The Vanuatu Financial Services Commission (VFSC) has been founded in December 1993, after the Vanuatu Parliament has passed the Vanuatu Financial Services Commission Act No. 35 of 1993. Past to this, VFSC was the Registrar of Companies and the Official Receivership Department of the Treasury since 1971 under the at that point, British Administration and after autonomy in July 1980, the Ministry of Finance and Economic Management.
The VFSC is going by a Commissioner as its Chief Executive Officer. The Commissioner reports to a Board of Directors selected by the Honorable Minister of Finance and Economic Management for a term of 3 years. There are seven individuals involving two ex-officio individuals, one part with lawful capability and experience and four others (two of which must have monetary aptitude and experience). The Board is as of now led by Mr. Bill Banitamwata, a conspicuous nearby attorney.show more
The Commissioner is upheld by a Deputy Commissioner. Four offices answer to them including Corporate Services, Insolvency, Legal Enforcement and Compliance and Registration.
In short the primary capacity of the VFSC is to work a successful and proficient Registry. What’s more, it has been entrusted to control and direct the non-store taking money related administrations industry of Vanuatu. This capacity would incorporate advancing the business abroad and shielding its notoriety from unwanted business people.
This office is in charge of the “housekeeping” capacities inside the VFSC. The office creates sound HR frameworks, strategies including enactments, rehearses, association structures, plans and detailing courses of action not exclusively to encourage enhanced individual and authoritative execution yet in addition meet statutory commitments and guarantee the present and future survival of the Commission. The Deputy Commissioner is acting leader of the office. Another 5 staff individuals associated with IT, bookkeeping and inside managerial help capacities answer to the Manager.
This office is in charge of the Official Receiver work, legitimate exhortation on issues influencing the VFSC and in addition the follow up of exceptional yearly returns and expenses and any requirement activity including strike-offs for nearby organizations without resources. At introduce there are 4 staffs in ILE headed by a Manager.
The Registration Department is in charge of fuse of organizations, altruistic affiliations, exchange unions, business names, trademarks, licenses and the stamping of instruments. The division presently has 6 staffs, headed by a Manager.