Getting Your Bank Established in Vanuatu
A person can establish a financial institution and acquire an overseas license in Vanuatu. The banking company can function as a conventional bank and receive depositors from everywhere in the world.
Some frequent questions about this include:
What Is The Minimal Capitalization Required?
USD 500,000 or the equivalent in foreign currency.
One or more executives or founders designated by the bank is allowed to maintain signatory responsibility and authority for the account. The capitalization is not a disbursement, but rather a capital reserve condition.
Where Can I Put The Initial Capitalization?
Current laws and regulations do not require the capitalization to be taken by the Vanuatu Reserve Bank or other economic organization in the country. Regulators do give preference to those who allow the reserves to be maintained by a reliable bank. The location of the bank holding the capital doesn’t matter. The government does require evidence of funds which can either be a report from the fund-holding bank or an original bank report.
The Reserve Bank will decide the amount and kind of minimal capital to be kept by your financial agency.
They could decide if the funds should be in cash, gold, stock or another type of investment. Also used in determining the value is the quantity and sort of assets, and liabilities, held by your entity. The safeguards are there to maintain probity and character of Vanuatu’s banking industry.
Does A Bank Have To Pre-Exist In Another Nation Or Is Forming An Untested Bank Permitted?
The government’s economic authorities permit granting global banking permits to private parties for new agencies forming in Vanuatu. Authorities want to ensure persons who acquire a license an upstanding people who will be able to provide proof they plan to utilize the bank for legitimate purposes and they can back it with capital reserves.
What Does It Take To File?
The charge is a total of $16,750USD and covers the application, first year’s license, and the initial company registration.
How Long Will This Take?
Once the applicant’s form is completed and presented, the Reserve Bank must issue the license, assuming all is in order, within four months. Regulators will then review the application, verify references and perform a background check.
Are There Ongoing Reports?
Yes. Quarterly operational, financial managed reports are needed. The reports will reveal the characteristics of the services during the quarter and other miscellaneous financial data. Your bank is mandated to maintain accounts so that annual reports can be finished, provided and presented. Annual reports are required for international banks as well.
Is The Information Private?
Yes. The information provided initially and within the regular reporting periods is controlled by Vanuatu’s Reserve Bank and is not accessible to the populace.
Is An Office Required?
Yes. An office in Vanuatu, with at least one employee, is required. The Reserve Bank also requires at least one senior representative be at the office although the exact number of staff can increase depending on banking activities and the volume of business transactions.
Think of the benefits which would accrue to you if you had a second passport. Legal, affordable and your ticket to managing your business in paradise. Contact Vanuatu Unified Services today to see how they can help you kickstart business in Vanuatu.