New Developments

Training sessions on new laws and registry

Training sessions were held throughout the week of 31 August 2015 on the new laws and online registry. Copies of training session materials can be found here:

Business Law Reform

The VFSC is modernizing, with Asian Development Bank (ADB) support, the companies laws and the companies registry, and the bankruptcy and insolvency law. The laws were gazetted on 31 August 2015 and copies can be found here.

Also, the VFSC is undergoing institutional reform in terms of enhancing corporate governance standards, supervisory capabilities, and organisational structure with a view to establishing Vanuatu as a modern, commercially attractive international financial center.

Company and Trust Service Providers

FIRST INITIATIVE was approached by the Vanuatu Financial Services commission (VFSC) for technical assistance to develop the legislative framework for the regulation and supervision of Trust and Company Service Providers (CTSP). The work will continue build on the IMF funded TA to review the draft CTSP Bill modelled on the Isle of man law. The Bill has been passed by Parliament is awaiting gazettal by the State Law Office.

Trustee Act

The Commission is proposing to introduce a new Trustee Act for Vanuatu with the assistance of the Asian Development Bank.

Amendments to the Business Names Act and Charitables Associations laws

These amendments passed through parliament and were gazetted on 31 August 2015. Copies can be found here.