The popularity of VIC (Vanuatu international companies) have increased the past few years, as offshore companies provide a number of benefits for businesses and the individuals running them. Not only is the process straightforward, but there are no personal taxes, corporate taxes, capital gains taxes and other incentives.
Additional VIC Offshore Company Incentives
An offshore company that’s been incorporated in Vanuatu is also exempt from stringent reporting requirements, and there are no restrictions with regards to employment policies. The only restriction really is that since the company is exempted from all local restrictions and taxes, they cannot do business in Vanuatu. Because it’s a tax haven, a lot of companies and individuals have taken advantage of the opportunity.
Because it is such a popular destination, there are a number of companies and services that have emerge to assist you in incorporating a company there. All you need to do is provide details of the company you want to set up, pay the fee and they’ll handle the processing and required paperwork.
The Rights of a VIC Company
A Vanuatu international company has rights similar to a person, so it can do any kind of business transaction, buy and sell stocks, invest, trade portfolios of bonds and stocks, and so on. Your company in other words, can do all these provided it is not done in Vanuatu. This policy is also in place in other offshore jurisdictions around the world.
VIC Service Packages
A VIC company only needs a single director and one shareholder, and there are many online services available that will handle this on your behalf. Many of these services provide special packages that cover all your needs for incorporation such as a registered agent, registered office, a director, a nominee shareholder, and help with a bank account application.
Aside from a registered agent and office, incorporating a company also requires a minute book, issuance of nominee shares, first resolutions, common seal and statutory registers. These incorporation services also provide the memorandum, the articles, the power of attorney and guarantor certificate.
After your VIC offshore company formation is completed, you can open a bank account and go through the Apostille process. Note that these have separate requirements, and you will need to submit identification requirements. In particular, opening a bank account requires compete documentation, and you must submit a birth certificate, passport or other forms of identification. Upon submission of the required documents, the process of opening your account will commence.