IC. Just like for any other exotic jurisdiction.

yes one can sure find something like the infamous Europacific , Choice bank of Belize, or similar, but what kind of fees will be applied and risk that the bank tomorrow will not continue operation or will not have a correspondence bank

 

[Gediminas]

and risk that the bank tomorrow will not continue operation or will not have a correspondence bank

It can happen to most banks you guys work with.

 

[Joe Blasco]

Qatar

It can happen to most banks you guys work with.

the more mickey mouse the jurisdiction of incorporation, the more mickey mouse will be the " bank " , the more chances that something will go wrong. There is even worse, the denial syndrome, where some jurisdictions like BVI or banks like EP are trying to pretend that they are not for laughs so they will put you under intense scrutiny just for show off but in the end the practical result is exactly the same, left with some offshore exotic company with difficulties in conducting proper business

 

[Alex Fr]

Thanks all for your comments.

I was going to use EMI for Vanuatu IBC. However I found that since 2016 Vanuatu IBC UBO's are kept in
in a Register of beneficial owners of companies:

"(2) A person intending to incorporate a company under this Act MUST disclose to the Commission details of the beneficial owners of the company as the Commission may require.
(3) The Commission must not incorporate a company under section 5 unless the person applying for incorporation complies with subsection (2)."

Register is not public but it's created solely for providing info to other countries through exchange of information treaties.

 

[JohnLocke]

That is, if there is no public register of company owners, only the Vanuatu Corporate Board can see who the real owner of the company is. It may be just that, right?

 

[sullyferdinand]

Hello to all entrepreneurs!

What do you think on this jurisdiction? I haven't found any mention that they are planning taxes or economic substance requrements to keep zero tax for this type of companies.
The latest changes I found are some changes of International Companies Act in 2017 regarding keeping UBO docs by registered agent and disclosing of it to local Commision and information then can be provided to foreign govenrment agencies in several cases.

Lot of documents required, most registered agents require even an affidavit

Most serious banks will not open an account for your company, you will probably end up opening an account with Pacific Private ''Bank'', paying high fees, receiving terrible service. Anyway, at least you will be able to open the account without any introducer