Vanuatu, is considered a well-acknowledged offshore banking center. By owning a Vanuatu offshore banking license you are able to conducts business worldwide, the only exception is the Vanuatu region. Banking in Vanuatu is regulated by the Banking Act Cap 63 and the Reserve Bank of Vanuatu Act Cap 125. Starting with 2002 the licensing of banks is handled by the National Reserve Bank.
There are two types of licenses namely; Financial Institution License that allows most banking activities except for the operation of checking accounts, while the Banking License includes the checking activity.
The minimum capital requirement for a Vanuatu offshore banking license is VT 15m in the form of cash or liquid assets, located in Vanuatu or anywhere in the world.
- The directors and shareholders must demonstrate that they have financial standing and banking experience
- References attesting directors/shareholders’ experience
- Documentation required includes police clearances for the principals
- Business plan.
- Curricula vitae of the bank directors
- Identification of the type of issued shares of the bank
Applications can be processed within 6-8 weeks.