Vanuatu Financial Dealers Licence for forex brokers
Vanuatu is among the fastest and cheapest genuine licensing routes for a forex brokerage. The licence is issued by the Vanuatu Financial Services Commission under the Financial Dealers Licensing Act, restructured by amendments in 2018 and 2021 into four activity classes. Fees are set in vatu and are modest by any standard. The capital requirement, by contrast, is not a published figure — the Commission assesses it against your business.
Vanuatu Financial Dealers Licence requirements
Fees and classes are taken from the VFSC's own application guidance. The capital requirement is deliberately shown as a mechanism rather than a number, because the Commission does not publish one.
Supervisory authority
Vanuatu Financial Services Commission (VFSC), Supervision Department.
Legal basis
Financial Dealers Licensing Act, as amended by the Financial Dealers Licensing (Amendment) Act No 31 of 2018 and (Amendment) Act No 9 of 2021.
- Class A
- Debenture stocks, loan stock, bonds, certificates of deposit, proceeds of foreign exchangeThe class that covers foreign exchange activity — the relevant one for a forex brokerage.
- Class B
- Shares, precious metals, commodities, subscription rights, depository receipts
- Class C
- Futures contracts and derivative products, including futures and optionsCFD and derivative products sit here. Most brokerages need A and C together.
- Class D
- Dealing in digital assetsA Class D principal licence may only be issued to holders of Class A, B and C principal licences — it cannot be taken alone.
- Principal's licence
- VT 50,000 application + VT 100,000 licence feeRoughly USD 415 and USD 830 respectively at typical rates.
- Representative's licence
- VT 50,000 application + VT 100,000 licence fee
- Manager's licence
- VT 50,000 application + VT 100,000 licence fee
- Licence term
- Remains in force until revoked under the ActThere is no fixed expiry, which distinguishes Vanuatu from regimes with annual renewal cycles.
- Minimum capital
- Not a published figureThe VFSC licensing criteria require 'minimum stated capital or six months of capital expenditure' under prudential requirements and safeguards, assessed against the business. Figures such as 'from USD 50,000' circulating in comparison tables are not supported by a primary source.
- Governance
- Directors, secretary, auditor and officers named at applicationCVs, personal questionnaire forms, passports, proof of address, certificates of character and bank references for directors, officers and representatives.
- Source of funds
- Evidence requiredTogether with a staffing plan, structure chart to ultimate beneficial owner, and latest audited financial statements or a corporate profile.
- Risk management
- Operational and risk management procedures requiredIncluding day-to-day administration and management arrangements, and an AML/TF risk assessment.
The capital figure is the one thing a Vanuatu applicant cannot look up. Because the Commission sets it against the business plan, budget from the plan rather than from any published number — and expect to justify it.
How the class structure works
The 2018 and 2021 amendments replaced a single licence with four classes defined by the instruments dealt in. A brokerage picks the classes matching its product range.
- Class A covers proceeds of foreign exchange alongside debt instruments and certificates of deposit — the foundation class for an FX business.
- Class C covers futures and derivative products, which is where CFDs sit; most retail brokerages therefore need A and C.
- Class B covers equities, precious metals and commodities, relevant where the CFD range extends to those underlyings.
- Class D covers digital asset dealing and is gated: it may only be issued to a holder of Class A, B and C principal licences.
- Separate licence types exist for principals, representatives and managers, each carrying its own application and licence fee.
Because Class D requires A, B and C first, a crypto-focused applicant cannot use Vanuatu as a shortcut — the full set has to be licensed and paid for.
The Vanuatu application process
Select the licence classes
1–2 weeksMap the product range to classes A, B, C and D. Fees and scope follow from this, and a digital asset ambition means licensing all four.
Incorporate and appoint the governance team
3–5 weeksA Vanuatu entity with named directors, company secretary, auditor and officers including a compliance officer, plus a registered office.
Prepare personal documentation
4–8 weeksFor each director, officer and representative: CV, personal questionnaire form, valid passport, proof of address, certificate of character and a bank reference letter. Corporate shareholders provide incorporation and standing certificates, a structure chart to UBO and audited accounts.
Evidence capital and source of funds
3–6 weeksDemonstrate minimum stated capital or six months of capital expenditure, with documented evidence of the source of funds. The amount is assessed against the business plan.
Document operations and risk
4–8 weeksOperational and risk management procedures, day-to-day administration and management arrangements, staffing plan, and an AML/TF risk assessment covering the services offered.
File with the VFSC and pay fees
1–3 monthsVT 50,000 application fee plus VT 100,000 licence fee for the principal's licence, and the same for each representative and manager licence sought.
Filing: Financial Dealers Licence application
Vanuatu's low fees are not the whole cost. Banking and payment processing for a Vanuatu-licensed brokerage are harder to arrange than for Seychelles or Mauritius, and that is where the real budget goes.
