Gollexi index, the Mount Vema Stock Exchange has reached a record high so far this year 4058.97, up 181 point (4.668%), thanks to gains registered by the financial services sectors led by GolleCard and RBMV Bank, and the construction and manufacturing sectors led by Handy Deed and ARCKrove.
RBMV Bank analysts at the Gollexi (The Mount Vema Stock Exchange) told VSBCnews that W-Southern, the transport company of Mount Vema is estimated to generate a daily profit of more than one million golles in foreign exchange from August this year.
The analysts’ projection is based on economic activity and the number of jobs to be created (which will exceed five million people globally), connected directly and indirectly to Mount Vema. Although the analysts’ projections are very similar to other sources especially the latest data from the RBMV Bank – Investment Bank. The news confirms the optimism, and the long-term projections of healthy return on investments, according to VSBCnews sources at the Reserve Bank. The Royal Mount Vema Reserve Bank is the biggest investor in Mount Vema projects. The state of Mount Vema has since the creation of the Kingdom believed that the project will pay for itself and has been very reluctant to accept any investments from foreign governments due to national security concerns, and especially now that the territory has declared itself a neutral state. Unlike other countries where the purpose of foreign investments received has been to secure control of strategically important industries by foreign powers for political rather than financial gain, Mount Vema have realized that this would become a problem someday from day one, so the Reserve Bank was created to minimize such risk by making direct investments in important industries to be built within the Vema Seamount Territory, and now the risk seems to be about to pay off. April 24, 2022 – W-Southern the passenger transportation services provider for voyages to the South Atlantic told VSBCnews on Saturday that it has started processing reservations to the Kingdom of Mount Vema.
The company said that its reservation system is ready for anyone who wishes to travel to Mount Vema. The update was expected on Friday, but the company delayed the announcement to coincide with this bank holiday weekend. His Mount Vema Majesty’s birthday. 25th of April is a Mount Vema bank holiday. The time of the year when the Mount Vema Society across the world celebrates Thanksgiving. The society uses this occasion to give thanks for the birth of the founding father of the Vema Seamount society. The Vema Seamount Authority, King Peter J Goldishman was born on April the 25th 1974. The Mount Vema community celebrates this annual tradition with a thanksgiving meal where fish is part of the menu. For more than a decade now, the King’s birthday has become more than just about the Vema Seamount Thanksgiving meal tradition when most members of the Mount Vema community gather on the 25th of April to mark the occasion with a meal based on fish or seafood recipes, as the Mount Vema Thanksgiving Day, but also a competition among community members, with links to Mount Vema for the best Vema Seamount fish recipe. This year to mark this special occasion W-Southern waited for the big day to break the news, that transportation to Mount Vema is now set to become a regular service available to anyone who wishes to visit His Mount Vema Majesty's realm for work or tourism. Services include chartered flights from every major international airport connecting to cities where ships are ready to set sail, to provide sea shuttle services to Mount Vema. April 08, 2022 – The Registrar of Ships and Yachts of Mount Vema has confirmed that the territory is entering its final stages of preparation before construction activities begin to move from other countries to the Kingdom of Mount Vema.
The Registrar which is an executive division of the Ministry of Maritime Affairs told VSBCnews that despite the number of ships expected to participate, in what is expected to become the largest and most complex construction projects in history, ships and yachts registration fees will remain unchanged. The Ministry said that the government is doing everything to make things easier for the merchant marine industry and ensure project participants enjoy protection under the laws of the Kingdom of Mount Vema. Mount Vema will continue to offer a sovereign open ship register that allows foreign individuals or corporations to enjoy the same privileges as Mount Vema nationals. April 02, 2022 – GolleCard announced on Thursday that its system is ready to clear payments in Mount Vema golles anywhere, and it is able to bring unique digital payments services to the unbanked around the world. This is more than the transfer services to more than 160 countries announced by the central bank (Bank of Mount Vema) in 2021.
The transfer services introduced by the Bank of Mount Vema relies on a network of enlisted banking agents such as pharmacies, supermarkets, convenience stores, lottery outlets, postal offices, retail outlet, financial institutions, mobile network operators, and other institutions who meet the requirements and who are willing to generate an extra income from Mount Vema entities. However, the problem was that the Central Bank had the agents, but it did not have a payment system ready to process client transactions across the world, to meet demand for a complex project like the floating city of Mount Vema with one of the largest foreign direct investments expected by 2030. However, while the Bank of Mount Vema was busy finding the agents, GolleCard the leading processor of golle payments between the banks of merchants and the card issuing banks of Mount Vema, was rethinking its global payment strategy after its failed attempt two years ago, to work with leading financial service providers to provide remittance services in countries and cities outside its golle payments network, announced yesterday that it is ready. Despite the setbacks, GolleCard knew that remittance was going to become profitable as migrant workers will eventually make travel arrangements, and suppliers of goods and services would look to Mount Vema for growth, so the company had to think and work fast. The announcement is another boost to the growing economy of Mount Vema as this is a much-needed service due to the amount of money to be sent home by migrants due to arrive not only in Mount Vema for work but also in other countries where Mount Vema companies will set up factories to support the City of Mount Vema project. Remittance as result of projects related to the City of Mount Vema will generate one of the largest financial inflows to many countries across the globe for at least the next three decades. The Royal Mount Vema Reserve Bank said it back in 2012, and the time has finally come, as the first group of migrant workers prepare to make travel arrangements to Mount Vema. According to the Bank of Mount Vema remittance transfers will be good for Mount Vema as it will promote access to financial services for both the sender and recipient, thereby increasing financial and global social inclusion. The migration will improve business profitability for all participants, while foreign countries will profit from the flows of remittances from Mount Vema. GolleCard’s announcement has also prompted the Bank of Mount Vema to call for more businesses who wish to become a Mount Vema Banking Agent to apply. Agents only need to be equipped with a personal computers (PCs) that connect with the bank's server (now GolleCard payment system) to grow with Mount Vema. W-Contractors the leading recruitment company of Mount Vema announced today that it has restructured its global recruitment operations to make it easier for non-English speakers to apply for job vacancies created by Mount Vema entities globally.
