Private Banking Licenses

PKF Vanuatu are considered the experts in the application procedures in forming Vanuatu International Banks and what is required to be done in their practical management.

The Vanuatu International Banking Act of 2002 has introduced standards consistent with the recommendations of the Basel Committee on Banking Supervision. The Vanuatu Government is actively encouraging and promoting the issue of new International Bank Licences for those who can meet the prudential guidelines.

The application procedure is best done with local expert assistance. PKF Vanuatu have prepared and lodged over 60% of the successful applications for Vanuatu International Banking Licences. Key features are:

• The Reserve Bank of Vanuatu is responsible for licensing, supervision and enforcement   of all banking licences.
• Confidentiality is maintained.
• Minimum paid-up capital is US$500,000.
• Bank's may provide cheque accounts and credit cards with the prior approval of the   Reserve Bank.
• All licensees must maintain a physical presence with one or more full-time employees   in Vanuatu. Operating records including financial statements are to be maintained at   these premises.
• Tax-free status is enshrined in the Act, which expressly states there is "no income tax, or any other direct or indirect taxes on income, profits, interest or dividends; nor is there any estate, gift or stamp duty on shares, debt obligations or other securities. VAT is zero-rated".
• All applications and documentation can be submitted in either French or English.
• Prudential guidelines in accordance with international norms, have been issued by the   Reserve Bank.

Fees:

Bank License Application (USD$)

Annual Fees:

Application for a New License
The Reserve Bank is required Under the Act to within the four months approve or decline a new bank licence application.