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Companies legislation in Vanuatu is substantially more flexible than that
found in the legislation of other jurisdictions based on British Law.
It is especially suited to foundations. Companies incorporated under the
Vanuatu International Companies Act must not offer shares or debentures to the
public. The cornerstone of the Act is the solvency test. Creditors of the
company are to be protected but the owners can do with the company assets as
they see fit. The result is the ability to pay dividends from profits, reserves
or capital as the Directors wish. |
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The Law System
Vanuatu is a Parliamentary Democracy modeled on the British system. The
Legislature consists of a single chamber, 50 member Parliament, for which
general elections are held every four years. |
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The Economy
Vanuatu enjoys an above average standard of living for an emerging nation.
Indeed, the national economy is considered a model for developing nations. The
economy is not troubled by deep poverty or chronic unemployment. There are no
personal or corporate income taxes, death duties or exchange controls. |
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The Country  The Republic of Vanuatu is located in the South Pacific approximately 1500 miles northeast of Sydney, Australia and 500 miles due west of Fiji. A "Y" shaped archipelago, Vanuatu stretches almost 560 miles North to Southeast, encompassing approximately 80 islands. The land mass is roughly 5,700 square miles, about the size of the state of Connecticut. One of the largest countries in the South Pacific, its territorial waters are regarded as an important resource for future development.
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