Vanuatu is one of the few countries in the world where it is possible to establish a privately owned bank.
The Reserve Bank of Vanuatu (RBV) is responsible for the supervision of banking licenses, including reviewing applications and monitoring operations.
Law Partners can assist you through every step of the RBV’s extensive application process to help you meet their requirements. These include:
- minimum unimpaired paid-up capital of USD 500,000, which is to be maintained at all times;
- submit details of the bank structure, including the backgrounds of every principal, shareholder, director or manager of the bank, and beneficial ownership;
- submit details about who will fulfill the senior banking position – who must be an experienced banker and resident of Vanuatu;
- have a local premises;
- submit a comprehensive business plan; and
- disclose details about your management, monitoring and control systems,such as your credit and loan policies.
By the way…
- The Reserve Bank may request additional information from you, especially when establishing foreign banks.
Licensees will need to provide regular returns to the RBV, as well as have their annual accounts audited and be subject to compliance inspections.
To prepare your license application, the principals will need to visit Vanuatu to meet with us as well as RBV officials.
Your application will take a maximum of four months to process, including due diligence reviews. We endeavor to keep this period as short as possible through regular liaison with the RBV.
Law Partners have successfully handled many international banking license applications, and we regularly deal with the RBV while providing ongoing assistance to licensees.