vfsc.vu Business Name Registration : Vanuatu Financial Services Commission

Organization : Vanuatu Financial Services Commission
Type of Facility : Business Name Registration
Country: Vanuatu

Website : http://www.vfsc.vu/index.php/services/business-name

VFSU Business Name Registration

Requirements:
All persons [including partnerships and companies] that are now carrying on business under a business name must apply to register the business name with the Registrar of Business Names on or before 30 September each year.

Related : VFSC Vanuatu Financial Services Commission E-Business : www.statusin.org/8627.html

FORM B-1 : Application to Reserve Business Name
FORM B-2 : Application to Register Business Name

The penalties for failing to make an application are:
a fine of up to VT10,000 for each day after 30 September that the person carries on business under the name; and
a penalty of VT1,000 for each month after 30 September that the person carries on business under the name subject to a minimum penalty of VT5,000.

An individual carries on business under a business name if he/she uses a name in his/her business that is in any way different to his/her own surname, with or without his/her forenames or initials.

For example, Leiwia Toara would need to register the following business names:
“Leiwia’s Store” or “Leiwia Toara’s Store”
“Leiwia Toara’s Nakamal”
“The Sunset Café”

A company registered under the Companies Act [CAP 191] must register any business name that differs from its full company name.

For example a company called “The Golden Egg Café Limited” would need to register the following business names:
“The Golden Egg”; and even
“The Golden Egg Café” [because the word “Limited” has been omitted].

A company does not need to register its company name.

A partnership or group of persons must register every business name that does not consist of the names of the persons in the partnership or group.

In certain limited circumstances, where a person trades under more than one name, the Registrar may exempt him/her from registering the other name or names – but application for an exemption must be made to the Registrar.

The cost of business name registration is as follows:
1 New registration VT10,000
2 Annual fee payable on or before 30 September each year thereafter VT 5,000

There is an understanding between the Vanuatu Financial Services Commission and the Department of Customs and Inland Revenue [Rates and Tax Office] that any person applying for a business licence must first register his/her business name.

Any person in doubt should seek information from Ms. Lilianne Charley, Vanuatu Financial Services Commission, Bouganville Street, Port Vila.

Telephone: [678] 22247
Fax: [678] 22242
Email: lcharley AT vfsc.vu

All Application forms available on the Vanuatu Financial Services Commission’s Website.

Business Name Registration Steps:
Step 1:
(same as entities as of nos. 1 – 3 above)

Step 2:
Application form is filed.
Registration fee of VT10,000 ( annually it is VT5,000)
Passport extract may include only when the particular(s) is a foreign national for verification.

Step 3:
Officer- in- charge checks & registers the name of the business name in the computer for signature by the Registrar of Business Names who is the Commissioner.

Step 4:
Certificate is sent out to the client. (The whole process of registration and approval is only dealt within the Commission)