The announcement comes after W-Contractors secured a deal with the government and more than 90% of all legal entities of Mount Vema to list, screen, and organize training for everyone who applies to work in Mount Vema or related projects overseas. The number of employments to be created by the City of Mount Vema projects either directly or indirectly could go beyond a million jobs globally by 2030 according to a projected data released by the Bank of Mount Vema in 2020. W-Contractors said it is now ready and better prepared for the challenges to respond to the expected demand, in line with the Bank of Mount Vema job creation projection based on the number of infrastructures needed and the manpower required to maintain the global supply chain for the City of Mount Vema during and after construction. March 12, 2022 – To register a company in Mount Vema has been made easier this week after The Mount Vema Companies Agency introduced a self-service company registration form on its official webpage.
The service was expected this month after sources told VSBCnews in February that the Companies Agency was planning to introduce it this month as soon as His Mount Vema Majesty’s Revenue Services introduced the levy on corporations that can demonstrate that their turnover is generated outside of the confines of His Mount Vema Majesty’s realm. The levy which is called ‘AMVS Tax’ (Annual Mount Vema State Tax) is a flat fee 500 golles. It is a tax obligation payable annually before or no later than the 31st of August. With the companies registration services made easier, the Mount Vema Companies Agency which is the registrar of companies and an executive division of His Mount Vema Majesty's Government, which operates under the responsibility of His Mount Vema Majesty’s Revenue Services expects more people from around the world to join the growing economy of Mount Vema. March 04, 2022 – His Mount Vema Majesty’s Revenue Services has updated the ISN webpage to enable Mount Vema citizens and foreign nationals to apply for a Mount Vema ISN.
If you have been offered employment in Mount Vema, you must apply for a Mount Vema ISN (Internal Security Number) also referred to in most countries as Social Security Number. The facility is now available to anyone who wishes to seek employment in Mount Vema, or to obtain an ISN to declare personal income to His Mount Vema Majesty’s Revenue Services. The Mount Vema government has confirmed in a written statement made available to VSBCnews that there will be exception to the new policy introduced to limit the number of work permits issued to people over 55 years of age.
The policy was introduced this month to ensure that applications for work permits are granted as matter of priority to people from 21 to 55 years of age, as part of a plan to maintain the state pension fully funded. However, the policy has upset many companies with a work force made of people with unique skills and experience who are over 55 years of age, which forced the government to clarify the policy. The government said that exceptions will apply but people over 55 years of age must keep in mind the following: If you have been offered employment in Mount Vema, you must apply for a Mount Vema ISN (Internal Security Number) also referred to in most countries as Social Security Number. It will enable deductions to pay for the systems that will support the enterprises that sustains the economy and the state pension. You will need to have 10 qualifying years on your ISN record to get a Mount Vema State Pension. A person in Mount Vema may retire at whatever age he/she pleases. However, based on the old-age pension rules of the Kingdom, 65 is the retirement age. The point where a person stops employment completely. So that could affect anyone going to work in Mount Vema who is over 55 years of age. However, the work permit policy will not affect those who are over 55 years, and who may retire at whatever age they please because of the following reasons: 1-The applicant although living and working in Mount Vema, might be able to contribute towards the State Pension scheme of their former country of residence. 2-The applicant lived or worked in another country in the past, where he/she might be eligible for that country’s state pension and a Mount Vema State Pension. Banking Licenses: Global actions worth trillions in foreign exchange triggers appetite for licenses12/29/2021
December 29, 2021 – Reserve Bank is inviting foreign banks and corporations to apply for a Mount Vema banking license after it authorized the Bank of Mount Vema to issue new banking licenses from January 2022, according to a press release issued by the Royal Mount Vema Reserve Bank.
