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2008 2009 2010              
In an endeavour to expand Vanuatu's offshore industry, the Vanuatu Financial Services Commission (VFSC) has appointed Vanuatu Registry Services Ltd. (VRS) as Deputy Commissioner of VFSC.  VRS is a company incorporated in Hong Kong, whose 3 directors have between them more than six decades of professional experience in corporate services, law, finance and administration.

Hong Kong is a jurisdiction noted for its efficiency and quality of communications and the Commission is confident that adding experienced professionals located in Hong Kong to its team will enhance our jurisdiction's competitive position in the industry and make establishing and operating companies in Vanuatu, both local and international, more streamlined and attractive.  VRS will promote Vanuatu company ownership globally and, to that end, is vested with the power to impress the seal of the Commission
on Certificates of Incorporation, Certificates of Good Standing and other relevant documents.  It will also answer enquiries and provide support to consumer and professional clients internationally on behalf of the Commission.


Photo: Ms. Liza Chan (Director, VRS), Mr. George Andrews (Commissioner) and
Mr. Martin Fairbairn (Director, VRS) at the VRS Offices in Hong Kong
2009: January  

 

The Vanuatu Financial Services Commission wishes to announce the admission of Vanuatu as a Contracting State to the Hague Convention Abolishing the Requirement of Legislation for Foreign Documents through a process of succession on 1 March 2009. 

On 24 February 1965, the Convention had been extended to the New Hebrides by the United Kingdom of Great Britain and Northern Ireland. This extension however lapsed upon Vanuatu gaining independence on 30 July 1980. Hence, all apostilles issued after independence were illegal.  

Vanuatu only decided to deposit its declaration of succession to the Convention with the Ministry of Foreign Affairs of the Kingdom of the Netherlands on 1 August 2008. The Contracting States were informed of the succession by depositary notification No. 8/2008 of 29 August 2008. None of these States raised an objection to the succession within the period of six months specified in the notification in analogy with the provisions of Article 12, second paragraph, of the Convention, which period expired on 1 March 2009. Therefore,  the  Convention  has  remained  in  force  between  Vanuatu  and  the  Contracting  States from 30 July 1980, the date of independence of Vanuatu. 

In Vanuatu, the designated authorities that can issue apostilles will be:

  1. Vanuatu Financial Services Commission for all public documents under its jurisdictions;
  2. The Department of Foreign Affairs for other public documents.
2009:1st March  

The Vanuatu Financial Services Commission is pleased to announce the admission of Vanuatu as a full member of the Offshore Group of Insurance Supervisors (OGIS). The Chairman of OGIS, Mr. David Vick announced on 26 February 2009 that Vanuatu and Bermuda’s applications for full membership were approved by a special Extra Ordinary General Meeting of OGIS in December 2008.  

Vanuatu had been an observer of OGIS for the last six years and its admission to full membership recognizes the results that Vanuatu has achieved over the past five years from introducing a new Insurance Act in 2005 (followed by Regulations and Guidelines to training and capacity building of its supervisors) to improve and strengthen the licensing and supervisory regimes of its insurance industry.  

Vanuatu joins Samoa from the Pacific region to become members of this OGIS.

Founded in March 1993, the OGIS is an informal grouping of regulators representing domiciles engaged in the supervision of international insurance business. Formed under a written Constitution, the Group is made up of Members and Observers and has strict criteria which must be met for membership. Currently, representatives from the Isle of Man serve as Chairman of the Group and Netherlands Antilles as Secretary.

OGIS exists -

  • As a discussion forum
  • As a conduit to raising standards of regulation and supervision
  • As a training forum
  • As a representative body at international insurance forums.

OGIS meets twice a year. A Working Meeting is held over a period of 3 days, to discuss major issues and a more formal Annual General Meeting is held to ratify the adoption of Technical Papers and to pass any formal business.

OGIS membership provides a unique facility for offshore jurisdictions to exchange information and share in the experiences of other members, and allows less developed jurisdictions to aspire to the highest international standards of insurance regulation. Related to that, less developed jurisdictions can benefit from formal Training courses. OGIS has an Education sub-Committee to concentrate on this vital and valuable area.

An increasing membership is of value to all Members and one of the aims of OGIS is to persuade jurisdictions which are involved in offshore insurance, but which are not currently Members or Observers, to take advantage of what OGIS has to offer and to contribute to its work by becoming members.
2009: 16th March  

 

Government of the Republic of Vanuatu

PRESS RELEASE

G-20 Outcomes and OECD Report
by The Honourable Sela Molisa MP, Minister of Finance and Economic Management


Good evening ladies and gentlemen from the media, and a warm welcome to our listening and viewing audiences. We are grateful that you could join us at such short notice.

I know many of you are interested in hearing the Government’s position regarding the outcomes from the G-20 Summit in London on 2 April, and the related report issued by the OECD on progress by financial centres around the world towards implementation of international standards on exchange of information on tax matters, and the treatment of Vanuatu within that report.

On those G-20 outcomes, the Vanuatu Government is reviewing the proposed measures announced on 2 April - particularly those related to strengthening financial supervision and regulation, resisting protectionism and promoting global trade and investment and strengthening global financial institutions.

Government will be looking for opportunities to engage with international standard setters directly or through government counterparts to provide our input where we can, keeping with our commitment to pursue a financial system that is strong and transparent, and meet international standards and best practices.

We realize the need for Vanuatu to pursue independent policy stances, free from influences imposed by external factors, however, the weakness imposed by our shear size and other vulnerabilities are major setbacks that force us to pursue measures that correspond adequately to such external pressures.

On the OECD progress report, we have taken note of Vanuatu’s position and believe that the Vanuatu is cast in the "lighter shade of grey" among the financial centres with which we have been listed. To graduate to the “White List” however, we will need to enter into at least 12 Tax Information Exchange Agreements.

 Our position is informed by the fact that we are currently:

(a)  Overhauling the legislative framework of our finance centre. By early 2010, our laws should then be on par with other jurisdictions around the world;

(b)  We are also now consolidating our regulatory functions under the Reserve Bank of Vanuatu. Previously the Reserve Bank of Vanuatu was the regulator for banks and financial institutions only. This however, will change during 2009 to include the regulation of insurance business and credit unions;

(c)   Assessments  conducted by international organizations such as the International Monetary Fund, Financial Action Task Force, Asia/Pacific Group on Money laundering, and the Offshore Group of Banking Supervisors of our ability to supervise and regulate financial institutions in the country have commended the positive efforts of our government. So far the assessments have found that we are “largely compliant” with internationally accepted standards and best practices;

(d)  Arrangements are being made to seek membership of the World Trade Organization (WTO); and

(e)  It is the intention of this government to conclude at least one Double Taxation Agreement during 2009. Logistical arrangements are being completed for government to begin the negotiation process.

Vanuatu has committed to OECD standards for transparency and exchange of information in tax matters in May of 2003.
 We have upheld that commitment by working with the OECD and non-OECD colleagues to design and implement effective standards.


Vanuatu is in a strong position to achieve additional recognition for our efforts that we have earned and we will continue our policy of commitment to international standards and best practices including those in the area of exchange of information on tax matters.

It is however, important to note that the existence of tax havens such as the one we have in Vanuatu did not contribute to the current global crisis. Rather, the cause is poor regulation and bad investments by major investments banks in developed countries especially in the United States.  

Port Vila
2009:10th April  
 
 
 

Last Updated : April 29, 2010 10:09

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