Offshore Bank Account Formation – Vanuatu
Banking System in Vanuatu
The republic of Vanuatu is an island nation. It is situated in the South Pacific Ocean. This island is about 1,750 kms east of Australia and 500 kms north east of New Caledonia. Republic of Vanuatu is located west of Fiji and in south of the Solomon Islands.
This island country is famous for fishing, small scale agriculture and import taxes. The economy of Vanuatu is not currently very stable and depends mostly on foreign businesses.
Banking System in Vanuatu
Republic of Vanuatu is an ideal place for off shore banking. The hierarchy in banking in Republic of Vanuatu consists of the Reserve Bank of that country. The island of Vanuatu also has internationally recognised commercial banks, a number of merchant banks and a very strong off shore banking sector.
The commercial banks in Vanuatu are allowed to conduct their banking businesses with the non-residents of Republic of Vanuatu. These commercial banks provide international banking services through a wide network of correspondents, branches and banking consultants.
The domestic banking system of republic of Vanuatu has collaboration between two foreign banks and two local banks. A pair of banks is thus formed and these pairs of banks from every ownership scheme are supervised by the National Bank of Vanuatu, which is the Reserve Bank of Vanuatu.
The domestically operating banks are known as local limited companies in Vanuatu. The offshore banks in Vanuatu are known as exempted banks. They usually use exempted companies.
There are two types of licenses, which are issued in Republic of Vanuatu for banking. One is the Financial Institution License and the other one is the Banking License.
Financial Institution License checks and prevents the operations of chequering accounts but permits all other banking services. Banking License allows the companies to use the word bank in its name, allowing the chequering activities.
Vanuatu is a South Pacific Island nation. Apart from providing Offshore Banking services, the economy is driven by tourism and agriculture. There are two prominent banks which provide banking services – Vantu Bank and Pacific Private Bank. They provide higher interest rates as compared to other banks.
Banks Available at Vanuatu
It is an established bank in the Vanuatu region in the Pacific. It provides much needed privacy to account owners. They have a very strict security protocol that warranties proper documentation of all procedures involved. One must have a RMA Relationship with the bank and in case it is not available the person must send a request by SWIFT. Account creation takes up to a week once documents have been submitted. Minimum account balance required is USD 10,000 and initial deposit is USD 1000. However, these amounts are subject to variation depending on the client relationship with the bank.
The bank provides multiple services like – Wealth Management, Asset Management and Private Banking. Other services include – Personalised account, credit and debit cards, online banking, International wire transfer, mobile banking. All major currencies are accepted – USD, EUR and the client servicing is also multilingual. The interest rates they provide are in the range of 0.5% to 1.5% which is comparatively higher than other banks operating in the same region.
Documents Required For Opening Bank Account
Banking Benefits in Vanuatu
- No personal visit required
- Higher interest rates
- Customised plans for clients
- Wealth Management, Asset Management and Client Servicing
- Online banking facility is available
- Highly secured transactions
- No limit on monthly transactions
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.