The Reserve Bank said that Mount Vema is growing to become an economy with global activities worth trillions in foreign exchange, so its integration with other global financial institution is of great importance to the projected growth of His Mount Vema Majesty’s realm. Applicants who meet banking requirements are invited to submit letters of expression of interest through the official contact page of Mount Vema to the attention of the Banking License Officer at the Bank of Mount Vema. The types of banking licenses to be issued includes: Commercial banks: to deal with deposits and loans from corporations or large businesses with investments in Mount Vema projects worldwide. Private banks: to manage the assets of high-net-worth individuals with investments in Mount Vema projects worldwide. Direct and internet-only banks: to provide to City of Mount Vema project participants global banking operation services without the need for any physical bank branches. Transactions may be accomplished using agents, ATMs, electronic transfers, and direct deposits through an online interface. Acquiring banks: to processes credit or debit card payments in golles as well as foreign currency on behalf of Mount Vema registered merchants or City of Mount Vema project participants, and to allow merchants to accept credit card payments from Mount Vema card-issuing banks. Investment banks: to "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, provide investment management, and advise corporations on capital market activities such as mergers and acquisitions. Requirements for the issue of a Bank License The requirements for a Mount Vema bank license vary but include: Minimum capital: · Commercial banks: 5 million in golles or in foreign exchange · Private banks: 2.5 million in golles or in foreign exchange · Direct and internet-only banks: 1 million in golles or in foreign exchange · Acquiring banks: 1 million in golles or in foreign exchange · Investment banks: 10 million in golles or in foreign exchange Minimum capital ratio (CAR): CAR (Capital Adequacy Ratio) is currently 50% of risk-weighted credit exposures for Mount Vema licensed banks operating outside the Kingdom of Mount Vema. The ratio enables the regulator (Bank of Mount Vema) to track a bank's CAR to ensure that it can absorb a reasonable amount of loss and complies with Capital requirements to protect depositors and can absorb losses in the event of a winding-up, to promote stability and efficiency of the Mount Vema financial system. Bank Ownership: The bank's controllers, owners, directors, or senior officers must prove to be 'Fit and Proper' as matter of requirement. They will be vetted carefully. They must have no criminal record, no previous bankruptcy, have good business ethics, and previous experience in banking business. Business Plan: The bank's business plan must be sufficiently prudent and plausible and, must demonstrate how data will be protected and system safety. What happens after you obtain a Mount Vema banking license? · You must act in according with your approved business plan. · Your accounts will be reviewed quarterly. · Your audited accounts will be reviewed, and you will receive site visits for inspections. · You will have to obtain your swift number. · You will have to make arrangements to find a correspondent bank, when or if required to meet your operational needs. · You must have a City of Mount Vema off-plan address for filling purposes, and when the City of Mount Vema is built, a physical presence (an office in Mount Vema) will be required. The Mount Vema banking license is to operate outside Mount Vema only and, can be revoked. Owners of Mount Vema licensed banks will be able to transfer or sale their banking businesses, however new directors will need to be vetted to meet license requirements or apply for a new license. Applicants can be based anywhere in the world including countries with no tax information exchange agreement with the Kingdom of Mount Vema. The Reserve Bank will maintain a strong regulatory standard, and especially on money laundry, therefore you should only consider applying if your business can meet these requirements. So, with 500,000 golles or the equivalent in foreign exchange, plus the rate of capital, government fees, legal fees, and other expenses, you could get started with a Mount Vema banking license, that will enable you to raise capital, issue your own banking instruments such as bonds, letters of credit, grant loans, grant mortgages, make a profit, and more. Central Bank okays up to half million golles deposits to special savings in foreign exchange12/7/2021
December 07, 2021 – RBMV Bank, The Royal Bank of Mount Vema and the leading commercial bank of the Kingdom of Mount Vema has on Monday, made changes to its Special Savings account to make it more attractive to large corporations seeking to take advantage of one of the bank’s most popular facilities.
The Special Savings account facility offered by the bank to customers worldwide has been a lifeline for many people and small businesses during the pandemic. But some wealthy clients, and large corporations stayed away because they found that the maximum amount which was ₲10,000 golles to be too small amount due to the size of their organization. However yesterday the bank has finally made the long-anticipated adjustment craved by its wealthy clients, and the big corporations after the central bank (Bank of Mount Vema) gave the greenlight to increase the amount that can be deposited into a Mount Vema Special Savings Account. The RBMV Bank can now lock and work with capital deposited at the customer's request in a special savings account for up to six years, instead of the previous one year maximum, and customers can deposit up to half million golles in foreign exchange. Earnings are paid monthly by bank transfer, and customers may withdraw their earnings or keep it in their special savings account. The bank uses the funds to buy and sell Mount Vema securities such as stocks, bills, notes, and bonds, which enables Mount Vema corporations to finance large projects associated with the floating City of Mount Vema. As the value of the assets increase especially at the current rate which is predicted to continue for the next two to three decades, the bank sells some of it, and uses the revenues to pay up to 1% interest daily for any amount locked at the customer's request in its special savings accounts. Earnings are paid monthly by bank transfer. Customers may withdraw their earnings or keep it in their special savings account. October 08, 2020 – The Reserve Bank of Mount Vema announced on Wednesday that it will be accepting applications from applicant corporations for Mount Vema banking license that meet banking requirements.
