Business Law Reform

The VFSC is modernizing, with Asian Development Bank (ADB) support, the companies laws and the companies registry, and the bankruptcy and insolvency law. The Bills are expected to be tabled in Parliament in 2011.

Also, the VFSC is undergoing institutional reform in terms of enhancing corporate governance standards, supervisory capabilities, and organisational structure with a view to establishing Vanuatu as a modern, commercially attractive international financial center.

Company and Trust Service Providers

FIRST INITIATIVE was approached by the Vanuatu Financial Services commission (VFSC) for technical assistance to develop the legislative framework for the regulation and supervision of Trust and Company Service Providers (CTSP). The work will continue build on the IMF funded TA to review the draft CTSP Bill modelled on the Isle of man law. The Bill has been passed by Parliament is awaiting gazettal by the State Law Office.

Trustee Act

The Commission is proposing to introduce a new Trustee Act for Vanuatu with the assistance of the Asian Development Bank. This Bill is expected to be tabled in Parliament during 2012.

Amendments to the Business Names Act

A draft Bill has been completed and circulated for review by stakeholders. It is expected that the Bill will be table in Parliament during 2012.