The Vanuatu Financial Services Commission(VFSC), formally set up in 1993, is the financial regulatory authority of Vanuatu. Prior to this, VFSC was the Registrar of Companies and the Official Receivership Department of the Treasury since 1971 under the then, British Administration and after independence in July 1980, the Ministry of Finance and Economic Management.
VFSC consists of four departments, namely Corporate Services, Legal Enforcement & Insolvency, Supervision and Registration. The watchdog is responsible for operating an effective and efficient Registry, administering legislation like dealers in securities (licensing), anti-money laundering, counter-terrorism financing, business names act, electronic transactions, offshore limited partnerships, personal property securities, etc. Additionally, it is also tasked with the overseeing of the non deposit-taking financial industry on the islands.
VFSC is a popular offshore regulator among forex brokers as capital (or bond) requirements are relatively small. A Forex license covering the online activities of a brokerage is issued in 2-3 months, which is indeed extremely fast. Moreover, there is no income tax, capital gains tax and inheritance tax in the country.
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1.Safety of Client Funds：
According to Vanuatu’s Financial Dealers Act and Regulations, where a licensed dealer(including forex broker) is in control of or responsibility for clients funds, they should be suitably protected, by way of separation and identification.
2. Requirement on Forex Brokers' Initial Capital:
All Financial Dealers are required to maintain a deposit of VT 5 million with VFSC. This deposit can be considered as part of the capital.
3.Requirement on Forex Brokers' Reports：
VFSC forex brokers are asked to provide client funds report, complaint report and anti-money laundering report to VFSC.
Generally speaking, VFSC-regulated broker profile will be found at the Financial Dealers page on VFSC website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the company number (preferred) or name of the forex broker, which you can get from the broker's website;
2. Click the link below the 'List of Licensees' on https://www.vfsc.vu/70-prevention-of-fraud-investments-act/, and search the company number or name in the list through 'Ctrl+F'.
If you can't find the broker's profile on VFSC wesbite, it's probably an unauthorised broker and please keep away of it.
When you have disputes with a VFSC-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, try to contact VFSC in Vanuatu, which helps to solve the disputes between the forex broker and the investor.
You can either send the complaint to the email: firstname.lastname@example.org or by telephone +678 22247.
3rd way: If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Vanuatu.
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