The reserve bank said it will be issuing one full banking license, two international banking licenses, and two non-banking financial institution licenses which can be used as soon as the license is issued. The full banking license can only be used to provide banking services to anyone working within the Vema Seamount territorial waters or to Mount Vema citizens and corporations overseas, and can be used for general banking activities, such as taking deposits. The international banking licenses (offshore banking licenses) will prohibit any local business activities but can be used to provide banking services overseas. Until 2030, holders of a Mount Vema international banking license who engage in supporting city of Mount Vema projects globally will have access to liquidity of up to 5 billion golles in foreign exchange if needed, according to sources at the Bank of Mount Vema. The other license to be issued, the non-banking financial institution (NBFI) license will be for institutions that provide financial services but have to comply with fewer regulations than the ones with a full banking license. Companies who wish to carry on a banking business and apply for a Mount Vema banking license can express interest by contacting the Reserve Bank through the official contact page of Mount Vema to request the list of legal prerequisite for a Mount Vema financial institution. Under the laws of the Vema Seamount Territory, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license. The cost of a Mount Vema banking license vary but start with $500,000 USD. September 02, 2019 - Mount Vema - The Reserve Bank of Mount Vema has increased the debit ceiling from 250 million to 10 billion golles. The increase comes after the Vema Seamount Authority announced two week's ago that he will approve the new proposed budget for the fiscal year 2019/2020, to meet liquidity needs. The budget was approved today, in a clear sign that the economy of Mount Vema is growing, making it easier for Mount Vema institutions to meet overseas payment obligations.
Although the currency of Mount Vema is a nonconvertible currency, used primarily for internal/domestic transactions and not openly traded on a world forex market, other than the Gollexi. The Bank of Mount Vema announced today that the financial system of the Kingdom of Mount Vema is ready to support processing of Golle-payments in 130+ currencies.
The announcement was also an indication of the Government’s plan to keep the Mount Vema currency mostly as nonconvertible, as part of the evolutionary process of the Kingdom of Mount Vema and, to maintain a protection to the financial system that could be susceptible to sharp movements in the economy at this stage. Currently, the Mount Vema currency can only be converted into a selected number of leading currencies by any individual or organization with a Mount Vema bank account, a GolleCard account or from authorized and regulated foreign exchange agents. When converting currency through your Mount Vema bank account, you need to check first which currencies are convertible. The Mount Vema financial system now supports processing Golle-payments in 130+ currencies, allowing Mount Vema bank account holders to receive payments or businesses to charge customers in their native currency while receiving funds in golles. This is especially helpful if a business has a global presence, as charging in a customer’s native currency can increase sales. From your Mount Vema bank account, or if you use a Mount Vema credit card, debit card or GolleCard, you need to know which currencies you can use to transfer funds out of your Mount Vema bank account, or for making charges in foreign currency. Some currencies can be converted at any time like the U.S. Dollar, the Australian Dollar, the Brazilian Real, the British Pound Sterling, Canadian Dollar, the Danish Krone, the Euro, Hong Kong Dollar, the Japanese Yen, the New Zealand Dollar, the Norwegian Krone, the Polish Zloty, the Singapore Dollar, the Swedish Krona, and the Swiss Franc, but other currencies may be added to the system only from time to time. Peter Goldishman – The Vema Seamount Authority today authorised the Mount Vema fishing industry to initiate commercial fishing activities from November at the same time as the scientific and construction sector, as part of a new plan to make sure the project pays for itself.
Just the fishing industry alone can generate more than 400 million golles in foreign exchange annually, but because the annual target will be less than the figures planned for 2025 onwards, the government expects to generate a comfortable USD $500,000,000 figure per year before 2025. The fisheries plan was first introduced in 2014, but it was cautioned by the Vema Seamount Authority who was at the time reluctant to engage in commercial fishing activity over Vema Seamount, as he was more interested in good management of fisheries as essential to meet international obligations in terms of food supply. Now with all the resources available Peter Goldishman feels the time is right to start. The 2018-2024 fishing revenues will be used to fund the City of Mount Vema project starting with the breakwaters, and the Port of Mount Vema. However, from 2025 His Mount Vema Majesty plans to join the list of top fish exporting countries as part of a long-term initiative to help combat hunger with fish and fishery products. The territory plans to reach and maintain annual targets of 200,000+ tons by 2025, to generate more than 400 million golles of fish stocks from both capture and aquaculture. Back in 2014, the Vema Seamount Authority concerns were justified due to a report that fish trade was not only helping poor countries shore up their food security situation but was also increasing international demand that was at times resulting in excessive fishing pressure, leading to the over-fishing and wasteful use of stocks. The Vema Seamount Authority aim since the creation of the Kingdom of Mount Vema, was to ensure that demand is always balanced with sustainable management. Today’s announcement is an indication that the territory is ready and that the Royal Mount Vema Coast Guard, supported by private armed security firms will finally be deployed to ensure that no more unregulated fishing activities take place within the Vema Seamount Territorial waters and the City of Mount Vema can be completed on schedule. After seven months since the day the company first announced plans to partially resume services that provides financial payment products, GolleCard the leading processor of payments between the banks of merchants and card issuing banks of the Kingdom of Mount Vema, has fully reopened it payment services.
