Vanuatu, officially the Republic of Vanuatu is an island country located in the South Pacific Ocean. Since becoming independent in 1980 Vanuatu has become members of the United Nations and Commonwealth of Nations among other organisations.
Vanuatu’s proximity to New Zealand and Australia has seen it emerge as a desirable and affordable holiday destination. The chilled-out ambience and unspoiled coastlines coupled with a warm and friendly welcome, make it a desirable tropical paradise. The islands could also become a paradise for those looking into the possibilities of company formations in Vanuatu.
There are many great reasons to set up a new company in Vanuatu. Let us look at them.
- The progressive Vanuatu government is aiming to develop and improving the local economy. Attracting new companies is important to the continued growth of the nation and are unlikely to have their jurisdictions tightened as a result. Vanuatu offers a stable and independent political and economic environment for you to base your business.
- Tax exemption is offered for 20 years. Offshore companies in Vanuatu are exempt from corporate tax, income tax, capital transfer tax, inheritance tax, stock exchange gains tax and turnover tax.
- Locally based businesses will help you through the administration and paperwork of the necessary licenses and permits that are required throughout the process meaning your forming of a company in Vanuatu are trouble free. Any foreign individual or company who wishes to invest in Vanuatu is required to obtain an investment approval certificate with the Vanuatu Foreign Investment Act. A formal application form needs to be included along with the submission of a business plan. Enlisting the assistance of a local business will be invaluable to your operation.
- It is possible to form a varying range of companies in Vanuatu such as an International Company, which is the most common form of companies for offshore operations, along with Exempted companies, Limited Liability companies among other options.
- The administration is hassle free if you set up in Vanuatu as there is no requirement to file financial accounts to the authorities.
- The requirements of ongoing compliance are minimal.
- You can submit formation application form online.
While it would be desirable to visit the beautiful islands of Vanuatu in person, it is not a necessity. Many businesses will offer you the services of helping in the formation of your company, but they can offer to deal with your accountancy and auditing needs.
