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The banks in Vanuatu offers offshore corporate bank accounts with credit and debit cards. There are five international banks active in Vanuatu. They are namely, ANZ Bank (Vanuatu) Limited, Banque d'Hawaii (Vanuatu) Limited, National Bank of Vanuatu, Westpac Banking Corporation and European Bank Limited. |
Corporate Offshore Bank Accounts from Vanuatu
A corporate bank account is normally established once an international company has been formed in Vanuatu. Accounts may be opened in any major currency. There are no exchange controls operating in Vanuatu in respect of any major currency and instructions may be issued by facsimile. Apart from completing the bank account opening documents, all that is required to open an account is a Director's Minute authorizing the account opening/signatories etc. and a copy of the passport of each signatory to the account (and in some cases one other form of identification). In addition, a minimum bank deposit of USD 2,500 (or equivalent) is required to open a corporate bank account.
All professional firms, including banks, trusts and accounting firms are covered by Section 125 of the International Companies Act titled Secrecy. They are therefore not allowed by law to provide information about an international company, including for example, details of a company's bank accounts to the bank's head office in their respective home country or any government department or tax authority outside Vanuatu.
Benefits
Vanuatu is a good choice for offshore corporate formation due to favorable taxation regulations. The benefits of opening an offshore corporate account are:
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No personal or corporate income taxes
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No capital gains taxes
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No withholding taxes
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No estate or death duties
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No tax treaties
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No exchange controls
Some of the Banks in Vanuatu have recently introduced an international debit card along with corporate accounts. This card allows the withdrawal of funds from an investment call bank account through any ATM that accepts Cirrus/Maestro cards.
Product Features
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The card can be linked to either a US, Australian or New Zealand dollar investment call account.
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Cash withdrawals outside Vanuatu permitted.
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Purchases can be made terminals that accept Cirrus/Maestro cards. There is no limit on the value of purchases per transaction.
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Debit cards do not have to indicate the name of the company representative on the card. If required, only the company name need appear on the card.
As the Pacific's premier tax haven, Vanuatu has controls in place to prevent Vanuatu from being used for the purposes of laundering drug money or the proceeds of serious crime.
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