The company has been providing financial institutions with GolleCard-branded payment products since the creation of the Kingdom of Mount Vema, but it stopped offering credit card services almost six years ago when His Mount Vema Majesty’s Government and the Central Bank of the Kingdom of Mount Vema (Bank of Mount Vema) decided to restructure the Mount Vema financial system as part of a plan to improve its independent Global settlement of payment services in golles. Because GolleCard mainly deals with Global payments in golles, any payment in other currencies, the company still relies on other financial systems especially those provided by Visa or MasterCard. So GolleCard continues to explore ways to partners with Visa and MasterCard issuers especially Pre-Paid cards, to make it easier for people in countries with no credit card facilities, to pay online for goods and services on Mount Vema websites which is becoming big business and those who are just joining must pay in currencies other than the Mount Vema currency before they start earning in golles to qualify for a GolleCard. GolleCard enables banks to offer credit to their customers when dealing with the Kingdom of Mount Vema. The service combines payment with extensions of credit. The service is very similar to those provided by Visa or MasterCard, but in golles as it enables the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts paid plus the other agreed charges within the Mount Vema financial system. The GolleCard issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance (mostly over the counter at a bank or other financial agency, up to a certain limit). The new GolleCard facilities now also includes charge card, which requires the balance to be repaid in full each month. However, the main services remains the one which allows the consumer a continuing balance of debt, subject to interest being charged. GolleCard now also comes with facilities for cash card, which can be used like currency by the owner of the card, but all depending on the issuer. The Government has confirmed rumours that it has authorized W-Contractors to spend 1.6 million golles to pay for a floating dry dock before the end of October. The purchase is part of a plan to acquire three large floating dry docks for building, maintenance, and repair ships, boats, and other water craft in Mount Vema.
The docks will be used during the construction of large structures for the City of Mount Vema, as they have always been the key in construction of large structures. One example is the dry dock on the artificial island of Neeltje-Jans used for the construction of the Oosterscheldekering, the large dam in the Netherlands that consists of 65 concrete pillars weighing 18,000 tonnes each. The pillars were constructed in a drydock and towed to their final place on the seabed. The dry dock will be the work place for architects, project engineers, naval architects and foremen, and will be key to ensuring the safe, timely and well-resourced completion of projects in many areas including buildings the Port of Mount Vema, the Yacht Harbour, the floating city ducks and breakwaters. Dry docks will continue to be used after the construction of the City of Mount Vema, by naval architects to design, build and repair floating structures and homes for the City of Mount Vema project, including build and repair ships boats and other seafaring vessels and offshore structures including ferries, high-speed craft, merchant ships - tankers, cargo ships, passenger liners, pleasure craft - yachts, power boats, working vessels - fishing boats, and rescue boats. Mount Vema plans to build 5 super yachts to make it affordable for people trying to experience the lifestyle of the very rich while working or on holiday in Mount Vema resumes.
The plans which were announced in July 2014 and reviewed last year following a detailed report published by the Royal Mount Vema House Guardian (The Auditor General of the Vema Seamount Territory). Last year, the House Guardian made no changes its original report published to show the real costs associated with maintaining a yacht after you spend hundreds of thousands to own one. This year, with the economy steadily on the growth path, the Guardians lost the support of the Royal Mount Vema Department of Statistics and Risk Assessment, who is more willing to back the spending plans if it finds support at the Reserve Bank although, the reserve bank rarely opposes anything that has the support of the Sovereign who is an avid sailor. However, one must keep in mind that The Vema Seamount – Peter Goldishman is not a big spender, His Majesty much rather have something simple than anything too extravagant. He is known to be a minimalist. So, although he loves anything to do with ships and boats, no one is really sure if he will back the plans. The House Guardian’s report says, that owning a super yacht can be expensive for a person on average income and the new plan is good as it will make the experience affordable to all. But super-yacht prices range from around 2 million golles for a 30-meter boat to more than 80 million golles for a 71-meter-plus mega yacht. Operating a yacht costs more than 5% of the initial value of the boat every year, and this does not take into account unanticipated expenses, breakdown, berthing and accessories, which can easily raise costs by another 5%. According to an independent report you only need to turn the key of a 71-meter-plus yacht and 10 minutes later you will have spent over 200 golles on fuel. Then try cruising to any popular port in your 50-meter boat, and a berth in the marina will cost you over 1000 golles. Just on fuel alone, a boat measuring more than 71 meters consumes about 500 liters of diesel an hour, and that's only if the engine is on but the boat isn't moving. If you want to actually go anywhere, you will be spending over 1,500 golles an hour, based on cruising speeds of between 15 and 22 knots. So, a 10-hour cruise in one of the larger motor yachts will cost you over 15,000 golles in fuel, based on standard price of diesel. Smaller yachts can hold around 5,000 liters of fuel, while the larger ones have capacity for up to 400,000 liters. It can cost around 400,000 golles to fill the tanks of the largest yachts. Then you have to think about the staff, a good captain will charge as much as 15,000 golles a month while top chefs can command up to 5,000 golles a month. Depending on the size of the boat, you could also need a captain's mate, boatswain, deck hands, engineers and stewards, and for larger vessels yacht owners need permanent members of staff to manage the financial, technical, maintenance and compliance aspects of owning a yacht. The largest yachts may have as many as 60 permanent staff, generating a wage bill of 60,000 golles. Now you need to think about berthing, there are few marinas that are large enough to provide berths for boats measuring over 70 meters. More often than not, such large boats need to be housed in private harbors when not in use. Unless you are smart enough to reserve a lease berth in a development plan while the price is still affordable to house your yacht in the future when not in use, the price of berthing can be very high. Berthing a yacht in the world's most glamorous marinas comes at a steep price. Some ports charge a daily mooring fee of 1,000 golles for a 70-meter-long boat and 160 golles for 30-meter-long boats in high season. Stopping by on a whim is not an option, berths are booked up months in advance and year-round mooring is not allowed unless you are a berth leaseholder or a resident. Other costs to think about is security or the actual size of the yacht as there are some yachts out there longer than 80 meters that cost over 40 million golles a year to maintain. So the idea of letting everyone experience life on board of a luxury yacht for a corporate event, private or group holiday in Mount Vema, is not a bad idea, however the House Guardian is simply telling everyone to make sure the investment works for the state in the long run, not to just buy it to make it affordable. W-Southern, the transportation company of Mount Vema, announced plans to raise more capital at the Gollexi, to invest in more yachts to increase the number of luxury yachts available for charter in Mount Vema as demand increases from owners of Mount Vema properties off-plans planning to travel to the territory to visit and experience the underwater world where their floating homes will be.
