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A total of 270 PEOPLE have had their first dose of the Astrazeneca COVID-19 vaccine at June 2 launching of the vaccination rollout, with the Ministry of Health (MoH) describing the event as an historical moment.

The first person to receive the Astrazeneca vaccine was the Leader of Opposition, Ralph Regenvanu. The second person was Chief Justice Vincent Lunabek, followed by the Minister of Health, Silas Bule and including the Mayor of Port Vila, Eric Festa.

There will be an arrival of another 20,000 doses of Sinopharm vaccine from China this weekend.

Mutual Funds

Vanuatu has revamped the Mutual Funds Act in 2005 to offer a competitive edge to established Mutual Funds and administrators in the world of onerous compliance and suffocating regulations of their jurisdiction’s regulators.

This Act also allows investors to pool their funds and establish a Mutual Fund. This is useful for those that may be under legal or political constraints of their country of residence to invest in certain securities or in opportunities of certain countries.

A mutual fund license can be issued to a company, a unit trust or a partnership.

The Act has provisions to protect investors by allowing only licensed mutual funds to operate, and by requiring administrators of mutual funds to be licensed.  Mutual fund administrators must apply for a Representation License simultaneously with the Mutual Fund License Application.

Foreign mutual funds registered outside Vanuatu may apply to be registered in Vanuatu and apply for a Mutual Fund License. The Mutual Fund must be registered as an overseas company entitled to establish a place of business in Vanuatu before proceeding with the Mutual Fund application.     

Recent amendments to the International Companies Act have which came into force on 11 August 2010 makes provisions to bring under the International Companies Act all exempted companies existing under the Companies Act. This Amendment Act, has enabled to bring under one legislation, for registration, all companies, which included Mutual Funds that are formed exclusively for offshore operations.

A Mutual Fund license can now be issued under an international company which has fewer restrictions such as resident director etc and are much more cost effective.

The Vanuatu Financial Services Commission administers the licensing regime. The Act gives the Commission powers to effectively supervise the operation of mutual funds.

Contact us for fees and procedures to set up your Mutual Fund.