Vanuatu

Population:

206,000 (2003 estimate)

Currency:

Vatu; US$1 = 111 vatu (mid-2005)

Language:

113 distinct languages, but English widely used

Time zone:

GMT plus 11

Centre's expertise:

Oldest Pacific offshore centre, well regulated with supportive government

General requirements

Type of entity

International company

Type of law

English Common Law

Shelf company available

Yes

Time to establish a new company

1 day for ICs, with 1 hour service available  on payment of US$100; (local co. takes up to 3 weeks)

Taxation

No direct taxes of any kind

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

Prior approval required; words like royal or imperial not allowed; must end in ltd, corp, SA or similar

Share capital

Permitted currencies

US$

Minimum paid up

No minimum

Usual authorized capital

The concept of authorised capital, traditional in the English system, has been abandoned

Directors and personnel

Minimum number

1

Local required

No

Company secretary & qualifications

No

Shareholders and AGM

Minimum number

1

Disclosure requirements

No

Publicly accessible records

No

Obligations for annual meetings

n.a.

Location of AGM

Anywhere

Accounts

Requirement to prepare

No

Audit requirements

No

Account filing obligations

No

Publicly accessible accounts

No

Other

Requirements to file annual return

No

Change in domicile permitted

Yes

Need to registered office

Yes, plus registered agent in Vanuatu

Number of companies set up in last year

427

Total number of companies on register

4,582