The licensing procedure in Vanuatu, by default, involves the application for two types of licences:
Depending on the specific type of activity of the company, it may be necessary to obtain a Principal’s Licence of several classes:
enables to carry on the business of dealing in
enables to carry on the business of dealing in future contracts and derivative products but not limited to futures and options).
enables to carry on the business of
A Representative can be a director, shareholder, or company manager, including those who do not appear in the company’s corporate documents. The general practice is to appoint a company director for this purpose. The company must appoint an officer responsible for the KYC and AML procedures.
For each director and shareholder:
For the representative *additionally*:
After incorporation, the agent will prepare resolutions, a share certificate, and the signing of the Licence Applications.
The following documents are submitted to the Financial Services Commission:
It is carried out after the company has obtained the licences, the documents for this stage are prepared in advance (at Stages 1 or 2):
The licence application fee is (as converted from VUV to USD):
During the entire period of the licence, the company must have a special deposit of USD 50 000 placed in special accounts at the Supreme Court at Port Vila. This deposit is analogous to the minimum share capital for the licensee.
Following the amendment of Vanuatu’s legislation, companies operating under the Security Dealers Licence now also need to have an adequate professional indemnity insurance. The amount of insurance coverage is determined by the local insurance company, depending on the specific parameters and geography of the company’s business.
Companies incorporated in Vanuatu and operating under the Security Dealers Licence must have a local office; the director or manager of the company must spend in Vanuatu at least 6 months a year. In the case of failure to comply with these requirements the Regulator may refuse to issue or renew the licences.
The licensee must prepare the company’s financial statements accompanied by the report of an independent auditor approved by the Regulator and submit them to the Financial Services Commission. Financial statements must be prepared in accordance with International Accounting Standards or other standards approved by the Commission. In addition to the annual financial statements, it is also necessary to submit quarterly reports to the Regulator.
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Services
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Fees (USD)
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Total cost of company incorporation, including compliance fee
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4 690
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Apostille of a single document (including notarization costs)
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from 790
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Opening a local bank account
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5 500
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Security deposit
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50 000
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Legal fees for supporting the licence applications (does not include the Regulator’s application fees)
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15 000
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Arranging approval by the Regulator of the Internal Auditor and his appointment
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1 320
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Drafting the KYC / AML Manual (if necessary)
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from 2 500
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Making a Business Plan (if necessary)
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from 2 500
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Professional indemnity insurance for 1 year (the amount depends on the parameters of the company)
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from 15 950
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Finding an insurance company and making an insurance policy
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from 1 200
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Arranging the office lease (includes services of finding an office, preparing and signing of a lease agreement)
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from 4 500
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Office rent (depends on the size, location, and equipment of the office)
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from 850 / month
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Company renewal, starting from the second year after the date of incorporation (does not include the renewal of licences)
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2 990
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Renewal of licences (does not include the Regulator's fees): Principal’s Licence/ Representative’s Licence
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5 950 / 4 950
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Regulator’s licence renewal fees***: Principal’s Licence/Representative’s Licence
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1 000 (per class) / 1 000
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Submitting quarterly reports
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250
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Compliance fee.
Payable in the cases of: - incorporation of a company, - renewal of a company, - liquidation of a company, - transfer out of a company, - issue of a power of attorney to a new attorney, - change of director / shareholder / beneficial owner, except the change to a nominee director / shareholder), - signing of documents. |
250 (standard rate, includes the check of 1 individual),
+ 150 for each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL, + 200 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL, 350 (rate for high-risk companies, includes the check of 1 individual), 100 (signing of documents). |
*Fees are regularly revised and increased.
**The fees are valid as of March 2023.
***Fees are regularly revised and increased.