Whilst it is particularly difficult and costly to establish an offshore bank in other jurisdictions, Vanuatu actively encourages banking applications, provided the promoters are setting up the bank to conduct legal operations and have the necessary experience and capital. Extensive checks are carried out to establish the proper bona fides of applicants.
The Reserve Bank of Vanuatu - who oversee the application process - are committed to ensuring that only well operated, legitimate banks are issued with banking licences.
Application for a new licence
After lodgement with the Reserve Bank, a new application takes a maximum of four months, including a comprehensive process of due diligence.
For a more detailed explanation of the requirements, see the Reserve Bank International bank licence application requirements. Hawkes Law has an in depth knowledge of offshore bank licence application procedures and have successfully handled many such applications.
Incorporate a bank
To proceed with the formation of an international bank, please contact us with the following initial information:
1. Your name and full contact details;
2. A description of the type of services the bank proposes to offer;
3. Your background and details of any banking experience you may have;
4. Confirmation that sufficient funds are available for forming a bank (minimum requirement is USD500,000 capital plus formation expenses).
Once we have this initial information we will respond to discuss your particular requirements and confirm the additional detailed information required to proceed to the next stage.
Please note that 'shelf' banks are not available in Vanuatu. Also there is no advantage in terms of time, cost or the provision of the information required to purchasing an existing bank.
There is convenient office space available for rental for newly establishing banks in Vanuatu.
Also read International Banking Act of 2002
|
To obtain additional information, please contact us by e-mail at webenquiry@hawkeslaw.com.vu