Do you have what it takes to join our industry?
Vanuatu offers an attractive business environment for those seeking a Financial Dealer License (FDL), but takes its global responsibility seriously, fighting financial crime to protect its reputation. In recent years, we’ve tightened regulations to exclude unscrupulous operators and uphold our global standing.
Vanuatu’s Financial Services Commission (VFSC), Financial Investigation Unit (FIU), and Reserve Bank (RBV) jointly enforce this regulatory framework, fostering sustained growth and prosperity for our financial sector and Vanuatu’s community.
The FMA Vanuatu welcomes new players committed to fair practices. To apply for a license, contact one of the programme’s official agents and they’ll guide you through any challenges in the process.
License types
- Class A: FX deliverable and debt instruments.
- Class B: capital of a corporation (shares), precious metals, commodities.
May only be issued to holders of a Class A license. - Class C: future contracts and derivative products.
May only be issued to holders of Class A and B licenses. - Class D: virtual assets.
May only be issued to sophisticated institutions holding Class A, B and C licenses for at least 12 months. Sub-classes include:- D1: virtual asset transfer services;
- D2: virtual asset custodians;
- D3: virtual asset financial services providers;
- D4: virtual asset banks;
- ITO: initial token offering issuers.
Fee schedule
These fees do not include other financial requirements such as bond deposits, insurance and minimum capital – see “financial soundness” below or contact an FDL agent for advice.
| INITIAL APPLICATION & CERTIFICATION | Principal license | Representative license | TOTAL |
| Class A license | 50,000 VT + 100,000 VT | 50,000 VT + 100,000 VT | 300,000 VT |
| Class A + B | 100,000 VT + 200,000 VT | 100,000 VT + 200,000 VT | 600,000 VT |
| Class A + B + C | 150,000 VT + 300,000 VT | 150,000 VT + 300,000 VT | 900,000 VT |
| Class A + B + C + D | 200,000 VT + 400,000 VT | 200,000 VT + 400,000 VT | 1,200,000 VT |
| ANNUAL RENEWAL | Principal license | Representative license | TOTAL |
| Class A license | 500,000 VT | 500,000 VT | 1,000,000 VT |
| Class A + B | 1,000,000 VT | 1,000,000 VT | 2,000,000 VT |
| Class A + B + C | 1,500,000 VT | 1,500,000 VT | 3,000,000 VT |
| Class A + B + C + D | 2,000,000 VT | 2,000,000 VT | 4,000,000 VT |
Annual fees must be paid no later than the anniversary date of the license. Failure to pay will incur a penalty of 10% of the license fee per month, up to a maximum of 50% of the license fee.
Our current legal framework
All Financial Dealer Licence holders, including Virtual Asset Service Providers (VASPs), must comply with the following laws (click to download PDF versions):
- International Companies Act and/or Companies Act, as amended
- Financial Dealers Licensing Act, as amended (for Class A, B, C, D licenses)
- Virtual Assets Services Providers Act (for Class D licenses and subclasses D1 D2 D3 D4 ITO)
- Anti-Money Laundering and Counter-Terrorism Financing Act, as amended
- Tax administration Act, as amended
The VFSC has also issued guidelines covering the following topics (click for PDF): Licensee application (2021), Licensing criteria (2021), “Fit and proper” criteria (2017), Physical presence criteria (2021), Resident manager license (2021), , Risk management (2021), Code of conduct and market practices (2017), Addressing complaints against a licensee (2017), Withdrawal of bond deposit (2023), Outsourcing arrangements (2021), Digital assets (2021), Custody of digital assets (2021)
Our standards in practice
Physical presence and economic substance in Vanuatu
A licensed company must maintain a physical presence in Vanuatu with its own premises, records, equipment, and management staff. This includes at least one resident employee with day-to-day executive authority.
Larger businesses may need to hire additional staff or invest in local infrastructure, as determined by the VFSC.
Expertise in financial services and digital transactions
Applicants for a Financial Dealer License must demonstrate at least five years of experience in financial services, such as fund management or securities, supported by independent references.
Key persons should have experience in digital transactions or e-commerce and be able to operate digital platforms independently to reduce fraud risks. They must have no criminal convictions or bankruptcy history.
Clear, structured, ongoing operations
Applicants must submit a business plan outlining their objectives, strategy, target market, and financial forecasts. They must also provide a client agreement covering complaint procedures, deposit and withdrawal terms, and a risk management policy. Information about the company’s internal organization and governance is required.
Financial dealers must start operations within six months of receiving their license to remain active.
Financial soundness
In addition to annual license fees, financial dealers are required to maintain a bond of 5 million VT with the VFSC.
Their amount of capital should be consistent with the level of business undertaken and should be based on the projections provided to the VFSC.
They must maintain professional indemnity insurance for their partners, employees and consultants, with a minimum coverage of 5 million VT per claim or 50 million VT in aggregate, and a maximum deductible of 10 million VT.
Beneficial owners must provide proof of the source of their funds with a recent account statement and a reference letter from their bank.
Integrity, honesty, reputation
All key individuals must submit a “fit and proper” declaration with supporting documents, such as passports, police clearances, proof of address, CVs and diplomas. Additional documentation may also be required.
Financial dealers must notify the VFSC of any matter that might reasonably cause the Commissioner to doubt the competence, integrity, or financial resources of the company or its representatives to undertake business in accordance with the law.
Reporting and filing obligations
All FDL holders must submit quarterly reports to the VFSC, including up-to-date information on their Vanuatu registered agent, their shareholders, beneficial owners, customers, the volume and value of customer funds invested, jurisdictions where their products are offered, customer vetting process, numbers and reasons for customer refusals, and any customer complaints received.
An annual audited financial statement must be prepared by a VFSC-approved independent auditor in accordance with the International Accounting Standard. Licensees must obtain prior approval for the appointment of their auditor.
Each year, dealers must file an annual return with updated details on key persons, insurance, business activities, and financial projections.
Compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
FDL holders are required by the Financial Intelligence Unit (VFIU) to appoint an AML/CTF compliance officer and maintain an AML/CFT Manual, staff procedures, and a risk assessment report. They must conduct customer due diligence, keep records, and provide staff training on AML/CFT.
An annual AML/CFT Compliance Report, with updated documentation, must be submitted to the VFIU by March 31.
For more details, visit our AML&CFT compliance page
Automatic exchange of financial account information
As a signatory to international agreements against tax evasion, Vanuatu requires financial institutions to comply with the Common Reporting Standard (CRS) developed by the OECD for the automatic exchange of financial account information.
Financial dealers qualifying as “financial institutions” must notify the Vanuatu Competent Authority of accounts held by foreign residents and maintain relevant records for at least five years.
For more details, visit our CRS requirements page
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