In the South Pacific Ocean, just north of New Zealand, is the island nation of Vanuatu. With over 80 islands to choose from, Vanuatu may be the perfect base for your business. The scenery is stunning with turquoise lagoons, lush jungles, and active volcanoes, not to mention that it has seen a booming tourist trade in recent years.
Visitors to Vanuatu love the warm climate and plentiful water activities. History buffs enjoy touring the wreckage and ruins of World War ll planes and ships that are found throughout the country. Everyone falls in love with the warm, friendly people who live and work here. If you need to know more, here are three reasons why you will want to do business in Vanuatu.
You Don’t Have to Be a Resident
Non-residents can apply for visas to set up their businesses. And if you do not want to live here year-round, that is okay. You can apply for different permits depending on your needs. If you decide later that you want to live in Vanuatu, the process is simple. They have four types of residents: foreign investor, employee, retiree, and landowner.
The Licensing Process Is Simple
If you are purchasing a local business or starting a new one, you will need to fill out an investment application. The application form includes details of the owners, such as sole proprietor or local company. You can find some local agencies that can help you with the process of company formations in Vanuatu.
The application form for VIPA should also include your business plan. Make sure that you detail your projected cash flow for the next three years. List any residency or work permits that you have filed for and you will need a plan for training Vanuatu citizens who work for you.
You will need two more documents. One is a business license; these are valid for one calendar year beginning in January. And you will need a work permit or an exclusion for a work permit before opening your business.
Incorporate Your Company in 48 Hours
Whether you choose to register as an international incorporation or a local one, the process takes about 48 hours. International companies can register in Vanuatu without actually being physically located there. However, you cannot conduct business with the local citizens of Vanuatu.
Local corporations can do business locally and internationally. Once you file the application, it takes about 48 hours for them to approve it. If you register as a local corporation, you will need one Vanuatu citizen to be appointed as the director with you as the primary shareholder. Getting your business up and running is almost seamless in Vanuatu.