Our Firm
BARRETT and PARTNERS Vanuatu is a leading chartered accounting and consulting firm in Port Vila, Vanuatu. Its origins date back to 1971: the firm operated under the international firm of Coopers & Lybrand until September 1992 when Lindsay Barrett and Adrian Sinclair purchased the remaining equity and changed the name to Barrett & Sinclair. In September 1995, the firm joined the international firm, BDO International B.V. In 1997, the local firm of Stafford & Associates merged with the firm and Mark Stafford became a partner. Now, the firm practices as BARRETT & PARTNERS.
The firm also established its own trust company, Trustees International Limited (TIL) (formerly Vanuatu International Trust Company Limited (VITCO)), in 1971. This company has been granted licences to operate as a financial institution and a trust company.
Today, BARRETT & PARTNERS Vanuatu is one of the largest firms in Port Vila, and enjoys a reputation for providing efficient, high quality service to its clients, both locally and internationally. Besides operating a traditional accounting practice, providing audit, consulting, insolvency and management services, the firm, through TIL, provides trustee services and funds and portfolio management to its expanding group of overseas-based clients.
The Firm
Being one of the oldest firms in Vanuatu, we have acquired an extensive knowledge of local regulations, legislation, and methods as well as a close working relationship with government ministries, departments and authorities. We can therefore provide valuable guidance and introductions to potential local investors, who are often baffled by the myriad of regulations and unfamiliar customs and procedures.
We’ll let our experience speak for itself.
The firm provides services to a broad range of industries which, inter alia, include:
- the primary industry
- the building and construction industry
- financial, insurance and trust companies
- the communications and computer industry
- the natural resources industry
- the sport and recreation industry
- Government sector
- Tourism and aviation industries
Services of the Firm
Business Services
Besides the production of accounts and other compliance work, Barrett and Partners strives to provide cost effective solutions to clients’ business needs, and to offer value added and proactive advice. In this, more than in any other practice area, we actively and demonstratively pursue our role as our clients’ “partners in business“.
Consulting
Barrett and Partners has provided consultancy services to such organisations as the World Bank, ADB and AUSAID. The consulting assignments have included bank loan portfolio reviews and the preparation of accounting manuals, the preparation of feasibility studies, and the establishment of Air Vanuatu. The results of the latter assignment received the recognition of the Australian Government, when Senator Gareth Evans advised his Parliament: “It (Air Vanuatu) has been a very impressive success story and one of which Australia can feel proud”.
Audit
Barrett and Partners, as a consequence of its origins, applies the concepts adopted by the larger international accounting firms. This ensures that:-
- proper planning, management and review procedures are observed
- an appropriate analysis of risk areas are made and a thorough understanding of the client’s business is obtained
- rigorous analytical review and management evaluation are performed
- constructive reporting to management is provided.
Barrett and Partners auditing methodology and application is tailored to the industry and to the size of the client to ensure that we provide an efficient and effective service.
Computerisation and Technology
Barrett and Partners has been the leader in Vanuatu in the provision of advice and the use of computers. The firm had the first computer system in the country and developed the banking software currently used by several banks throughout the Pacific. We adopted a PC network platform in 1986 and chose Solution 6 software both for our in-house practice management and accounting systems and to support our clients’ accounting and evaluation needs. The firm’s computer system operates on a Windows NT LAN and a Microsoft Windows application environment.
Mark Stafford was the first registered “Quality Consultant” for the MYOB small business accounting package in Vanuatu. MYOB is recognised as the market leader and is multi-award winning in Australia. Barrett and Partners can provide installation, training, and on-going support for MYOB in Vanuatu.
Our services to clients include systems analysis and design as well as practical support in its implementation. Barrett and Partners are particularly mindful of the need to provide appropriate technology as well as an ongoing monitoring and review process.
AESOP (AESOP Business Volunteers Ltd)
Mark Stafford is the Vanuatu Representative for AESOP (Australian Expert Services Overseas Program). AESOP is able to provide a wide range of volunteer consultants to assist local businesses and other organisations at a very low cost. AESOP volunteer consultants are acknowledged at being able to deliver high-level, specialist skills and services in a most cost efficient manner.
Insolvency & Business Recovery
The firm has been a principal provider of insolvency services, by way of receiverships and liquidations. However, we like to actively promote alternative measures to allow for business recovery or the effective marketing of assets and to avoid, where possible, forced sales.
Trust Company Services
The firm’s wholly owned trust company, TIL, was established in order to enhance the firm’s services to offshore clients and to take advantage of the country’s tax haven status. Today, almost half of Barrett and Partners business is derived from offshore clients, for whom we provide the following services:
- company formation and management
- provision of nominee directors, secretary and shareholders
- provision of registered office and registered agent
- maintenance of statutory records
- provision of trustee services
- international tax planning.
We are greater that the some total of our individuals
Staffing
The firm currently employs 23 staff, including 9 chartered accountants and graduates:
Partners………..4
Accountants…..9
Service Staff….10
23
Barrett and Partners
Barrett & Partners is a 100% locally owned firm and enjoys excellent referral and technical support arrangements through the BDO International network. This allows us to provide a greater depth of service to our clientele and enables us to handle large consultancy jobs if called upon to do so.