Vanuatu

What are the regulations on investment in the financial industry, environmental protection, and intellectual property rights?

1 Regulations on Access to Local Financial Industry Investment
Natural persons are not allowed to operate the financial industry, only legal personnel can. All legal entities engaged in the financial industry must first submit a written application to the Reserve Bank of Vanuatu. The Reserve Bank of Vanuatu will make a decision on whether to approve the application within 4 months based on various information provided by the applicant. Once approved, it will be submitted to the applicant
Please issue a business license to the legal representative.
Foreign institutions can engage in the financial industry in Vanuatu and have certain capital requirements. For the banking industry, a minimum requirement of 200 million watts is required; For trust institutions, not less than 100 million watts.

2 Regulations on Local Financial Industry Supervision
The Reserve Bank of Vanuatu is the regulatory authority in the financial industry, and all financial institutions are required to appoint at least one person who has no interest in it as an auditor. An audit report, including financial statements, is issued annually, and the auditor is required to express a clear opinion on the operation, internal control, risk prevention, etc. of the financial institution in the report. The Reserve Bank of Vanuatu supervises the financial institution based on the above report. The audit report should be published in the government gazette within 4 months.

3 Environmental management departments
The Vanuatu Ministry of Climate Change is responsible for implementing the country's environmental protection and biodiversity plans.

4. Names of Major Environmental Protection Laws and Regulations
The ecological environment in Vanuatu is fragile, and the government attaches great importance to environmental protection, management, and sustainable development. In 2002, the Environmental Management and Protection Law was formulated and promulgated, aiming to establish and implement a comprehensive national environmental plan.

5 Basic Points of Environmental Protection Laws and Regulations
Environmental laws require that investment projects that may have an impact on the environment, society, or customs must undergo an environmental impact assessment, including:
(1) Will external influences lead to changes in landforms or waterways;
(2) Will social or cultural influences change the quality of life or lifestyle of local people;
(3) Economic impact, whether there is sustained income generating ability;
(4) Environmental or ecological impacts;
(5) Will land activities have an impact on coral reefs;
(6) The environmental law also stipulates that investment projects engaged in biological detection must hold a biodiversity perspective
The license certificate issued by the Biodiversity Advisory Council.
In recent years, environmental protection in Vanuatu has become increasingly strict, especially for industrial production projects.

6. Relevant regulations for environmental assessment
After obtaining the investment permit from the Vanuatu Investment Promotion Agency/Vanuatu government department project implementation permit, the investor/contractor shall apply for a preliminary environmental assessment at the Vanuatu Environmental Protection Agency. Fill out the Environmental Protection Approval Form and receive a response from the Vanuatu Environmental Protection Agency within two weeks of payment. about
The Vanuatu Environmental Protection Agency considers it necessary to conduct a comprehensive environmental assessment for projects, and the investor/contractor also needs to negotiate with a third-party environmental assessment agency designated by the Environmental Protection Agency to conduct a comprehensive assessment. The investor/contractor shall rectify any issues that do not comply with Vanuatu's environmental regulations in the initial and comprehensive evaluations in accordance with Vanuatu's requirements until the evaluation is passed. At the initial evaluation, a 20000 watt assessment fee is required, and the Wa side will provide a response within two weeks. The comprehensive assessment fee depends on the actual situation of the project.
Vanuatu Environmental Protection Agency Environment Unit Department
Address: PMB 9063 Port Vila, Vanuatu
Phone: 00678-25302
Email: ctavi@vanuatu.gov.vu

 
7 Local laws and regulations related to intellectual property protection
To protect its intellectual property rights, Vanuatu passed the Copyright and Related Rights Act in 2000 and the Trademark Act in 2003. The scope of application of copyright law includes works, performances, recordings, broadcasting, and local culture. Copyright is fully protected regardless of its form, expression, content, quality, or purpose. The protection period for registered trademarks under the Trademark Law is 10 years, and after the expiration, an application can be made for an additional 10 years. The specific punishment regulations for intellectual property infringement are currently being formulated.