Vanuatu has become a very popular place for companies that are looking to take their business offshore. Many people are under the impression that offshore companies are illegal, but that’s not true at all. In fact, an offshore company can be created quite easily if you have the right people working for you. If you are running a business and looking to take your company to Vanuatu so that you can expand operations, it’s vitally important that you hire an accountant for the job. There are a number of private administration firms throughout Vanuatu that offer accountancy services to their clients, and can easily fix your accounts for you. Here are just a few reasons why you need to hire an accountant for handling your company’s finances in Vanuatu.
The Legal Structure
One of the main reasons why you should hire accountants in Vanuatu is because they will be able to devise the legal structure of the company. If you want to create an offshore company, you have to make sure that you abide by the rules and regulations of the country. Vanuatu has its own set of laws, so it’s incredibly important for business owners to make sure that they abide by the rules and regulations. If your company is found in breach of these laws, you could end up with hefty fines and your company might be penalised heavily as well. The legal structure is designed to prevent money laundering and other financial misappropriations. By hiring local accountants, you will be able to make sure that all your company’s finances are properly recorded and can be audited easily.
As a business owner, it’s incredibly important for you to keep appropriate records of all your company’s dealings. Audits will be held on an annual basis, so business owners need to make sure that they hire professional accountants who will maintain the financial statements and update them regularly. In case you decide to expand your business, you will need to show these accounts to the authorities or to investors who are looking to put their money into your company.
You will need to hire trained accountants for taxation purposes as well. Even though many consider Vanuatu to be a tax haven, the authorities still require comprehensive records of the income generated by the company. Therefore, you have to make sure that you have accountants working full-time. If you don’t want to bring people on your payroll, there are a number of local administration firms who can help you with the accounting side of things as well. You can discuss your fee with them and figure out whether they are offering a nominal fee before you proceed further.