The Republic of Vanuatu is a small island nation situated within the Pacific Ocean. It is near New Caledonia, located on the eastern side of New Guinea, and west of Fiji. For many companies, Vanuatu is a tax haven, and many individuals, as well as business organisations, have set up their own offshore companies in Vanuatu. If you are looking to avoid paying excessive taxes to the local authorities, one of your best options is to set up an offshore company. Vanuatu is an excellent destination because of the lower taxes on income that they charge, allowing you to maximise your profitability. If you want to set up an offshore company in this beautiful island nation, the following guide will help you.
Hire a Chartered Accountant Firm
If you want to set up an offshore company in Vanuatu, the first thing that you should do is hire a local chartered accountant firm in Vanuatu. Most companies have different structures, and not every business has the capabilities of setting up an offshore company. When you hire a chartered accountant firm, they will first assess your needs and find out if your business is eligible for setting up an offshore company. You will need to hire a team of professionals that are experienced in company administration to assist you in setting up an offshore company.
Memorandum of Association
The memorandum of association is the most important document that must be submitted with the registrar of companies. It is the official document that highlights the nature of the company, the kind of business that it will be conducting, as well as the directors of the company. To assist you, the memorandum of association must be written by a professional accountant or a lawyer. Once the memorandum of association has been written and submitted, you will also need to submit the articles of association with the company. All of the work will be done by the accountancy and auditing firm, so all you have to do is to pay a fixed fee to the company for their administration services.
You will also need to file local documents with the government before your offshore company can be registered. Rather than doing all the work yourself, you should let the administration firm handle all of this. They have a considerable amount of experience in this field and will make sure that all of the documents are in order to expedite the process.
Once the offshore company has been registered, you can then decide how you would like to divide the profits. Many companies often transfer their income to another offshore company to take advantage of the tax relaxations. These are just some of the main things that you should know about setting up an offshore company. Despite what others might say, setting up an offshore company is a completely legal process, and there is nothing wrong with it as long as your operations remain within the confines of the law.