The ‘Settlement (Vema Seamount Settled Land Act) Mount Vema 2019’, has come into operation today, as Order No.20 SI/MV2019/20, in accordance with the 2006 Declaration of Sovereignty, after receiving the Royal Mount Vema Seal of Approval on the 21st of January 2019.
The legislation is an Act relating to power to grant land for public and charitable purposes, powers of tenants for life, power for tenant for life to enter into contracts, powers of sale and exchange, regulations related to rents of land for building, and fishing, and matters relating to general settlement in the Kingdom of Mount Vema – The Vema Seamount Territory.
The Act also defines what is settled land and what constitutes a settlement within the Vema Seamount Territorial Waters, including a deed, will, agreement for a settlement or other agreement, as well as the duration of settlements and any limitation, charge, or power of charging under the settlement.
Order No.19 SI/MV2019/19, Law of Property (Vema Seamount) Act, Mount Vema 2019 came into operation to make provisions related to conveyancing and the law of property in the Kingdom of Mount Vema.
The legislation defines “land” within the Vema Seamount Territorial waters as a unit (body of water) which is allocated by a postal code for administrative purposes within a district zone. Including any terminal, floating structure or other works within a harbor at which ships can obtain shelter or ship and unship goods or passengers in the Kingdom of Mount Vema national waters, including anything afloat (other than a ship) if it is anchored or attached to the sea bed or any such waters in accordance with subsections 130B.3(a) and 131.5 of the Merchant Marine and Shipping Act, Mount Vema 2017.
The Act also includes provisions related to legal rentcharge, freeholds, leaseholds, bankruptcy, conveyance, wills, legal estates, equitable interests, legal powers include the powers vested in a chargee by way of legal mortgage or in an estate owner under which a legal estate can be transferred or created.
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.
The Powers of Attorney (Vema Seamount) Act, Mount Vema 2019 has come into operations today as Order No.18 SI/MV2019/18 just hours after the Royal Mount Vema Seal of Approval was granted. Made: 17th of December 2018, in accordance with the Vema Seamount Declaration of Sovereignty.
The Act was introduced to pave the way for the Mount Vema Law of Property to be introduced this month, and to make provision in relation to powers of attorney and the delegation by trustees of their trusts, powers and discretions in the Kingdom of Mount Vema.
The legislation includes execution of powers of attorney, proof of instruments creating powers of attorney, powers of attorney given as security, protection where power of attorney is revoked, and protection for transferees under stock exchange transactions.
You don’t need UN membership to be a sovereign nation. But you need the UN to get a few things moving, especially if you are a newly established territorial entity. The Vema Seamount Authority has reached out to the United Nations today to start the process that would lead to a formal invitation as an Observer territory to make it easier for the Kingdom of Mount Vema to have its own ISO country code.
The ISO standard is a broadly accepted list of country-codes intended for many uses, especially now as the evolution of the Vema Seamount Territory enters a new stage, as registered today when Peter Goldishamn – The Vema Seamount Authority, begun the process to make the 'Vema Seamount Territory' an Observer Member of the UN.
“Although below sea level, Vema Seamount and its adjacent waters is a unique territory, which should have a representation at the UN, at least as an Observer status afforded to observer member states, international organizations and entities whose statehood or sovereignty is not precisely defined.” This was the message sent by the Monarch to UN according to the Mount Vema public record data made available today.
The criteria for admission of new members to the UN are set out in Chapter II, Article 4 of the UN Charter: 1. Membership in the United Nations is open to all peace-loving states which accept the obligations contained in the present Charter and, in the judgement of the Organization, are able and willing to carry out these obligations.
Section 1, looks alright for the Vema Seamount Territory, but the problem would be section 2, where it says: The admission of any such state to membership in the United Nations will be effected by a decision of the General Assembly upon the recommendation of the Security Council.
