The Republic of Vanuatu is a small island country located in the Pacific. It is situated in the South Pacific Ocean, and lies west of Fiji and almost 1,750 kilometres east of Northern Australia. Vanuatu, however, has become a very popular destination for companies that are looking to create an offshore business. Widely regarded as a tax haven by many, Vanuatu has established itself as a hub for international businesses, primarily because of the major tax relaxations on offer. If you are thinking of establishing a company in Vanuatu, you will need to abide by not just the international laws and regulations, but also the rules and regulations of the country itself. Here are a few things that you should know about establishing a company in Vanuatu.
Hire an Administration Firm
The first thing you need to do is hire an administration firm that specialises in establishing companies in Vanuatu. You need to hire a team of lawyers and chartered accountants that specialise in company formations in Vanuatu, as there are a number of strict laws and regulations that your business must abide by. Hiring an administration firm is probably the hardest task, because there are so many companies that offer such services. You need to check online for local firms that offer administration and company formation services throughout Vanuatu.
You will need to first set an appointment with a local company that offers administration services in the country. They will ask you about the nature of your business and other details about your company. This will make it easy for them to determine whether your company can be established within Vanuatu with minimal hassle or not. Keep in mind that you will also have to travel to the country to sign the documents and the paperwork. You will need to provide the company with essential documentation about your company, such as the memorandum of association and the articles of association, as they are needed to establish the company. The administration firm will also get in touch with the registrar and then prepare the necessary documentation needed to establish the company.
Once the documents have been filed with the registrar, the company will also recommend that you open the capital accounts of your company. These accounts are necessary as they will contain the funds needed to start business in the country. If the registrar finds that the company’s accounts are not properly maintained, they are not going to grant the certificate of commencement of business.
Lay Down Your Objectives
More importantly, you need to lay down your objectives before you hire a company formation firm. Tell them the reasons for why you are opening a company in Vanuatu, and they will guide you accordingly regarding the process. It’s recommended that you explain each and every thing to the company administration firm and they will guide you throughout the process and make sure that you get the tax benefits that you are looking for.