Vanuatu is a small island nation that has become an incredibly popular destination for larger businesses and conglomerates that want to establish a tax haven. If you are interested in opening an offshore company to take advantage of the tax laws of Vanuatu, there are a number of important things that you should keep in mind. A lot of people are under the confusion that creating an offshore company is an illegal move. However, forming an offshore company is completely legal, and is allowed under virtually every other law.
But, businesses are required to declare their subsidiaries and have to make sure that all records are properly maintained and reported. If you are interested in opening a company in Vanuatu, there are a number of things that you need to do. While the country offers fantastic tax benefits, the laws are incredibly strict and if you take a wrong step, your company’s registration might be revoked. Here are a few things that you should know about company formations in Vanuatu.
Hire an Administration Firm
The best thing to do is hire a company that offers administration services in Vanuatu. There are several chartered accounting firms throughout the country that offer company formations and administration services to their customers. A simple online search is all it takes to find out about the different firms that can help you form a company in the country. You can get their contact details and contact them to find out about the process and whether you are eligible for setting up a company in Vanuatu.
Many business owners are under the impression that setting up a company is a straightforward process, but there are many intricate laws that you need to know about. Instead of going through the hassle on your own, you should contact an administration firm. They are going to ask you for a series of documents and then verify whether the company can be formed in the country.
The first step is usually to draft the memorandum of association and the articles of association. Once the company’s official documents have been submitted, the company’s registration will be confirmed by the Registrar. Your company’s capital accounts will be opened next so that the company can start trading.
Licencing and Permits
Depending upon the nature of your business, you will also need proper licences and permits to carry out business within Vanuatu. You need to make sure that you discuss your requirements with your accounting and administration company to find out how to secure the licences and permits. It’s highly recommended that you hire someone who is well versed in the laws of the country, instead of taking actions on your own. The last thing that you would want is to worry about paying hefty fines again and again. Before you hire an administration firm, it’s highly recommended that you discuss your budget with them and then make an appointment after careful consideration with all parties.