1. Types of companies for WorldWay: Exempt companies registered under the Companies Act (Chapter 191) or international companies registered under the International Companies Act. International companies offer greater freedom and minimal restrictions.
2. Offshore company registration procedure: Submit a memorandum of association for the branch.
3. Restricted business activities: Neither international companies nor exempt companies may engage in trade or hold real estate within Vanuatu. International companies are prohibited from engaging in financial activities such as banking, insurance, and fund management.
4. Language of offshore company documents: English.
5. Registered office: All companies must have a registered office within Vanuatu.
6. Existence of shell offshore companies: Yes
7. Restrictions on offshore company names: Company names must not be too similar or identical to existing registered companies and must not contain words that may mislead regarding any connection to the government.
8. Language of names: International companies can be named in any language.
9. Names requiring consent or license: Banking, insurance, reinsurance, fund management, investment funds, trusts, etc.
10. Offshore company name endings: The name of an exempt company must end with LIMITED. International companies have fewer restrictions and can use other commonly used endings from other countries, such as INCORPORATED, CORPORATION, etc.
11. Statutory and actual capital of offshore companies: The nominal capital of exempt companies is generally $10,000. For international companies, there are no specific legal requirements, so most international companies do not have registered capital. Registered capital can be expressed in any currency.
12. Types of shares for offshore companies: Companies can issue registered shares, bearer shares, preferred shares, or non-voting shares.
13. Tax reporting for offshore companies: Exempt or international companies are not required to pay any taxes on their global income or profits.
14. Double taxation agreements for offshore companies: None
15. Financial statements of offshore companies: Financial statements for exempt companies and international companies do not need to be audited or submitted to any department. However, companies are still required to prepare financial statements that adequately reflect their financial situation.
16. Directors of offshore companies: Both exempt companies and international companies must have at least one director. Directors can be legal entities or individuals. At least one director of an exempt company must be a resident of Vanuatu.
17. Company secretary for offshore companies: Exempt companies are required to appoint a company secretary. International companies are not required to appoint a company secretary.