That is where the problem is. Although it is obvious that Mount Vema is not a security risk to anyone as a territory, but because a recommendation for admission from the Security Council requires affirmative votes from at least nine of the council's fifteen members, with none of the five permanent members able to use their veto power, which then needs the Security Council's recommendation that must be approved in the General Assembly by a two-thirds majority vote, Mount Vema will need to work hard to make as many friends as possible to get there, so maybe a full UN membership at present is not a good idea, but as an observer it could work.
In principle, only sovereign states can become UN members, and currently all UN members are sovereign states. Although five members were not sovereign when they joined the UN, all subsequently became fully independent between 1946 and 1991. Because a state can only be admitted to membership in the UN by the approval of the Security Council and the General Assembly, a number of states that are considered sovereign according to the Montevideo Convention are not members of the UN. This is because the UN does not consider them to possess sovereignty, mainly due to the lack of international recognition or due to opposition from one of the permanent members.
In addition to the member states, the UN also invites non-member states to become observers at the UN General Assembly (currently two: the Holy See and Palestine), allowing them to participate and speak in General Assembly meetings, but not vote. Observers are generally intergovernmental organizations and international organizations and entities whose statehood or sovereignty is not precisely defined.
The Reciprocal Enforcement (Foreign Judgments) Act, Mount Vema 2018 comes into operation today after receiving the Royal Mount Vema Seal of Approval. The Act is the 17th legislation to enter the statutory books of the Vema Seamount Territory to be followed by thousands of legislations still to come into force.
The Reciprocal Enforcement (Foreign Judgments) legislation of Mount Vema, is an Act to make provision for the enforcement in the Kingdom of Mount Vema of judgments given in foreign countries which accord reciprocal treatment to judgments given in the Kingdom of Mount Vema, for facilitating the enforcement in foreign countries of judgments given in the Kingdom of Mount Vema, and for other purposes in connection with related matters.
The act includes power to extend to foreign countries giving reciprocal treatment, application for, and effect of, registration of foreign judgments, rules of court, cases in which registered judgments must, or may, be set aside, especially when a defendant in the original proceedings, was a person who under the rules of public international law was entitled to immunity from the jurisdiction of the courts of the country of the original court and did not submit to the jurisdiction of that court.
The Foundation Infrastructure legislation of Mount Vema made on 4th of December, in accordance with the Vema Seamount Declaration of Sovereignty 2006, comes into operation today after receiving the Royal Mount Vema Seal of Approval granted last week Friday, on the 7th of December 2018.
The Foundation Infrastructure legislation makes provisions for the City of Mount Vema foundation infrastructure projects, the administration of breakwaters and pavements including roadways, streets and docklands. The provisions will pave the way for housing and future regeneration, and to enable building regulations and for connected purposes.
The legislation which became law of the territory today says that the Secretary of State - The Secretary for the Vema Seamount Territory may by order in accordance with the Foundation Infrastructure Act, Mount Vema 2018 appoint one or more companies as a breakwaters and pavements authority.
The legislation was not just introduced as a mechanism to create and appoint a breakwaters and pavements company, but also as the law to regulate the financing of projects related to breakwaters and pavements including roadways, streets and docklands.
The Secretary of State may provide financial assistance to a strategic breakwaters and pavements company, for the purpose of any of its functions, or to any other person, for the promotion or improvement of transport services by road in Mount Vema.
Financial assistance may be provided in such form and on such terms as the Secretary of State considers appropriate, and includes in particular grants, loans, and guarantees. In the case of a grant or a loan, it includes terms as to repayment, and in the case of a guarantee, it includes terms as to reimbursement.
Every person booking their ticket to Mount Vema for work will receive 50,000 golles in foreign exchange (about $100,000 USD) after their contract ends. The fund will be given in form of a grant in addition to their monthly salaries, as gratitude for their services to the realm.
This initiative has been introduced by His Mount Vema Majesty’s government to encourage more contractors, sub-contractors and their people to book their tickets earlier for logistics purpose and to attract the number of migrant workers needed to keep the development project on target.
