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Obtaining a business license in Vanuatu requires several steps to ensure compliance with local regulations. Here’s a general outline of the process:
Decide on the structure (e.g., sole proprietorship, partnership, limited company). Many international companies prefer Vanuatu’s International Companies (IC) framework, especially if they want to take advantage of tax incentives and simplified compliance.
A business name is generally registered with VFSC. Normally, an application form and some sort of fee are filed in which the applicant has the name reserved for a certain period.
Filings will be made in VFSC as an international company or a limited company. Documents filed usually include the following:
Completed Application Form
Articles of Association
Memorandum of Association
List of Directors and Shareholders
Apply for a business license from the Department of Customs and Inland Revenue. Specific requirements may vary based on the kind of business and industry involved; generally, the following will be required:
Business license application completed
Proof of business name registration and incorporation documents, where applicable
Address and location of the business
Business license fee payment, which shall depend on the type of business and scale
Depending on the type of industry, such as financial services or tourism, for example, there might be additional licenses that are necessary or approvals from their regulators. If a person is venturing into a regulated industry, it is worth contacting a local expert or corporate service provider.
Whatever be your business, you may be obligated to declare your fiscal obligations, such as VAT, before the competent authority, or follow labor and immigration laws when you hire a non-resident employee.
Normally, the licenses for various types of businesses in Vanuatu will need to be renewed annually; however, renewal requirements and fees may change depending on the particular field in which the company is operating.
Each step should be independently checked with the relevant authorities, as rules and regulations do change. Vanuatu is an extremely attractive place to set up business-in particular, an international company-due to its special tax regime and favorable regulatory environment.
Vanuatu has a mixed economy comprising subsistence agriculture, an expanding tourism sector, and offshore financial services. Agriculture is the heart of the economy, employing most of the population, especially in rural areas. Major crops grown include copra, cocoa, and kava; the last is particularly important both for local consumption and export. Subsistence farming is quite crucial to food security for many families.
Tourism plays a major role in Vanuatu's economy, covering a high percentage of the GDP, and has provided a number of job opportunities. The country's natural beauties, such as unspoiled beaches, multi-colored coral reefs, and emerald green vegetation, draw visitors from every part of the world. The country has actively marketed itself as an ideal haven for adventure tourism and for those seeking unique cultural experiences.
Today, Vanuatu is among the top offshore financial centers in the region, providing services from company incorporation to banking regarding foreign companies. It has attracted a great amount of foreign investment and also generated a considerable number of jobs. However, it is still facing various criticisms concerning its regulatory practices and lack of transparency.
Still, with these favorable advantages, Vanuatu faces many economic challenges. In this highly exposed country to cyclones and earthquakes, this may seriously affect agriculture and tourism. Its far-flung location and dependence on imported goods make its economy fragile to any shift in the global market.
In sum, the economy of Vanuatu has represented a combination of traditional practices and modern industries. Therefore, for the nation in its quest to further expand economic opportunities, increased agricultural productivity coupled with sustainable tourism development will be fundamental to its future economic growth.
Yes, foreign companies can do business in Vanuatu. As such, it is under obligation to register as an overseas company with the Vanuatu Financial Services Commission (VFSC) no later than 20 working days following the commencement of its doing business in Vanuatu.
Carrying on Business' Defined: Section 11 of the Companies Act 2009 defines the term "carrying on business." In general, it considers carrying on business to mean having a physical presence within Vanuatu, executing a transaction, or offering goods and services within Vanuatu. It is recommended that one refer to the Act in particular or seek advice from lawyers as to whether or not their company's activities are defined as carrying on business in Vanuatu.
It is advisable that the local legal and business advisors be engaged to assist in the registration process and ensure full compliance with the legal requirements of Vanuatu.
You need registered office and a postal address for your company. The registered office address of the company where company records are kept, and where certain records may be viewed by shareholders; this must be a physical address – it cannot be a PO Box or Private Bag address. Our Incorporation fee including registered address for your company.
Every year Vanuatu companies must submit an annual return.
If you do not submit an annual return on time you will have to pay late fees. If you fail to submit an annual return for 6 months, your company will be removed from the register.
There are no annual return filing dates in December or January due to the holiday season.
The advantages of Vanuatu offshore company:
We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.
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