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Global Ranking
- Ranked as “The Happiest Country in the World” twice by international organization.
- Ranked the highest in the “Ease of Doing Business” index in the region by a World Bank’s survey in 2009.
- Included in the “White List” of Organisation for Economic Co-operation and Development (OECD) in June 2011.
Currency and Exchange Control
- The local currency is Vatu (VUV); it is linked to other international currencies and can be exchanged freely.
- US dollar and Australian dollar are commonly used in the country.
- Vanuatu applies no exchange control; capital can flow in and out freely.
- The major banks of Australia, New Zealand, and France, such as Bank South Pacific (Vanuatu) Limited, ANZ Bank (Vanuatu) Ltd. and BRED (Vanuatu) Limited, set up their branches in Vanuatu.
- It takes only two working days for transferring money from Hong Kong to Vanuatu. Online banking is also available.
International Financial Services
- Vanuatu is a zero tax haven. VAT (consumption tax) is the only tax applied in the country.
- No income tax, profits tax, capital gain tax, estate duty etc.
- No exchange control.
- A mature financial centre and offshore financial service hub in the South Pacific region.
- Its International Companies Act legalized the formation of Vanuatu International Company (VIC), a kind of offshore company which can be owned by foreigners.
- Stable political and economic environment.
- Mature legal system and applies common law.
- Official languages include English, French and Bislama; government correspondence is mainly in English and French.
- US dollar can be used as capital denomination for VICs.
- VICs can have Chinese name without being attested by lawyers.
- VIC’s constitution is written in both English and Chinese and acceptable by the Vanuatu Government.