The Republic of Vanuatu is a small island country situated in the Pacific Islands. Vanuatu has become a very popular tax haven for influential people and companies who are looking to save some money by moving their operations offshore. In fact, many businesses have decided to set up their foreign companies in Vanuatu by getting in touch with local administration firms. If you are thinking of saving a considerable amount of money by opening an offshore company, you should definitely consider Vanuatu as a prime destination.
Many people are under the impression that setting up an offshore company is illegal, but that’s actually not true. In fact, there are several private administration firms that are run by certified chartered accountants, such as https://bap-international.com/, offering a wide range of services to their clients. If you are interested in setting up a company in Vanuatu, there are a number of things that you need to keep in mind. Here is a brief guide that will help you set up a company in the island country.
Contact an Administration Firm
The first step is to get in touch with a local administration firm in the city. There are a number of private administration firms that can help you get up to speed with the local taxation laws and the company ordinance that is used in Vanuatu. When you sit down with the chartered accountants or the lawyers at the firm, you should give them a comprehensive layout of all the work that needs to be done. If you have a business proposal about the kind of company that you want to set up, be sure to share it with the lawyers. As mentioned above, many companies use Vanuatu as a tax haven, setting up offshore businesses and other corporations that are used for saving taxes. You can discuss your requirements with the administration firm and they will let you know the best course of action.
Licencing and Permits
When you contact an administration firm, they are also going to discuss the licensing and permits needed for starting a business with you. To conduct business in Vanuatu, you are going to need the right permits. The company will help you figure out which permits are required and apply for them on your behalf. The fees for the licenses and permits must be paid in advance.
If you are planning to do business in Vanuatu, it’s necessary for you to make sure that you have all the necessary documents needed for applying for the company incorporation. The administration firm will help you devise the memorandum of association, as well as the articles of association of the company. The directors of the company will then have to conduct a meeting and the capital accounts of the company will be opened accordingly. It’s important that you get a quote from the incorporation company about the costs that will be incurred in setting up the company before you proceed with them.