Vanuatu gazettes register charges

VANUATU has gazetted the International Companies (Amendment) Act No 26 of 1993, which covers technical corrections to the International Companies Act gazetted in May 1993.

The amended act provides an exemption from the requirement to register a charge against any company which is primarily in the ship-owning or operating business if the charge is registered under the Maritime Act.

This avoids duplication of costs and effort and was done to make Vanuatu's fast-growing shipping register even more attractive.

Under a new fee structure, a company registered as an international company on December 31 in any year will be liable to pay an annual government fee of US$300 on June 30 of the following year.

Also, on June 30 of any year, if an international company was not a registered international company on the previous December 31, the annual government fee charged will be $150.

The effect of the fee structure is that any international company incorporated between July 1 and December 31 in any year will pay US$150 government registration fee and the following June 30 a further US$300.

The $450 can cover a maximum period of 24 months.

An international company incorporated between January 1 and June 30 will pay the same $150 registration fee and at June 30 of that year a further $150.

The $300 can cover up to a maximum of 18 months.

If a company is registered between April 1 and June 30 each year it will be practice upon incorporation to collect in advance the $150 due on June 30 so the client does not have to make two small payments a short time apart.