Located in the South Pacific, Vanuatu is a hidden jewel, a prominent international finance centre wrapped around a relaxed friendly atmosphere. Many would call it a “paradise” and has been ranked as the happiest place on earth in 2006 and again in 2010 in the Happy Planet Index. Vanuatu is a member of the British Commonwealth and has a legal system based upon British Common law. Vanuatu is also on the OECD’s white list of countries and is a member of the French League of Nations, the United Nations, The Secretariat to the Pacific Community, the World Bank, the Asian Development Bank and the Melanesian Spear Head Group. Vanuatu’s financial service industry is regulated by the Vanuatu Financial Services Commission (VFSC) whose mission is to effectively and efficiently regulate and supervise Vanuatu’s finance industry in accordance with government legislation and international standards so that Vanuatu is recognised as having an internationally reputable and commercially attractive finance centre. The VFSC is responsible for the regulatio of Mutual Funds, Securities Dealers, Public and Private Companies, International Companies, Offshore Limited Partnerships, Registration of Patents, Registration of Trade Marks, Unit Trusts, Trust Companies. In this respect, the VFSC is similar in nature to the SEC in the US or FSA in the UK or even ASIC in Australia. However, the major difference is that, because of their relative youth, the VFSC operates in a more streamlined manner, as it does not have decades of outdated laws to contend with. Vanuatu is compliant with world standard best practices and has passed inspection by the IMF and FATF to name a few. In fact, is it easier to open a bank account in most western jurisdictions than it is in Vanuatu. The VFSC prides itself on adopting best practices within the financial service industry, with its new companies act based on New Zealand legislation, the service providers act based on Isle of Man legislation and the International Companies act based on the British Virgin Islands. Vanuatu remains a great place to live and conduct business in, while its financial services industry offers far more competitive prices than other jurisdictions that provide similar services. Vanuatu is not only paradise for the eyes, but many businesses will also find it to be paradise, as there are no income taxes or direct taxes levied...
Posted on: Wed, 21 May 2014 05:01:35 +0000
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