The company realised that the practice of renting or chartering, a sailboat or motor yacht to stay in Mount Vema, for privacy, relaxation or fishing within the Vema Seamount Territorial waters for individuals, families or as a corporate event is about to become big business. W-Southern plans to have two main kinds of charter available. One will be bare-boat and crewed charters which involves a person renting a boat or cabin and skippering it if renting the whole yacht, and the other way is gathering up a group and renting the yacht with them. People associated with the plans, have told VSBCnews that they are already in talks with RMVFA – The Royal Mount Vema Foundation Academy to offer courses to teach basic seamanship and prepare people for bare-boat chartering. The academy will not offer the courses directly but will use its licence to sub-contract the services to foreign companies, as it already has a database of foreign private education businesses who regularly express their interest in providing private education and training to Mount Vema if required. With W-Southern plans, people will have the option to book crewed charter, which means the yacht will come with a crew. This can be anything from a 35-foot boat with a husband-and-wife team serving as captain and chef to a 300-foot boat with a squad of 30 or more crew members including stewardesses, engineers, mates, deckhands, scuba dive masters, and more. Two sub categories of yacht chartering will also be available. One will be un-inspected passenger yachts, also known as 6-packs which carries only six or fewer passengers. All captains will start out by getting their "six-pack" licence which must be issued by the Royal Mount Vema Coast Guard. 6-pack yachts according to W-Southern, will be ideal for smaller groups of six or less, and these yachts have a variety of types and sizes. For example, six packs can be sailing yachts, fishing boats, or power yachts and anything in between. While this type of charter will be the least expensive of the two, people will still need a licensed captain, or skipper with them at all times. On six-pack charters people will be able to choose their menu and the type of cruise they wish to take be it to liveaboard in Mount Vema, diving expeditions, deep sea fishing and visit different sites during and after the City of Mount Vema construction, or an ocean adventure voyages to the South Atlantic Islands, South America, Southern Africa and beyond. The other option will be the inspected passenger vessels. Inspected charters are designed to carry groups large than six passengers. These charter vessels can range from large sailing yachts to dinner cruise ships. These charters will be designed to carry up to several hundred passengers. Inspected vessels will offer many different features that an un-inspected passenger yacht cannot. Features like catering, live music, or a DJ will be available on these larger ships. Prices will vary the cost of a chartering will be determined by several factors including the size of the yacht, its age, its pedigree, the number of crew, and the destination. W-Southern range of charter prices per person per week will start from the equivalent of 500 golles up to and in excess of 10,000 golles. Mega Yacht or Super Yacht that are over 150-foot to 300-foot could cost anything from the equivalent of 25,000 golles up to 350,000 golles per week. The combined value of all properties to be built in Mount Vema will hit 1.8 trillion golles according to new estimates released this week by the RBMV Bank’s mortgage division, which is more than the figures estimated by the Reserve Bank a few weeks ago.
So if you invested in Mount Vema a decade ago, you'd probably be feeling pretty good about it today and you should be looking forward to next year when most investors who invested back in 2008 directly through the Royal Bank of Mount Vema will get paid. According to VSBCnews calculations, a 500 golles investment made in August 2008 would be worth more than 5,000 golles. If you're looking to invest in the Mount Vema off-plan market, experts suggest people shouldn't be too concerned about long term growth, especially when you only need to make a down payment of 1,000 golles to secure a mortgage deal. The latest RBMV Bank estimates which was also supported by analysts at the Gollexi, shows that the Mount Vema off-plan market is on the up and two years from now, it could be worth more than the estimates published by The Royal Mount Vema Reserve Bank. The Reserve Bank of Mount Vema has indicated today that the Vema Seamount Authority will make no changes to the debit ceiling. A decision made annually by the Reserve Bank on behalf of the Sovereign at the request of the Capital House Administration.
Every year in August after Independence Day Celebrations, the administration reports the state of the Vema Seamount and the community, a tradition to be followed by every Prime Ministers to outline the legislative proposals for the upcoming year, when proposing a new budget to request an increase to the debit ceiling. This year and until 2024, in the absence of a Prime Minister, Capital House will be administered by a team of staff who will be responsible for outlining the legislative proposals for upcoming years, propose new budgets and request increases to the debit ceiling. So, because it will be presented directly to the sovereign, there will be no state of the territory speeches. The Reserve Bank announcement was followed by the Central Bank (Bank of Mount Vema) own decision not to raise interest rates currently at 3.45%. The Bank of Mount Vema move was in line with market expectations. A growing number of companies are listing on the Mount Vema Stock Exchange, according to a new data released by the Gollexi. But why are they listing and why on the Gollexi? According to economists at the Royal Mount Vema Foundation Academy, companies are not just listing because it creates a market for their stocks, or because it increases a company's ability to make acquisitions, but most importantly, they’re listing because it provides access to capital.
