Law Partners Seasons Greetings – International Companies
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News from Law Partners – ANNUAL RETURNS DUE TO LABOUR – International Companies
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News from Law Partners – New Financial Markets Association – International Companies
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News from Law Partners – NBV USD Bank Accounts – International Companies
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Exciting news from Law Partners – International Companies
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Island Spirit – Issue 89
Vanuatu is a highly attractive option for many to live and conduct business with the beautiful weather, amazing people, and no income tax.
As one of Vanuatu’s leading chartered accountants and business advisors, at Law Partners, we are geared to helping both new businesses establish themselves here, and continue to assist those who have already negotiated their way through that process, and enjoy the ongoing services we can provide.
Our promise is to provide professional services that valued clients trust, and we stand by this.
Our Accounting and Audit team can help with the likes of payroll, office accounts, VAT returns, company audits. And our Business Services team can assist with everything from Company Incorporation, Residence Visas and Work Permits to body corporate administration.
We are always glad to provide a health check for your business to determine if there are areas where we can provide assistance. The potential outcomes being a reduction of risk, streamlining processes, and using our wealth of experience and expertise, become more effective and efficient in these targeted areas.
We focus on our specialty, leaving you to focus on what you do best.
Less Stress Plus A Better Lifestyle – A Vanuatu Formula
Article in Island Spirit Magazine – Issue 85 – January – March 2019
By Tony Wilson
THERE are many reasons so many of us choose to call Vanuatu home. Some come for the laid back lifestyle, others the weather and some to simply enjoy the unique culture.
Vanuatu has long been heralded for its attractive taxation laws which allow for residents to not only enjoy the lifestyle but to do so knowing their investment is working for them.
The absence of income tax makes Vanuatu one of the few remaining low tax destinations for businesses, would-be businesses and individuals looking for new horizons, and it is right on Australia, New Zealand and Asia’s door step.
Law Partners, one of Vanuatu’s leading chartered accountants and business advisory groups is geared to helping take advantage of what Vanuatu has to offer, now and into the future.
“Today any business setting up in Vanuatu quickly realises that a no income tax scenario is not only attractive but actually gives that business a real advantage,’’ said Jonathan Law, a Law Partners principal.
“We have VAT in Vanuatu which is a far simpler and less stressful procedure.
“And of course, not having to spend hours collating and preparing paperwork for income tax returns means more time can be spent on building the business itself, which is also a valuable advantage.’’
Jonathan also explained that Vanuatu is the longest established off shore financial centre in the Pacific with a history of more than 35 years.
“Apart from no personal or corporate income taxes, Vanuatu does not have any capital gains or withholding tax, no estate or death duties and no exchange controls,’’ he said.
“So, in general terms there is far less regulation in Vanuatu across the board than you would see in Australia, New Zealand and other countries and frequently we are hearing of or meeting people who have left these countries because of over regulation.
All this added stress drops off your shoulders in Vanuatu as soon as you walk off the plane.
Law Partners is Vanuatu’s longest established internationally connected firm of chartered accountants, auditors and business advisors having commenced business in 1970.
They have a wealth of experience in dealing with both local and international businesses.
Jonathan said he believed that Vanuatu had recovered from Cyclone Pam which devastated the country in March 2015 and is poised for the next major wave of development. Many of the infrastructure projects are now completed or near completion.
“Next year we will see a new international runway operating in Port Vila and that will open a major tourism door to direct flights from Asia and the west coast of America,’’ he said.
“This should lead to a range of new businesses being needed in the tourism and related industries and we are talking about small businesses as well as major ones.
“So, there are opportunities now to start new businesses in Vanuatu and establish them before our tourism stocks increase.’’
The other Law Partners principal, Vicki Joe, said another major appeal of living in Vanuatu is its wonderful lifestyle.
“We have everything you can think of except there are still no traffic lights or parking meters in the country’’.
“We have many sports like tennis, golf, cricket, football and horse riding and it is easy to pack up a lunch and go with family and friends to a range of beaches.
“We have world class reefs, so snorkelling and diving are popular as are boating and fishing.
“The streets are safe and there is little crime compared to western countries.
“The meat, fish and fresh produce are all excellent and we have the best restaurants in the Pacific.
The ni Vanuatu people have been voted the friendliest in the world twice and the pace of life reminds you of living in Australia in the 1960s.
“We have top class French and English schools and this has to be one of the greatest places on earth to raise children.’’
Vicki said when you combine the financial benefits and the unsurpassed lifestyle, it makes Vanuatu the ideal proposition to do business.
VIPA Changes – When to apply for a variation
If you have a VIPA certificate for your Vanuatu activities, you should know that it is renewable every year on its anniversary date.
Did you know that if you plan to make changes to your business, you may be required to apply for a VIPA variation?
If you plan to:
- Include a new shareholder / partner / sell your business (change of ownership); or
- Add new / change premises (change of location); or
- Add new / change the (company / business) name (change of name)
it is necessary to apply for a VIPA variation.
We would be pleased to be of assistance for any of your local needs.
Should you have any questions or wish to discuss your business or possible plans, please do not hesitate to contact your Law Partners Client Services Manager – Mathilde Augerd, Kathryn Hurley or Martha Fatiaki.
Important – Local Vanuatu Company Must Have A Resident Natural Person Director
Attention: The Directors
There has been a recent Amendment to the Companies Act No 25 introducing the requirement for at least one director to be a natural person who ordinarily resides in Vanuatu, i.e. holds a Residency Visa (or citizenship).
If your directorship meets the above requirement, please ignore this email.
Otherwise, or if you are unsure, please contact us to discuss so we can assist.
Please note that if a nominee company is a director (e.g. Trusco Holdings Limited, Regent Limited etc.), this does not meet the above requirements and we would be pleased to discuss other options with you.
Should you have any other questions, please do not hesitate to contact your Law Partners Client Services Manager – Mathilde Augerd, Kathryn Hurley or Martha Fatiaki.
Annual Wik Blong Vanuatu in New Caledonia
Law Partners was pleased to take part in this annual showcase of Vanuatu, held in Noumea every November.