Attributes of a Vanuatu International Company
This is a list of facts about Vanuatu International Companies based on the international companies Act 1993.
You can read it over to get an idea of what is and is not legal for an International Company. Basically, however, you can do whatever you want to do with a Vanuatu International Company providing you pay your bills (remain solvent). You fail the solvency test if your bank account has no money in it and creditors can show you owe them money. So long as you keep solvent, your company may distribute its net assets to its owners or gift them to others, purchase its own shares, cancel shares etc.
Your international company can't break the laws of Vanuatu or do business IN Vanuatu. Your company can do certain kinds of business activities - with the bank or other service providers - but you can't employ people here, set up an office and start working locally. For that, you need a local business. Moores Rowland can set up a local company for you if you need one to work as a service provider for your international company.
Specific characteristics of the International Companies Act 1993 include:
A Vanuatu international company:
1. Has a constitution instead of a Memorandum and Articles of Association.
2. Does not have the concept of authorised capital.
3. May be limited by shares, guarantee or both.
4. Has incorporators rather than subscribers because they do not subscribe for shares. The first shares are allotted by the directors and thus there is no need for transfers of shares out of the names of the incorporators to the purchasers of companies (or their nominees).
5. Deems incorporators to be members until shares are allotted.
6. Allows a single incorporator as well as single me ...