What a Vanuatu licence does and does not give you
Covered by this licence
- Dealing in foreign exchange under Class A
- Dealing in futures, options and derivative products under Class C
- Equities, metals and commodities under Class B
- Digital asset dealing under Class DOnly for holders of Class A, B and C principal licences
- Operating without an annual renewal cycle
Not covered — separate licence required
- Serving EEA or UK retail clientsRequires authorisation in those markets
- Retail forex brokerage in the United StatesNFA/CFTC registration required
- Class D on its ownGated behind Class A, B and C principal licences
- Payment services or holding client fiat as e-moneyA separate authorisation entirely
Ongoing obligations
Maintain the stated capital or six months of capital expenditure the Commission assessed at licensing, and keep it aligned with the business as it grows.
Maintain the risk assessment and controls required under the VFSC AML/CFT guidelines for financial dealers, including targeted financial sanctions guidance.
Operate the risk management procedures filed at application, covering day-to-day administration and management.
Keep directors, officers and representatives fit and proper under the VFSC guidelines, and notify changes.
Maintain an appointed auditor and produce audited accounts.
Comply with the VFSC market practice and code of conduct guidance for financial dealers.
Limits of a Vanuatu licence
Vanuatu is a real licence, unlike SVG or Costa Rica. It sits at the accessible end of the offshore range, with the consequences that implies.
- It provides no EEA, UK, US, Canadian, Japanese or Australian retail market access.
- It does not override leverage caps or product rules in the client's own jurisdiction.
- The absence of a published capital figure cuts both ways: it is flexible, but you cannot demonstrate a headline number to counterparties.
- Banking and card acquiring are materially harder than for higher-tier offshore jurisdictions, and this is usually the binding constraint.
- The VFSC has an active revocation guideline — the licence lasts until revoked, not indefinitely by right.
When Vanuatu is the right choice
Best for
- New brokerages needing a genuine licence quickly at the lowest fee level in this comparison.
- Operators whose target markets accept Vanuatu-licensed brokers and who have a payment path already scoped.
- Businesses that want a licence without an annual renewal cycle.
- Firms moving off a paper jurisdiction such as SVG but not yet ready for Seychelles or Mauritius capital levels.
Not for
- Projects targeting EEA, UK or US retail clients.
- Operators who need a published capital figure to show partners — Seychelles at US$100,000 serves that purpose better.
- Crypto-first businesses expecting Class D alone, which is not available without A, B and C.
- Founders without a confirmed banking and acquiring route, which is the real Vanuatu constraint.
Related routes
Comparing Vanuatu against the other jurisdictions.
A step up in standing with a published US$100,000 capital figure and a 30 working day service standard.
Higher reputation and a treaty network at MUR 1,000,000 capital.
EEA retail market access under MiFID, which no offshore licence provides.
Vanuatu forex licensing — frequently asked questions
There is no published figure. The VFSC licensing criteria require, under prudential requirements and safeguards, a minimum stated capital or six months of capital expenditure, assessed against the applicant's business. Comparison tables quoting 'from USD 50,000' are not supported by a primary source. Budget from your own business plan and expect to justify the amount to the Commission.
For a principal's licence, VT 50,000 to apply and VT 100,000 for the licence itself — together roughly USD 1,250 at typical rates. Representative and manager licences carry the same VT 50,000 plus VT 100,000 structure. These are among the lowest fees of any genuine licensing regime, though banking and compliance costs dwarf them.
Class A covers debenture stocks, loan stock, bonds, certificates of deposit and proceeds of foreign exchange. Class B covers shares, precious metals, commodities and related rights. Class C covers futures contracts and derivative products including futures and options. Class D covers dealing in digital assets. A retail FX and CFD brokerage typically needs A and C together.
No. A Class D principal licence may only be issued to holders of Class A, B and C principal licences. A crypto-focused applicant therefore has to license the full set, which changes both the cost and the scope of the application.
It remains in force until revoked under the Act — there is no fixed expiry or annual renewal. That is genuinely convenient, but the VFSC maintains a revocation guideline, so the licence persists only while the holder remains compliant.
Vanuatu is cheaper and faster; Seychelles carries more standing. Seychelles publishes a US$100,000 capital requirement and a 30 working day service standard, which counterparties can verify. Vanuatu's capital is assessed privately, so there is no headline figure to show. In practice the choice usually comes down to which entity your payment and liquidity providers will accept.
Licence classes, fees and term were verified on 24 July 2026 against VFSC application guidance issued under the Financial Dealers Licensing Act as amended in 2018 and 2021. The capital requirement could not be verified against a primary source and is described by mechanism. Confirm the current position with the VFSC before relying on this page.