The Republic of Vanuatu is small nation located at Pacific Ocean and lies on the North East Coast of Sydney, Australia. It is made up from 83 islands, with 14,700 square kilometres of land area and extending to 450,000 squares of territorial waters. Vanuatu is also a well-known tropical paradise to tourist and investors from all over the world as they are the home to some of the world’s most astounding beaches, majestic landscapes and primeval forests.
Vanuatu is known as the home to some of the world’s most astonishing beaches, majestic landscapes and pristine forests. Vanuatu is also a tropical paradise that attract tourists and investment from all over the world.
Vanuatu has approximately 280,000 of residents, majority of them are indigenous “Ni -Vanuatu” of Melanesian origin (95%) with the remainder consisting of Europeans, other Pacific Islanders, and Asians.
English and French are the official languages of Vanuatu, while Bislama (local dialect) is the national language.
Port Vila is the capital of Vanuatu. In summer, the average midday temperature in Port Vila is 29°C while in winter is 25°C, and the annual rainfall is about 235 centimeters (90 inches).
Vanuatu is 11 to 12 hours ahead of GMT depending on daylight saving (i.e., 1 hour ahead or the same time as Sydney and, 3 hours ahead of Hong Kong).
Normally, the office operates Monday to Friday in Port Vila and the duration are from 7.30 am to 11.30 am and 1.30pm to 5pm.
Republic of Vanuatu is a parliamentary democracy. Vanuatu attained Independence on 30 July 1980, after joint rule by Britain and France for 74 years.
Before independence of Vanuatu, they used to know as the New Hebrides. Legislature of Vanuatu involve a single chamber where the total of 52 parliament were elected via general elections in every four years. President is the highest position in the state and is elected for five years via an electoral college involving the members of Parliament and the Presidents of the Regional Council.
Vanuatu’s legal system is based on English law and adjudicated upon by the Supreme Court of Vanuatu.
The economy of Vanuatu mainly gains profits from tourism, agricultural sectors and light industrial throughout the years. Furthermore, the Financial Centre also significantly contributed to economy
since year 1969.
Presently, Vanuatu is known as a tax heaven where taxes such as personal, corporate income taxes, capital gain taxes, withholding taxes and so on are fully exempted.
In Vanuatu, you are allowed to trade freely in any major international currencies without any further exchanges control. Besides that, Vanuatu also has no local restriction on allocation of funds in any currency either you are a residents or non-residents.
Vanuatu’s local currency, the Vatu (Vt) floats against a basket of currencies and is consequently firm.
Vanuatu has no exchange controls and bank accounts which can be held in any of the major international currencies and can be traded freely. Vanuatu has no local restriction for either residents or non-residents on the allocation of funds in any currency into or out of Vanuatu.
Vanuatu’s international ship registry is open to individuals of any nationality. Vessels with the Vanuatu flag receive friendly treatment in ports throughout the world.
Vessels are registered with the international shipping registry which is managed by Vanuatu Maritime Services Limited (“VMSL”) a private Vanuatu company operating under contract to the Vanuatu Government as the Maritime Administrator. VMSL operates the Central Registry and day today activities from its offices in New York.
Vanuatu is the longest reputable offshore financial center in the Pacific (over 30 years). Vanuatu has the most favorable time zone for those coordinate businesses in the Asia Pacific region.
The offshore Financial Centre of Vanuatu has its own unique statutory framework. It consists of the Companies Act, the International Companies Act,
and Acts and regulations relating to Banking, Insurance, Stamp Duties, and Trust Companies.
The office of Vanuatu Financial Services Commissioner and Reserve Bank is in charged of the framework operation in view of banking and insurance is arbitrated upon by the Supreme Court of Vanuatu.
The framework is run by the office of the Vanuatu Financial Services Commissioner and Reserve Bank of Vanuatu in the case of banking and insurance and is adjudicated upon by the Supreme Court of Vanuatu.
Vanuatu only require a simple procedure when it comes to set up a new business, without the hassle of the large amounts of paperwork that international businesses usually require.
VAT registration and a business license are just the requirement you need to set up a new business in Vanuatu.
Vanuatu is an ideal choice to commence a new business as it has a firm International Financial Centre and also tax free.
1 Global Advisory has excellent connections within government networks and banks to enable you to start a business with ease.
Vanuatu is a firm and well established International Financial Center.
Vanuatu does not charge any capital gains taxes, income taxes or withholding taxes from their people, making it an ideal choice to start a new international business.