Business Reforms in Vanuatu
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Vanuatu made starting a business easier by removing registration requirements and digitizing the company register.
Getting Credit: Vanuatu improved access to credit by passing a new law that allows secured creditors to realize their assets without being subject to priorities of other creditors.
Protecting Minority Investors: Vanuatu strengthened minority investor protections by increasing shareholder rights and role in major corporate decisions and clarifying ownership and control structures.
Resolving Insolvency: Vanuatu made resolving insolvency easier by strengthening and modernizing its legal framework in relation to liquidation and receivership proceedings.
Registering Property: Vanuatu improved the quality of land administration by appointing a land ombudsman to deal with complaints relating to the land registry.
Trading across Borders: Vanuatu reduced the border compliance time for importing by improving infrastructure at the port of Vila.
Registering Property: Vanuatu made property transfers faster by digitizing its land registry system and hiring and training new staff.
Getting Credit: Vanuatu improved access to credit information by establishing a private credit bureau.
Dealing with Construction Permits: Vanuatu made obtaining a construction permit more cumbersome by making a preliminary environmental assessment mandatory and made it more expensive by increasing the fees.
Starting a Business: Vanuatu made starting a business easier by reducing the time required for company registration at the Vanuatu Financial Services Commission and issuing provisional licenses at the Department of Customs.
Dealing with Construction Permits: Vanuatu made dealing with construction permits more difficult by increasing the number of procedures and the cost to obtain a building permit.
Registering Property: Vanuatu made registering property easier by computerizing the land registry.
Trading across Borders: Vanuatu made trading across borders faster by upgrading Port-Vila’s wharf infrastructure, which increased the efficiency of port and terminal handling activities.
Labor Market Regulation: Vanuatu increased mandatory annual leave and severance pay applicable in case of redundancy dismissals.
Getting Credit: Vanuatu strengthened its secured transactions system by launching a unified and geographically centralized collateral registry.
Getting Credit: Vanuatu strengthened its secured transactions system by adopting the Personal Property Securities Act and creating an electronic registry for security interests. The new law broadens the range of assets that can be used as collateral, extends a security interest to the proceeds of the original asset, ensures that secured creditors have priority outside bankruptcy procedures and allows out-of-court enforcement of security interests.
Registering Property: Vanuatu made registering property more expensive by increasing the registration fees for the deed of transfer at the Department of Lands Records.