PROCESS FOR OPENING A VANUATU OFFSHORE BANK ACCOUNT
1. Contact Astra Trust
If you need help opening a bank account with a Vanuatu bank or want to set up a company in Vanuatu with a bank account, contact us (link) now. One of our team members will be happy to open a Vanuatu bank account for your business.
If you are first looking to incorporate your company in Vanuatu, Astra Trust has vast expertise in registering international business companies in the Republic of Vanuatu.
2. Provide all requested documents
Every financial institution in the Republic of Vanuatu has to complete a KYC procedure before a bank account can be opened. Usually, the whole process of opening an account takes up to three weeks on condition that all the requested documents are provided.
The set of documents required differs significantly depending on whether it is an individual or corporate bank account. Below is a preliminary list of the documents required to open an account with a Vanuatu bank.
|Vanuatu bank account for companies
||Vanuatu bank account for individuals
|KYC questionnaire (standard document)
|Corporate documents (articles of association, memorandum, etc.)
Register of directors and shareholders, minutes of annual general meeting approving the opening of a bank account
|Identification documents (passport, ID card, etc.)
Document certifying a residential address (utility bill, tax declaration, etc.)
|Additional documentation, if required by a financial institution (e.g. latest financial and audited statements, information about source of wealth and so on)
3. Assessment process
During this stage, a bank evaluates the submitted documents in light of the prevailing money laundering legislation. Sometimes banks may require additional documents besides those mentioned above. For example, this could be a record of the ownership structure for an international business or a valid medical card for individuals.
Please note that the submission of all requested documents does not guarantee that a bank account will be opened.
FAQ ABOUT VANUATU BANKS
- Can I open a Vanuatu bank account without a Vanuatu offshore company?
Yes, it is possible to open a bank account for an international business with Vanuatu banks. For the banks, it doesn’t make much difference whether an account is opened for a Vanuatu IBC or an international business registered in another jurisdiction.
If you are only interested in Vanuatu company formation, Astra Trust has extensive expertise in registering Vanuatu IBCs.
- Is Vanuatu offshore banking the right choice for my business?
Vanuatu is a jurisdiction with a strong reputation, which is actively improving its existing legislation to combat money laundering and the financing of terrorism. The acquisition of a bank license in Vanuatu is subject to high standards of prudential management. Consequently, money held by Vanuatu banks is secured and guaranteed by the Reserve Bank of Vanuatu.
Astra Trust only works with reputable financial institutions in Vanuatu.
- How can Astra Trust help me open a bank account in the Republic of Vanuatu?
We assist our clients with the entire process of opening an account. Our managers take care of (1) filling in all necessary questionnaires and forms on your behalf; (2) communicating directly with a financial institution; and (3) drafting and providing additional documents and clarifications to a bank, if required. Moreover, even after opening your bank account, we remain at your disposal 24/7 to answer any questions you may have.
- Is it possible to set up a company in Vanuatu without a bank account?
Vanuatu company formation is one of the services that Astra Trust can offer you in the Republic of Vanuatu. The International Companies Act (2012) does not impose an obligation on a Vanuatu IBC to open a bank account locally. It is perfectly fine to open a bank account for your Vanuatu offshore company in other banking jurisdictions such as Belize, Hong Kong or Seychelles.