If you are an entrepreneur, you might consider starting a business in Vanuatu. Located in the South Pacific Ocean, Vanuatu is a nation that is made up of about 80 islands that stretch for a span of 1,300 kilometres. The islands are a draw for scuba divers and other water enthusiasts. The economic centre of the country is at Harbourside Port Vila, which is the nation’s capital. Located on the island of Efate, the capital is a hub for many offshore businesses.
As a result, anyone in Australia who is seeking a more economical venue in which to do business should seriously consider establishing their company in Vanuatu. Not only does the country have a reputation for being an international financial base, it is also an easy flight from cities such as Melbourne or Sydney in Australia.
A Less Taxing Environment
Because of the country’s time zone, business can be conducted easily with companies in such places as Hong Kong and New York. The tax law is less limiting as well, as the capital gains tax, income tax, and withholding tax have been completely eliminated.
If you want to learn more about the advantages of setting up a business in this locale then, you need to review sites such as http://bap-international.com/. That way, you can get a better idea about how to proceed with this type of venture. Anyone who is connected to the markets, or has a strong interest in e-commerce will find that Vanuatu is particularly appealing.
In order to set up your business, you will need the assistance of an accounting team. However, you can get a basic idea about the process by reviewing the steps needed to establish your company. For example, you need to check the uniqueness of your company name. No charge is levelled for the process, and it takes only a day to complete. Whilst reserving a name is a good practice, it is not required.
Applying for Incorporation
You will also need to apply for incorporation. As of 2015, you can register your company’s name online. However, with that being said, most applications for incorporation are filed in person. Usually, it takes four days to go through this process.
You also need to apply for a business licence from the Department of Customs and the Inland Revenue Services. An incorporated business cannot legally operate until it officially obtains a license. Whilst the application process takes just one day, it takes about two to three weeks to receive the licence. Businesses must also register with the VAT office if they expect a turnover of at least VUV 4 million annually.
Funding Employees for Retirement
In addition, businesses must register with the National Provident Fund seven days following incorporation, or seven days after the first employee is recruited. The retirement fund covers employees from 14 to 55 years of age. The employer and employee share equally in the contributions.
As a follow-up, newly incorporated companies must enrol employees in a work accident insurance plan, and create a company seal. The seal is needed to authenticate company paperwork.