Vanuatu Offshore Bank License


The Reserve Bank of Vanuatu grants bank licenses which allow checking account services and credit card services under the International Banking Act.

 

Licenses can be granted to companies not incorporated in Vanuatu, but these companies must comply with the regulations set by the Reserve Bank.

 

Some important information about the International Banking Act includes:


 

  1. The offshore bank will be supervised by the Reserve Bank of Vanuatu

 

  1. The Reserve Bank will review and approve appointment of directors and managers

 

  1. Minimum paid up capital of USD$500,000.00

 

  1. The offshore bank should have a physical presence in Vanuatu

 

  1. Audits are required from a certified auditor


 

Guidelines that banks should comply with:


 

  1. Customer due diligence

 

  1. Capital adecuacy

 

  1. Credit risk management

 

  1. Restrictions on shareholdings

 

  1. Liquidity adecuacy

 

  1. Minimum capital requirement

 

  1. Maximum exposure limits

 

  1. Classification of loans

 

  1. Auditing

 

  1. Relationship with banks, subsidiaries and associates

 

The due diligence process takes approximately three months to complete before the bank license is issued.

 

If you have questions about Vanuatu Offshore Bank license  please contact us.