VRS   together   with   its   wholly-owned   Vanuatu   subsidiary, VRS    (Vanuatu)    Ltd.,    markets    and    supports    Vanuatu international   companies,   after   tourism   one   of   the   most significant contributors to Vanuatu’s foreign exchange. VRS’ mission is to assist Vanuatu to: • Broaden    its    diplomatic    representation    throughout the world; • Expand      its      international      (offshore)      company market; • Promote eco-friendly investment in Vanuatu; • Market   itself   as   a   must-visit   tourist   and   business destination; • Outsource   administrative   functions   on   an   efficient and cost effective basis • Reduce its dependence on foreign aid. To assist the company in fulfilling that mission, in December 2008, it was appointed Deputy Commissioner of the Vanuatu Financial Services Commission.   As   the   banking   sector   becomes   ever   more   paranoid   about money    laundering    and    the    financing    of    terrorism,    it becomes     more     and     more     difficult     for     “offshore” companies   to   open   bank   accounts   in   global   commercial banks.      VRS   works   hand-in-hand   with   EDC’s   subsidiary, Vantu   Bank   to   offer   (subject   to   satisfactory   KYC)   a   tax- efficient     company     with     a     bank     account,     thereby amplifying   the   attraction   of   Vanuatu   as   a   viable   offshore finance centre.

Vanuatu   is   a   remote,   romantic   and   beautiful   tropical island   archipelago   with   one   of   the   world’s   most   popular scuba    diving    sites    and    some    stunning    fresh    water caving   still   largely   undiscovered.      As   such,   its   primary source of foreign exchange is tourism. EDC’s   associated   company,   Vanuatu   Registry   Services Ltd.    (VRS),    a    Hong    Kong    company    that    is    Deputy Commissioner     of     the     Vanuatu     Financial     Services Commission   is   also   the   creator   and   exclusive   operator and     distributor     of     Vanuatu’s     Capital     Investment Immigration    Plan.        This    programme    has    a    double benefit    for    Vanuatu    in    attracting    wealthy    people    to invest   directly   in   Vanuatu   and   also   to   travel   to   Vanuatu to    visit,    purchase    properties    and    let    them    out    to vacationers. The     majority     of     the     investment     under     CIIP     is contributed    to    the    country’s    current    budget,    but    a portion    is    earmarked    for    investment    in    qualifying Vanuatu    infrastructure    projects.        As    Turtle    Bay    is    a qualifying   infrastructure   project,   EDC   enjoys   a   small portion of those development funds.