Are you thinking of forming a company in Vanuatu? Forming a corporation may be a difficult landscape to navigate, especially if you have not formed a company before. Here are 5 things you may need to consider before forming your company fully:
- Ensure your acting director is based in Vanuatu: In order for a company to be registered as a local company, you will need at least one person to be (for the majority of time) residing in Vanuatu.
- Ensure your business plan is solid: Before forming a company, look into your business plan and have it as detailed as possible. Ensure that you include product and competitor analysis, and understand your industry and potential customers before company formation.
- Research funding and budget: In order to implement company formations in Vanuatu, you will need solid funding. Research the best rates in your area, and look into banks and funding in your industry to receive the best option possible to get your company started!
- Legal documentation: Ensure that you have an understanding of what you need to do to register and form your business – including governing documents, employee contracts, and shareholder agreements. Familiarize yourself with what you need to run your company legally.
- Choose a company structure: Your company can either be one that is limited by shares, or limited by guarantee. Companies that are limited by shares are for companies who want to run commercially, and make a profit for themselves, whereas companies that are limited by guarantees are usually not-for-profit or charities. Before signing up, decide the structure that best suits your company needs.
- Register for tax: Before your company can start trading, you will have to register with the Australian Taxation Office, to pay Corporation Tax, PAYE and VAT. Each shareholder and director may also have to register for self-assessment, to report and pay tax for their income.
BAP International can help you with various aspects of your company formations in Vanuatu; such as applying for your company with the Vanuatu Financial Services Commission, help set up Declarations of Trust, and provide nominee shareholders. This advice is crucial when forming up a new company, so for a low representation fee, signing up with BAP International may be the best option to ensure that your company formation goes smoothly. Visit their website to find out more, or to sign up for a consultation regarding your company’s personal needs. Find out more today!