Vanuatu — VFSC licence.
The Vanuatu Financial Services Commission is the Pacific's fast-track licence for forex brokers and iGaming operators seeking rapid market entry.
A considered route,
not a shortcut.
This jurisdiction rewards operators who treat the application as the start of a supervisory relationship.
When this is the right choice
When to consider an alternative
Permissions under
one Act.
Choosing the right tier and scope is the most consequential decision in the application.
Dealers in Securities Licence (VFSC)
The core VFSC permission. Covers FX, CFDs, indices, equities, commodities, and crypto-CFDs. Issued to a Vanuatu international company with the prescribed capital and an approved AML programme.
Investment Adviser Licence (VFSC)
A complementary lighter-touch permission for operators who advise rather than execute — research providers, portfolio advisors, and managed-account introducers serving non-EU retail.
Principal Licence — B2B liquidity (VFSC)
A focused permission for liquidity providers and prime brokers serving other VFSC licensees, with conditions tied to capital adequacy and segregation of client funds.
VGA Online Gaming Licence
The primary B2C licence issued by the Vanuatu Gaming Authority. Covers sports betting, online casino (roulette, table games, slots), bingo, lottery, and interactive games for international markets. Valid for 15 years under the July 2024 reform. The licensed entity must be an offshore company incorporated outside Vanuatu.
Sports Betting Authorisation (VGA)
A specific authorisation under the VGA framework for operators focusing exclusively on fixed-odds sports wagering. Covers pre-match and in-play betting for international player markets. Can be held standalone or alongside the full online gaming licence for combined casino and sports operations.
VFIPA Registration
All VGA licence holders must also register with the Vanuatu Financial Intelligence and Prudential Authority (VFIPA) as part of AML/CFT compliance obligations. VFIPA registration (€17,800 one-time) is a mandatory parallel requirement to the VGA licence — not optional.
Interactive Games Licence (VGA)
Covers bingo, lottery, and other interactive game formats outside standard casino and sports categories. Issued by the VGA under the same 15-year framework. Operators running mixed-product platforms typically obtain the full online gaming licence rather than individual category licences.
Phases to licence grant.
Corporate vehicle (Forex)
Weeks 1—3Vanuatu corporate vehicle established. Director appointments, registered office, and shareholder documentation prepared to VFSC standard.
Dossier preparation (Forex)
Weeks 3—6Application dossier compiled and submitted — AML policies, business plan, corporate documents, and key person declarations filed with the VFSC.
VFSC review
Weeks 6—12VFSC conducts review of application and supporting documentation. Our team manages any requests for additional information.
Issuance & post-grant setup (Forex)
Weeks 12—14Licence issued. Post-grant setup includes banking, payment rails, and compliance framework activation for ongoing operations.
Entity and documentation preparation (iGaming)
Weeks 1—4Offshore company incorporated (outside Vanuatu), due diligence documentation compiled, source of funds evidenced, and AML/KYC policies drafted. The VGA licence holder must be an offshore entity — no Vanuatu local company is required for the licence itself.
VGA application submission
Weeks 4—6Full VGA application filed including gaming platform description, business plan, owner and director background packs, and payment of the €5,000 non-refundable application fee. All documents submitted to the VGA through the standard application process.
VGA review and VFIPA registration
Weeks 6—10VGA conducts due diligence on the applicant entity and all key persons. VFIPA registration completed in parallel (€17,800 one-time fee). Prompt responses to VGA queries keep the process within the 10-week window.
Licence grant and annual fee payment (iGaming)
Weeks 10—1615-year VGA licence issued. Annual licence maintenance fee of €10,000/year activated. 1% GGR tax obligation begins from first operational month. No annual licence renewal application required — licence runs for 15 years subject to ongoing compliance.
Cost and regulatory
burden.
Year-one spend is dominated by substance — resident director, office, compliance officer, external audit — not the licence fee itself.
| Cost item | Amount |
|---|---|
| VFSC application fee (Forex) | USD 2,500 |
| VFSC annual licence fee (Forex) | USD 6,000 |
| Capital deposit — held against Forex licence | USD 50,000 |
| Local representative & registered agent (Forex) | USD 8,000 / yr |
| AML officer & external audit (Forex) | USD 18,000—35,000 / yr |
| Year-1 total — Forex (VFSC) | ~USD 60K — 120K |
| GSS Legal — Basic (company + VGA application) | €6,000 one-time + €3,000/yr |
| VGA application fee (non-refundable, government) | €5,000 one-time |
| VFIPA registration (government, one-time) | €17,800 one-time |
| VGA annual licence fee (government) | €10,000/yr |
| GGR tax (ongoing) | 1% of gross gaming revenue |
| Year-1 total — iGaming (VGA, Basic + all govt fees) | From ~€35,800 |
Vanuatu international companies are zero-tax on offshore income for both licence types. VFSC forex licensees are not subject to local corporate income tax on activity outside Vanuatu, though banking counterparties may apply withholding under treaty rules. VGA iGaming licensees pay 0% corporate income tax, 0% personal income tax, and 0% VAT — only 1% flat GGR tax is levied on operational revenue, with the 15-year licence term meaning no licence renewal cost for its duration.
What founders
ask before filing.
The questions we get on every diagnostic call. If yours isn't here, raise it in the consultation.
Tell us where
you want to
operate.
Forty-five minutes with a partner. Jurisdiction memo within seven days. No retainer required to start.
No retainer required.