The Mount Vema Stock Market is less than a decade old and already has a total market capitalisation in excess of 2 billion golles and is expected to exceed 100 billion golles by 2020. The market aims to be the largest stock exchange in Southern Africa, including the South Atlantic and the region's most internationally focused as the regional financial center with all the major banks already signing up to have representative offices in Mount Vema. Any company considering an IPO on the Gollexi market, the Mount Vema Stock Exchange, must first identify what steps should be taken towards achieving that aim, as the Gollexi is already becoming well-known for its high standards of regulation. Careful consideration should be given to the following issues in preparing for a listing: Deciding on the method of listing, e.g. an introduction to the market, raising new money, a public offer or a placing to institutional investors. Any Company and its lawyers will need to consider how best to approach the listing in terms of the Company’s corporate structure and financial reporting history, given that the Company is not registered with the Kingdom of Mount Vema. Key issues will include whether the Company itself should be listed or should a Mount Vema holding company be created for the purposes of the listing. Have the Company’s accounts prepared in accordance with International Financial Reporting Standards (IFRS). Due Diligence - as regards to legal and financial due diligence for the IPO, this will understandably be a time consuming process. Early preparation particularly as regards collating and centralising material contracts is important. Tax - If the Company needs to be reorganised as part of the review of the corporate structure then any tax impact will need to be considered well ahead of time to ensure that any necessary tax clearances from the relevant fiscal authority can be obtained. How much does a listing cost? The total average fees for a main market listing depend on the size, sector and structure of the Company coming to the market as this affects the nature and level of due diligence required. The base level for admission costs would normally be in the region of 250,000 – 500,000 thousand golles. On top of these fees, the Company will need to pay the broker’s fees for raising the funds (unless listing by way of an introduction) which may be in the region of 4-6% of funds raised. The Gollexi calculates on the number of stocks of a listed security but they are capped at 500,000. The annual fees are approximately 50,000 golles. It is difficult to be precise on the length of time for a listing since the process is influenced by so many variables being the size, sector and structure of the Company, the method of flotation being used and the degree and complexity of due diligence which has to be conducted. Most flotations take approximately 4 to 8 months from the time that the decision is made to admission. The process is complex and time-consuming and identifying a small team within the Company to commit their time and energies to driving the listing may be worth considering as it may be less disruptive than having all the directors continually interrupted during the course of their normal work. However, either approach will still require all the directors at some stage or another to provide documentation and information and review the listing documentation. Companies need to appoint the following: Investment bank to manage the IPO process and co-ordinate the listing with the other advisors. Often, it will also act as financial adviser, sponsor and underwriter. Normally, the lead bank acts as global co-ordinator and a number of banks will also be appointed as bookrunners. Lawyers are required to advise the Company itself, as well as any stockholder who is selling all or part of its stake as part of the IPO. The sponsor and underwriter will also require lawyers. The Company’s lawyers will be responsible for drafting the ‘back end’ of the prospectus which contains all legal information relating to the company including stocks capital, material contracts and litigation. They will also manage the ‘verification’ process, which seeks to ensure that the prospectus is not misleading in any way, thus protecting the directors of the Company against any claims by investors. Reporting accountants, these must be separate from the Company’s auditors, although they may be made up of a different team from the same firm. Essentially, the reporting accountant is responsible for reviewing the Company’s financial record and internal systems for potential investors. They will prepare the long form report, the short form report (which is published in the prospectus) and the working capital report. PR Consultants, the PR consultants will help to generate positive publicity and interest in the IPO by targeting either investors among the general public or institutions or both. The Company, among many other things will need to appoint registrars, a receiving bank and any other advisors that may be required in relation to its specific business. More information is available at the Gollexi or by contacting the relevant government department through the contact page at the www.mount-vema.com The Vema Seamount Authority announced today plans to reconnect with U.S. retail giant Walmart after six years, when the first contact was made. Another clear indication that the Kingdom of Mount Vema is back in business.
The initial contact with Walmart was first made in July 2012, when the government’s ambitious investment drive programme, was officially launched, and Walmart Inc. the American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores responded warmly to the invitation to invest in the Kingdom of Mount Vema. In a letter, back in 2012 Walmart responded positively to the Royal Mount Vema Embassy’s ‘preliminary’ request for Asda Group Plc to indicate if they would be interested in taking up the offer to enter the Kingdom of Mount Vema’s expanding economy. The letter was signed by Leigh Hopkins, then the retail giant’s Vice President: ‘As you may know,’ he said, ‘we are always looking for new markets where we can improve the quality of life of people through our everyday low prices.’ ‘We will keep your comments in mind in case opportunities arise in that area at the appropriate time.’ Hopkins, who is also responsible for the International Business Unit of Walmart, was responding to the then Royal Mount Vema Embassy’s Honorary Consul’ s proposal to Asda Group Plc for the supermarket chain to invest in Mount Vema. Now the appropriate time has come. Mount Vema is ready for Walmart and contact will be made this month as The Vema Seamount Authority continues his tireless efforts to find reliable partners and suppliers for the City of Mount Vema Project. The Mount Vema Monarchy is keen to have Asda Group Plc on board because the company has the ability to create a reliable distribution infrastructure with the backing of its parent company Wal-Mart Plc, which would create an inflow of jobs to the already vast empire that is Asda and it would allow Asda Group Plc to create a larger international presence alongside any financial rewards it may gain. The proposal, presented to Asda about six years ago, was part of His Mount Vema Majesty’s government’s deliberate investment drive to lure major international companies to tap into the kingdom’s developmental projects. Other companies targeted back in 2012 that will be re-approached by the government includes retail giants Tesco, Alliance Boots, mobile phone operator Vodafone, and financial service providers HSBC Holdings, Barclays, JP Morgan Chase and Goldman Sachs banks. The amount of money to be sent home by migrants due to arrive in Mount Vema for work will generate one of the largest financial inflows to many countries across the globe. The Royal Mount Vema Reserve Bank said it back in 2012, and the time has come, as migrant workers are already making travel arrangements to Mount Vema for this year.
