If you are looking to launch your own business, and are concerned about high rates of taxation and other levies, you should consider the tropical island nation of Vanuatu. This means you do not have to pay income tax, withholding tax, capital gains tax, or inheritance tax, which is a very attractive business environment.
Local Laws and Requirements
Like anywhere in the world today, starting a business in Vanuatu means you must comply with their laws and business requirements, and by joining forces with a local respected accountancy firm that specialises in company formations in Vanuatu, they will guide you through the registration process, and with their in-depth knowledge of Vanuatu, you can take full advantage of the many concessions when opening your business.
Residency Applications
There is a total of four categories for residency in Vanuatu, which are as follows:
- Foreign Investor
- Land Owner
- Employee
- Retiree
By enlisting the services of an experienced chartered accountancy firm, they can help with the residency process, which is quite straightforward if you are familiar with Vanuatu laws and regulations. Having such a company in your corner offers you many advantages, and you will have the peace of mind that comes with knowing your business is on a secure footing.
Vanuatu Citizenship Applications
You might decide that you would like to become a citizen of Vanuatu, and that’s where a local accountant can help. If you are starting a business in Vanuatu, you will find it very easy to acquire citizenship, which brings with it many advantages to the business owner. If you seek out an experienced local accountancy company, they can help you with every aspect of owning a company in Vanuatu
Company Formation
There are many ways in which a business can be formed, and if you follow the advice of a leading Vanuatu accountancy firm, you will be able to make an informed decision on the best way to move forward.
Licensing & Permits
Muck like any other country, if you wish to live in, and operate a business in Vanuatu, you will need the required licenses and permits, which is something a local accountant can assist you with. The Foreign Investment Act is designed to help those who wish to start a new business or take over an existing company, and in order to apply for the required licences and permits, you need to fill in an application form. The information to be given would include the type of business, plus you have to submit a detailed business plan that includes the following:
- Profit forecasts for the first three years.
- Details of work and residency permits that you require.
- Training options for hiring Vanuatu citizens to work for the company.
Business licences and work permits will also be needed, and a local chartered accountancy firm would be able to help you with this.
Vanuatu offers the business entrepreneur many distinct advantages, and with the help of a specialist business advisor, you can reap the many rewards that come with choosing Vanuatu as the location of your new company.
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