You can live and/or work in the happiest country on Earth. This is a place where there is a diverse culture and full of beauty that is unmatched. The capital is on the island of Efate, called Port Vila. The area is in the Pacific and is host to a stable currency and are working on a fibre optic cable link for better communications. But they do have a high telecoms network. The additional languages other than English are French and Bislama.
The community is strong in the French culture which means that you will be embraced by love and beautiful food as well. The government is encouraging and promoting local investment; however, they do take their land seriously and will watch it to ensure that they are not depleting the natural resources of the land. So if you are planning on going here you’ll want to make sure that your business is not going to affect that in any way.
Company formation Vanuatu
In order to apply for business here, there are a few steps. The first would be to check with the Vanuatu Financial Services Commission to ensure that the name is not already taken by another business. Unlike modern technologies, this is not something that is done through automation; it’s actually done by real people. Kind of nice to have people who actually do things instead of just a computer. The cost for this is VT 2000 (roughly $17 USD).
Next would be the investment approval through another application, which will cost roughly $200 USD. After that is completed then you can go ahead and get the business license, residency permits, and work permit approvals, which at this point is nearly guaranteed to be approved. As a corporation you then need to apply for a permit to form a company in Vanuatu, followed by registering with the value added tax office, and department of customs and inland review, and as an employer.
The steps differ for an individual who is doing business there as you must register every single business name that you will be using that is different than your surname. Same if the partners’ names are not the name of the partnership. The fees associated with this start at $220 and range up to over $8,000.
Incentives to Doing Business in Vanuatu
There are always incentives if you are looking to offshore a business here. Some of the benefits would include a tax-friendly environment which includes the benefit of no income tax for residents, no withholding and capital gains tax. There are also no death or estate duties, an organized financial structure, low labor costs, solid professional infrastructure, and a modern telecommunications network. One of the most important factors, English is one of the national languages which makes communications a lot easier since it’s most likely learned from infancy.