Doh.
I did find it amusing that they misspelled RESTRICTIONS in their document.
Quote
REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992
...
RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
(a) carry on business in Vanuatu;
(b) acquire or own an interest in immovable property situate in
Vanuatu other than a lease referred to in subsection (2)(b);
(c) carry on banking business as defined by the Banking Act [Cap. 63]
(d) carry on trust business as defined by the Trust companies Act [Cap.69];
(e) carry on insurance business as defined by the Insurance Act [Cap. 82];
or
(f) carry on company management business;
(g) at any time have less than one member;
(h) make any invitation to the public to –
(i) subscribe for any shares or debentures in the company; or
(ii) deposit money with or lend money to the company.
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992
...
RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
(a) carry on business in Vanuatu;
(b) acquire or own an interest in immovable property situate in
Vanuatu other than a lease referred to in subsection (2)(b);
(c) carry on banking business as defined by the Banking Act [Cap. 63]
(d) carry on trust business as defined by the Trust companies Act [Cap.69];
(e) carry on insurance business as defined by the Insurance Act [Cap. 82];
or
(f) carry on company management business;
(g) at any time have less than one member;
(h) make any invitation to the public to –
(i) subscribe for any shares or debentures in the company; or
(ii) deposit money with or lend money to the company.
I did find it amusing that they misspelled RESTRICTIONS in their document.
Yes, maybe I am naive, but what if Ken/AMC succeeds in getting delivery of those ASIC chips? What if he does use the money raised by offering shares to hire a good technical team and actually gets those mining rigs up and running? Yes, I agree that he did some things in a sloppy way, and tends to some hyperbole, but so far, I do not see any evidence of outright fraud, only lack of some transparency. And yes, I am an adult who took a risk by investing with AMC. But, all of the people who invested in AMC, (I hope) are aware of the risks involved in any and all Bitcoin ventures. I am curious why those who have no horse in this race seem obligated to save and educate those of us either stupid enough or who like gambling or are willing to take risks?
Anyone with even a fraction of a bitcoin to their name has a horse in this race. If those that know what they're doing allow new bitcoin users to blindly get scammed into oblivion, what future does bitcoin really have? Not everyone can be a legal pro, or a technical pro, or a social pro, or a management pro. We all have our strengths and weaknesses. I tend to value insight from all walks, as it helps to form an overall picture of the risk involved in going with one investment or another. (and really, all bitcoin investments should be considered gambles more than anything.)
What I dug up above is a minor legal oversight. Minor just because no one cares much. Even if the gov't of Vanuatu found out it'd probably be some pretty serious fines or something and AMC would just ignore them.
All AMC has to do is re-incorporate on a different island elsewhere and they should be just fine.
btw, why did you incorporate in Belize and didn´t ask for licensed company to be regulated? I work for offshore service company, I am doing it regurarly for our clients...
"Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.)"
It is expensive, I know, proper due diligence, AML regulations etc. Personally, I do not care, I have an account at btct.to and also I own shares of AMC. Btw, Seychelles is not good jurisdiction for this as well.
