Vanuatu is a small nation situated in the South Pacific Ocean. It’s so diminutive that most people don’t even know that it exists. But, within the past few years, Vanuatu has become an incredibly popular destination for companies. Many companies have now begun to set up their offices in Vanuatu to take advantage of the tax benefits on offer. But, if you are thinking of forming a company in Vanuatu, you should understand that the process is not as easy as it looks. There are a number of different things that you need to keep in mind, and most importantly, you have to respect the local laws and regulations as set by the state. Here are a few things that you should know about establishing a company in Vanuatu.
Decide Your Purpose
What is your purpose for setting up a company in Vanuatu? For most businesses, it’s all about establishing an offshore company through which they can route profits and generate more benefits. It’s important that you define your purpose before you approach a local administration firm. Depending upon the purpose for the establishment of the company, the type of business you register will vary accordingly.
Hire a Consultation Firm
There are several chartered accountant and consulting firms that handle company formations in Vanuatu. You need to make sure that you choose a suitable firm that can help you form the company. You have to make sure that you hire a consultation firm that can guide you regarding the local regulations and business dealings. The first step is to create a memorandum of association and the articles of association, and then register the company. You will need to set up capital accounts as well, and the process is going to take a couple of weeks at the very least.
It’s highly recommended that you hire a consultation firm because the laws of Vanuatu are quite different. The company will streamline the process for you and ensure that the registration process is completed as quickly as possible. They are going to charge a small fee as commission for their services, and will make sure that the company is registered.
Keep in mind that you cannot start doing business in Vanuatu until you have received the certificate of commencement of business from the Company Registrar. Therefore, it is important that you wait until the registration process is completed before you start your business dealings. Make sure that all the documents are completed and all clauses in the memorandum of association are filled out. The directors of the company must subscribe to the business as well. These are just a few things that you should know about forming a company in Vanuatu.