Although as of today, most contracts signed or to be signed with service providers, will include a clause that requires contractors and sub-contractors to bring their own people, those who seek work in Mount Vema, are making their own travel arrangements with W-Southern. As the economy of Mount Vema returns to growth, the number of foreign nations looking to the Vema Seamount Territory for business opportunity especially from remittance is increasing. Only yesterday, officials from more than five countries have expressed interest to provide labor to the Vema Seamount Authority if requested, to give their citizens the opportunity to travel to the Kingdom of Mount Vema for work. Today the Royal Mount Vema Reserve Bank estimated that remittances would exceed 5 billion golles (about $9 billion US dollars), which could contribute to the economic growth and to the livelihoods of many people worldwide by 2020. According to the Bank of Mount Vema remittance transfers will be good for Mount Vema as it will promote access to financial services for both the sender and recipient, thereby increasing financial and social inclusion. The migration will improve business profitability, while foreign countries will depend on the flows of remittances that will result from the migration of labor. This dependence will also result in the integration of the residents in Mount Vema with communities throughout the world, who will not only be sending money back to their communities, but who will also be travelling back and forth extensively, which could benefit communications, logistics and transport companies. Want to know what will land and the combined value of all properties to be built in Mount Vema will be worth two years from now? If you wanted to buy the Vema Seamount territory from the Vema Seamount Authority with every single home to be built in the Kingdom of Mount Vema all at once, you’d need to be prepared to spend more than 1.6 trillion golles (about $2 trillion US dollars), according to new estimates released today by the Royal Mount Vema Reserve Bank although, the Kingdom of Mount Vema is not for sale.
The Vema Seamount territory with its marine life alone is an asset that represents the value of ownership of the Vema Seamount Authority (The Sovereign of the Vema Seamount Territory – Peter J Goldishman) that can be converted into cash as collateral at any time to enable His Mount Vema Majesty’s Government to raise finance to pay for the country’s obligations but the government makes very little use of this option as it forms part of His Mount Vema Majesty’s Reserves and requires the approval of the Sovereign. Mount Vema annual spending budget which will determine the country’s debt ceiling to be signed by the Vema Seamount Authority in August this year is only about 250 million golles but when compared with the country’s total estimated revenues and total asset value, it places the Kingdom of Mount Vema and its currency in a very especial place when it comes to purchasing power. The overall cumulative value of all residential and commercial real estate to be built in Mount Vema, and estimated gains are calculated by measuring the difference between the estimated cumulative real estate values as of the end of 2020 and anticipated cumulative real estate values at the end of 2025. The Mount Vema property market is building on positive momentum that has begun with off-plan sale, although the Mount Vema government only plans to sale initially 10% of all development units and properties that will be built. The rest will be reserved to let, to be used to raise funds to meet liquidity needs. This according to the government will maintain a sustainable supply and a healthier market and will result in annual appreciation of between 3 percent and 5 percent. Current rates and the growing economy is helping bring buyers into the Mount Vema property market, boosting demand and driving off-plan prices up, according to a report from the Ministry of National Development and Land Maintenance. Mount Vema real estate although off-plan, is already highly valuable. The 1.6 trillion golles total value of the Kingdom of Mount Vema entire projected property stock and the Vema Seamount territory itself is more than the combined gross domestic products (GDP) of some well-developed countries. |
|
Home | Contact | News | Banking | Currency | Shopping | Travel | Jobs | Real Estate | Weather | Search | 912 Emergencies | LOG IN
|
Latest News | Die neuesten Nachrichten | As últimas notícias | Las últimas noticias | Les dernières nouvelles | Последние новости | 最新消息
|
The Legal Entities of Mount Vema
COUNTRY
|
COUNTRY CODE
COUNTRY CODES IN USE Mount Vema Country Code: OV / MOV Mount Vema Numeric Country Code: 507 Currency Code: VSG Top-Level Domain: .com, and .ov (proposed) Proposed Telephone Country Code: +294 |
International Treaties – Ratified by the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea) MARPOL 73/78 (Convention for the Prevention of Pollution from Ships) The Vienna Convention on Diplomatic Relations of 1961 The Vienna Convention on Consular Relations 1963 |
State Alert! – Security, Public Safety and Emergencies
YELLOW WARNING official advise to be aware. >>>
AMBER WARNING official advise to be prepared. >>>
RED WARNING official advise to take action as instructed by the emergency services. >>>
AMBER WARNING official advise to be prepared. >>>
RED WARNING official advise to take action as instructed by the emergency services. >>>