Vanuatu to require physical presence of brokers
Vanuatu, which happens to be one of the much-favored destination points for brokers of various kinds and is involved in multiple verticals of businesses, has tweaked the rules a mite regarding running their operations on their soil. This new diktat will be officially in force starting from October 16, 2022.
As a part of the new rule established and enforced by VFSC, all registered brokers, such as International Capital Markets Brokers Limited, will compulsorily have to open real-time offices. There is also a further requirement for them to hire executives from amongst the native population in positions of managers and directors, overseeing and managing the everyday functioning and running of the offices. This is also a compulsory factor, and having no options.
This decision, however, was not taken overnight or just as an afterthought. All involved factors were seriously considered, and much time was spent on the deliberations. The whole exercise behind this is to ensure only the authentic prospective applicants and players are the ones who the officials of Vanuatu have to deal with and consider.
Thereby, according to the Chairman of the Financial Markets Association of Vanuatu, Martin St-Hilaire, all brokers who decide to stay on and the ones who freshly apply and begin their operations according to the new set rules will be in safe and secure hands, with special need requirements getting a patient hearing.