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Vanuatu: Types of Company

'Local' Limited Company

'Local' companies are companies operating domestically; they may be limited by shares, by guarantee, or may be unlimited. Companies may be public or private. They have the following characteristics:

  • Public companies must have at least two directors, one of which must be resident in Vanuatu;
  • Private companies must have at least one director who must be a Vanuatu resident;
  • All companies must have a secretary;
  • Private companies restrict the right to transfer shares, may have no more than fifty shareholders, and the public may not be invited to subscribe to the shares;
  • Companies must hold annual meetings and file annual returns;
  • Audited financial statements are required if annual turnover exceeds VT 20 million;
  • Every company must have Memorandum and Articles of Association;
  • Annual registration fees (at the time of writing) are required ranging from VT 30,000 on authorised capital up to VT 35m, up to VT 250,000 on capital over VT 300m.

 

 

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