May
5
Vanuatu Government will scrap its secretive company law provisions within the month of June 2008 as part of a legal overhaul aimed as an international tax haven. As of Vanuatu Financial Services Commission said the country would replace its company law secrecy provisions - which allow for the creation of companies with hidden owners and undisclosed cash deposits - by the end of the year. Vanuatu Financial Services Commission is responsible for regulation and supervision of the financial services industry of Vanuatu.
Vanuatu has been divided into six provinces since 1994.
1. Malampa
2. Penama
3. Sanma
4. Shefa
5. Tafea
6. Torba
VFSC commissioner George Andrews said yesterday that under proposed new legislation, the Pacific nation would crack down on all Vanuatu businesses that provided foreigners with local tax-haven accounts. “Our aim is to get genuine investors in and try to steer crooks out of Vanuatu”. “Vanuatu” now aim to get away from being a tax haven and want to develop into some form of financial hub getting away from financial secrecy business.”
According to Australian Taxation Office, each year $5 billion US dollars flows from Australia to international tax havens, with about $350 million of that destined for Vanuatu. Australian Taxation Office provide tax information for individuals in Vanuatu, Companies and organisations, from the Tax Department of the Australian Federal Government. site url: www.ato.gov.au/
As of Vanuatu taxation office Mr. Andrews said that under the new legislation, all Vanuatu businesses that provided company and trust formation services would be regulated, with those companies required to obtain a licence to operate; Vanuatu Financial Services Commission http://www.vfsc.vu would have “advanced powers” to enable it to co-operate and share information with foreign regulatory authorities.
Currently Vanuatu International Companies Act, whereby companies and banks are not allowed to release information about private client accounts to any third parties without the consent of account holders or a local court order. The VFSC’s website also currently provides a list of “reputable” brokers who specialise in setting up offshore accounts.
Vanuatu’s crackdown on off-shore companies is expected to hit major Australian banks which issue thousands of offshore bank accounts in the Pacific nation each year.
Six out of 33 international tax havens identified by the Organisation for Economic Co-operation and Development OECD URL: http://www.oecd.org are in the Asia Pacific region - the Cook Islands, the Marshall Islands, Nauru, Niue, Samoa and Vanuatu.
These are links to some financial institutions in Vanuatu provide by Vanuatu Financial Services Commission
www.ajc-vanuatu.com provde vanuatu Drafting legal contracts offshore business sales, purchases, leases, strata title agreements, mortgages, gifts, wills, successions, powers of attorney, trusts and related legal advice. vanuatu Incorporation, transfer and location of headquarters of any local or international company, vanuatu Translation of any legal document, vanuatuExplanation and follow-up of all international and local legal procedures and operations, vanuatu Administrative formalities in Vanuatu.
www.bdovanuatu.com BDO Barrett & Partners and its wholly owned Trust Company, Trustees International Limited, offers a wide range of Professional Services for off-shore clients to take advantage of Vanuatu’s tax haven status, including International Company formation and management , Trust Company services , International Bank formation and management , Captive Insurance company formation and management
International Tax Planning. BDO Barrett & Partners also offers comprehensive advice and assistance on more traditional accounting services, including: Funds Management and Investment, Accounting Advice and Business Services , Auditing Services , Consulting Services , Computerisation and Technology, Insolvency and Business Recovery.
Vanuatu is an ideal location to conduct international investments. Equity Investment Group companies are able to invest the funds of investors in such a way as to incur minimum or no tax on earnings.
Vanuatu is readily accessible by air, direct from Australia and New Zealand. The capital, Port Vila, has an infrastructure of business professionals providing high quality services.
Vanuatu’s International Business and Finance Centre was established in 1971 with the following features:
* NO succession duties
* NO gift duties
* NO reporting requirements for movements of funds
* NO income tax or zero income tax
* NO capital gains tax
* NO foreign exchange controls
* NO tax treaties with other countries
* NO corporate taxes
* NO withholding tax
* NO estate duties
