The International Banking Act has improved the reputation of Vanuatu as a bona fide banking jurisdiction by establishing the supervisory framework to preserve the benefits of creditors, investors and guarantee financial and financial assurance. All incompatible with universally accepted measures of the I.M.F and the Basel Accords.
Timeframe: from 4 months
Net assets: At least 385,000 Pound
Vanuatu is identified as an offshore finance market in the Pacific region with a vast assortment of tax advantages.
International Banking is organized by the International Banking Act [CAP. 280]. The Reserve Bank of Vanuatu is the administration, effective for obtaining and assessing of forms for International Banking license and all supporting records, as well as evaluating whether a person/body corporate is “robust & proper”.
Key features for obtaining and retaining a license:
- The ownership extent, financial position, and financial records (if any) of the applicant are adequate
- Each executive and manager of the appellant is a fit and proper person and has enough expertise in international banking to be associated with processes or management of an international bank
- Each partner of the appellant is a fit and proper person to possess an interest in an international bank
- The risk administration, accounting and internal control operations of the applicant are competent
- The capital structure of the candidate is satisfactory and the amount of whole paid-up capital of the applicant is at least 387,000 pound. It is essential that the Bank in Vanuatu has continually 387,000 pound more in receivable from abroad bank compare to what it owes to customers
- The appellant must have an office and trained staff working in Vanuatu
- All accounts of the licensee must be retained in Vanuatu
- the services will not be allowed to Vanuatu residents or in Vatu (local) currency