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Offshore news !

Vanuatu To Join The World’s Optical Fibre Internet Backbone

As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatu’s first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.

Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatu’s competitive position as an e-business hub.

Mutual Funds

Vanuatu has revamped the Mutual Funds Act in 2005 to offer a competitive edge to established Mutual Funds and administrators in the world of onerous compliance and suffocating regulations of their jurisdiction’s regulators.

This Act also allows investors to pool their funds and establish a Mutual Fund. This is useful for those that may be under legal or political constraints of their country of residence to invest in certain securities or in opportunities of certain countries.

A mutual fund license can be issued to a company, a unit trust or a partnership.

The Act has provisions to protect investors by allowing only licensed mutual funds to operate, and by requiring administrators of mutual funds to be licensed.  Mutual fund administrators must apply for a Representation License simultaneously with the Mutual Fund License Application.

Foreign mutual funds registered outside Vanuatu may apply to be registered in Vanuatu and apply for a Mutual Fund License. The Mutual Fund must be registered as an overseas company entitled to establish a place of business in Vanuatu before proceeding with the Mutual Fund application.     

Recent amendments to the International Companies Act have which came into force on 11 August 2010 makes provisions to bring under the International Companies Act all exempted companies existing under the Companies Act. This Amendment Act, has enabled to bring under one legislation, for registration, all companies, which included Mutual Funds that are formed exclusively for offshore operations.

A Mutual Fund license can now be issued under an international company which has fewer restrictions such as resident director etc and are much more cost effective.

The Vanuatu Financial Services Commission administers the licensing regime. The Act gives the Commission powers to effectively supervise the operation of mutual funds.

Contact us for fees and procedures to set up your Mutual Fund.