In Vanuatu, the law states that the owner of a ship or yacht must be either a citizen or a national of the country. One way for an international sea vessel owner to comply with that law is to form a company in Vanuatu. Once that process is complete, the vessel is permitted to be registered in the name of that Vanuatu company as the owner.
The Deputy Commissioner in Vanuatu does have the authority to waive this requirement. However, there are some benefits and advantages to setting up a company in Vanuatu. In that vein, most people seeking to register their ship or yacht in Vanuatu will choose to form a company here. This can actually be quite beneficial to shipowners in a number of ways. How can someone go about forming a company in Vanuatu and then register their sea vessel? That is what this page will focus on.
Benefits of Choosing Vanuatu for Your Corporation
The number one benefit is that there are zero taxes on corporations in Vanuatu. No income taxes, no personal taxes and no corporate taxes. There are no tricks, nor any catches. You will also be spared from incurring a bevy of regulations. The regulations that do exist are reasonable and easy to comply with. The success of corporations in Vanuatu has been exploding in recent years and is projected to continue to grow.
Vanuatu is tough when it comes to privacy in the corporate world. Of course, there must be records of corporate accounts and the personnel on file. The difference in Vanuatu is that all such information is kept private. An important thing to take notice of. If someone wants to have a corporation in Vanuatu, and ultimately register their sea vessel there, they are not required to live there. Once most people get a taste of the magnificence of Vanuatu they voluntarily move there. However, it is not mandated. The business owner can live anywhere in the world and still have a corporation in Vanuatu.
How to Set Up a Corporation in Vanuatu
Now that you know why you should do this, the next thing is to tell you HOW to do it. That is precisely what we will do in this section. The first thing we recommend you do is set up a folder for any documents you will use. You will need a scanned color copy of your valid passport and a proof of address (Utility Bill, Driver's license or Bank Statement are all accepted as proof of address), that is what your folder should contain. This is required for every director and shareholder.
1. Create a Plan
These are some of the details you will keep in your folder. You must decide on a company name and how you would like to run it. It will be necessary to comply with all legal obligations; however, we can assist you with those.
Next, draw up a company plan that coincides with the information you must present on the various forms. What you need to keep in your folder is the answer to each question on each form. We will guide you so you don't miss anything important.
2. Fill Out All Forms Online
Through our corporate services partner website, Trade Board Limited, you can fill out all pertinent forms online on the spot. Their website is self-explanatory and easy to manipulate. If you run into any trouble, their expert staff is standing by and ready to assist. We recommend taking a look at all forms before beginning to fill them out. That way you will know what information you must include. If there are any problems, we can address these before you fill out the form online.
3. What About Any Financial Costs?
The cost of setting up a company in Vanuatu is about USD 1,150 all inclusive. The yearly maintenance and good standing fees are USD 600. No audit is required.
