Eternity Law International — News — Offshore bank license in Vanuatu

Offshore bank license in Vanuatu

Published:
October 7, 2020

Financial flows, credit activities, a set of monetary and settlement transactions – all this very attractive for the development of banking. Opening a bank in Europe is a rather problematic event. An alternative to obtaining a banking license is the Pacific Republic of Vanuatu in Melanesia.

Security License in Vanuatu is quite profitable for the business in the field of finance, covers the activities of Forex and Banking. This jurisdiction is favorable for the establishment of an offshore company, the opening of a foreign bank account for foreign economic activity.

The main principles of jurisdiction are transparency and classic offshore activities in accordance with international standards.

The activity of banks is regulated by the law of the Financial Institutions Act of November 2, 1999. According to legislation, a bank is regulated as a person who:

– coordinates the flow of bonds, certificates, securities with individuals or with legal entities, using the profits from these operations in whole or in part for lending and investing;
– carries out acceptance of financial investments from individuals with withdrawal upon request or upon expiration of the term.

FOR WHOM IS THE DECISION ABOUT ISSUING A LICENSE TO OPEN A BANK?

The decision to assign a license to a certain bank remains with the Minister. All documents for registration of a license are prepared and submitted by a licensed agent. Anyone who came to Vanuatu will not be able to issue a license. He will have to use the services of a licensing agent who organizes the transfer of documents.

WHAT IS REQUIRED TO APPLY FOR A BANK LICENSE IN THE REPUBLIC OF VANUATU?

To apply for a license in the banking sector, you must:

– provide the existence of statutory capital in the amount of 500 thousand US dollars to open a financial institution;
– availability of a physical office registered in the Republic;
– detailed business planning, with the definition of goals and ways to achieve them, which is prepared by a professional financier;
– copies of documents certifying the identity of bank beneficiaries that are thoroughly checked by the government of Vanuatu;
– provide a professional team of employees with education in the banking sector; our professional team can help in solving this issue;
– accounting support each year is 16 thousand American dollars;
– pay license annually;
– construct and apply, in accordance with the ministerial rules, the accounting of financial flows, as required by the accounting department.

After the preparation of the entire set of documents, an application is submitted to the Reserve Bank of the Republic of Vanuatu. This requires:

– payment of all state duties;
– a written application for permission to grant a license to an organization registered on the island.

All information must correspond to reality and be truthful, otherwise it is punishable by law in the form of imprisonment of up to two years or penalties ranging from 2 million to 6 million VT. The application is reviewed within four months.

REASONS FOR THE FAILURE OF MINISTER OF VANUATU TO RECEIVE A LICENSE

The reserve Bank may refuse the licensee if:

– the organization does not exist legally;
– it is not beneficial to the economy of the Republic;
– financial flows to confirm the authorized capital are contrary to the law, their history of occurrence is criminal or non-transparent;
– confirmation of the identity of shareholders or the founding director is unsatisfactory;
– internal control, accounting, risk management legal. persons do not meet the requirements of the Minister;
– the very functioning of the bank-owner or an acceptable joint-stock company is unacceptable;
– the amount of payments was not completed in full, as required by the legislative framework of Vanuatu, for a bank this amounts to VT 200 million, for a creditor firm – 100 million VT.

COMMISSION FEES

The cost of creating a banking structure in Vanuatu includes government fees, fees for the services of a license agent, renting office space in the Republic, staffing, etc. All calculations can be made at a special consultation.

The duty every year in the amount of 1.5 thousand USD is charged for the payment of the constituent company, without which the bank cannot be registered.

The state fee in the amount of 8 thousand USD is paid for submitting an application for the assignment of a license, the annual renewal is 8 thousand USD. As a result, accounting costs for the year range from 16 thousand USD.

SEQUENCE OF ACTIONS FOR OBTAINING A LICENSE FOR A BANK SPHERE

First, to begin the process of obtaining a license, you should consult with experts who have experience in such matters.

Secondly, the initial formation of the organization and the cost of a license on the territory of the island of Vanuatu will be 150 thousand EUR, they are transferred using international means of payment Pay Pal, Western Union, WebMoney or carried out using a banking transaction.

Thirdly, it is necessary to provide a set of official papers and create a company on the territory of the Republic of Vanuatu.

The founders or beneficiaries provide:

– notarized copies of passports for travel abroad;
– confirmation of registration – it can be a notarized copy of utilities, an extract from the bank about the existence of an account, indicating the address of the owner, the validity of this document is a maximum of 3 months at the time of submission of papers for a license;
– CV in English;
– certificate of good conduct;
– business plan;
– application for the acquisition of a banking license.

The term of issuing a license takes up to four months, it is necessary to renew each year. For detailed advice on obtaining a banking license, please contact our specialist.

Also, every week we have new jurisdiction to offer a ready-made turn-key solution! We work worldwide.

You could be interested

AEMI License in Lithuania

Today we will talk about a state that 2 years ago regulated the procedure of getting an AEMI permission. Businessmen who have decided to operate in this area and want to obtain a license for a remittance system in the country will now be able to remotely register accounts for their clients. A license for...

Malaysia 6th largest public listed bank for sale

Bank’s total asset is RM130 B, normal foreigner is 20%, in this special case, foreigner can hold 24%. Malaysian will hold 12,7%. 12.7% can be put to buyer custody until loan are pay back in 2-3 year. As single biggest shareholder of 36.7%, both can joint manage the bank. please appoint me as your notary,...

Registration of a state of emergency in Ukraine

A private enterprise is a legal entity that can operate on the basis of property owned by one or more owners, or itself. PE is often equated with a private entrepreneur, that is, an individual, but this is not correct. According to legal terminology, a legal entity is an individual entrepreneur, and an individual is...

International business company registration

Setting up an international-company offshore may seem like a simple and easy process at first glance. In fact, before registering, you need to decide in which country you want to create a legal-entity and study all the opportunities and benefits that are provided at the local level. Even today, not everyone understands why it is...

Money Service Business in The United Kingdom

MSBs play a crucial role in the monetary landscape, supplying essential favors such as money transfers, currency interchange, and remittance solutions. In the United Kingdom, the MSB sector has gained prominence due to its contribution to monetary inclusion, international remittances, and support for business-companies operating in a globalized economy. This article explores the concept of...

ISO 39001: Road Safety

Fleet workers, heads of transport departments at enterprises, road construction and repair teams, road maintenance organizations, design organizations, driver schools and traffic police officers in their daily professional activities influence road safety (RTS), and measures to control their activities are outlined in the relevant regulation. The ISO 39001 standard can be used internally and externally,...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360