Officially known as the Republic of Vanuatu, this small Pacific Island nation has quickly become one of the most popular destinations for companies that want to take advantage of lax taxation laws and wish to set up trust funds or offices abroad. If you are thinking of transferring your company’s accounts offshore and are looking for a suitable destination, you should definitely consider Vanuatu. However, opening offshore accounts is not as easy as it looks. Many might tell you that opening an offshore account is completely illegal, which is actually not true at all. However, because of the rules and regulations associated with opening offshore accounts, you will probably need professional business advice before you can open such an account. Here are some important things that you should know before you open an account in a country such as Vanuatu.
Talk to an Administration Firm
There are numerous local firms that offer professional business advice in Vanuatu. If you want to avoid a legal investigation, you might want to contact a company first. When you get in touch with an administrative firm, they will ask you for a few important details, such as the nature of your business or the reasons why you want to open an account abroad. It is very important that you provide accurate documentation to the company so that they can process your documentation and give you accurate guidelines about how to open your accounts.
These administrative firms work with some of the most qualified accountants and business professionals in the industry. This makes it easy for them to be able to provide tailored advice to their clients. Ideally, you will want to think about setting up your own company in the Republic of Vanuatu. Because of the different laws within the country, you will need to make sure that you talk to an administrative firm and get your documents in order. Because of the difference in laws and the filing of documents, it’s highly recommended that you let a professional firm do the job on your behalf.
Accounting and Audits
Many private administrative and accounting firms also offer a full suite of accounting and auditing services to their clientele. These services play a very important role for local businesses, as it allows them to get their offshore accounts audited. When preparing the company’s financial statements, the money in the offshore accounts will also be included in the statements.
If the financial statements haven’t been audited properly, it could affect their credibility. If your company is private and is looking to expand by targeting more investors, it is highly recommended that you have your accounts audited properly. Most investors only take audited financial statements seriously, and auditing is a legal requirement if the company is public limited. Many auditing and accounting companies provide a bunch of different services to their customers, ranging from opening offshore accounts to processing legal documents and offering business advice. As you can see, it’s very important that you contact a business administration firm before you open an offshore account.