Path towards a Vanuatu Forex License
The Government of Vanuatu has recognised financial services as one of the prime areas which can bring in more investment to the country. This had led to the promulgation of detailed and flexible regulations in the country which provide the much need legislative assurance for foreign investors who flock the country. With zero income tax, withholding tax and Capital Gains Tax, Vanuatu is the ideal destination for financial investment and for use as a business base. The financial services sector in the country is regulated by a uniform regulator called the Vanuatu Financial Service Commission reducing regulatory hassles.
Of late, Vanuatu has also emerged as a preferred Licensing destination for Forex Business Licenses owing to the fast and relatively low cost for the licenses. The entire licensing process can be divided into three main parts:
- Incorporation of the company
- Opening bank accounts
- Obtaining the securities license and Financial Intelligence Unit Registration.
Incorporation of the Company
The most preferred company form for a Forex License is the Vanuatu International Company. The Vanuatu International Company is formed under the International Companies Act and has important qualities of confidentiality and tax free status.
The main features of these companies are:
- The shareholders can be one or more natural or legal persons and do not need to reside in Vanuatu.
- One or more managers may be selected for the company and they need not reside in Vanuatu.
- Resident directors and agents can be appointed in Vanuatu on the payment of a small fee as specified in law.
The registration of a company can take place within a very short time period normally around 3-4 months and after registration, we can immediately proceed to the next steps.