The payment will be made by the Reserve Bank of Mount Vema, direct to the bank account of the employees in Mount Vema or in their home countries, whether they extend their contracts or not at the end of their 2 years contract.
To qualify you must make your travel arrangement for work before December 10th, 2018, via a Mount Vema registered company such as W-Southern (www.w-southern.com), or through an agency authorized by the Vema Seamount Authority, which can be verified by contacting www.mount-vema.com.
A new data released by the Mount Vema Department of Statistics and Risk Assessment says that consumer spending in Mount Vema will exceed 500 million golles, more than $1 billion US dollars a year.
The new figures come after the government started to include visitors due to an increasing number of people making travel plans to Mount Vema. Previously the Statistics Department released its estimates based on the number of accommodations allocated for each district that will total 250,000+ residents which was the amount of homes needed to keep the economy going.
This is the first time the figures are published, with the estimated number of annual visitors expected to attend annual events and tourism which as an industry, was never included in the estimates before.
For the economy to function as it is designed, Mount Vema will need more than 250,000 temporary workers within the next 10 years, with each district providing accommodation to just over 25,000 people to meet that target.
When the government published estimates, which are changed every quarter in line with economic developments, the market always anticipated that tourism estimates were coming. The new estimates today just confirmed what brokers and economists at Gollexi – The Mount Vema Stock Exchange have been commenting for years.
As developments entered a new stage, the Mount Vema Center for Statistics and Risk Assessment decided that it has enough data to include tourism. So, businesses serving 250,000+ customers including more than 1.5million estimated visitors per month, each spending just about 500 golles, they are likely to generate just over 50 million+ golles (more than $100 million+ US dollars) every month.
After fees and expenses there will be still about 40 million golles a month to be shared between traders serving the residents. The data explains why there is so much interest in business licenses and the increasing number of foreign companies and foreign governments investing in Mount Vema companies and government bonds either at the Gollexi or privately through lucrative deals with the Vema Seamount Authority. The key is to be always one step ahead of the market and identify the opportunities before the market catches up.
Companies registered with the Vema Seamount Territory (Mount Vema Registered Companies) must have a City of Mount Vema off-plan address, according to a new policy. The registered address is required for Mount Vema incorporated organizations to continuously display their City of Mount Vema off-plan address on their emails, brochures and websites.
The off-plan address of any legal entity of the Vema Seamount Territory, forming part of the public record, should be accepted as the required address where the registered organization or legal entity is incorporated.
The policy which was first introduced to increase the value of the City of Mount Vema off-plan properties seems to be working as more companies are reserving the limited number of available real estate plans before it is sold out. For example, this weekend alone a third of all development units for the financial district (Maryland MD08 Zone) where the head offices of the RBMV Bank, and GolleCard will be, have been reserved.
Also, a third of the development units for the technology district (San Miguel SM07 Zone) where the head office of MVScloud will be, have been reserved this weekend. Bavarolle, the real estate company of Mount Vema doesn’t list all properties for sale, but it told VSBCnews that demand is so high, it is increasing daily especially when the required deposit to secure a development unit is only 1000 golles (about $2000 US dollars). A deposit in some areas like Pashant (PT01 Zone) where the office of MONTfisheries will be, reservation prices are already at 3,000 golles per development unit from 1,000 golles last month.
Because a registered office address does not have to be where the organization conducts its actual business or trade, the Mount Vema off-plan address in now accepted to be used on headed papers and other documents for legal and filling purposes, to indicate that it is a legal entity registered with the Vema Seamount Territory.
Law firms such as VANDER Legal, and accountants are due to start providing registered off-plan office address services to any business seeking a Mount Vema off-plan address. A company providing such service must either own or rent a Mount Vema property off-plan, and such off-plan property must be licensed to conduct such business activity.
As of today, documents and official e-mail correspondences for an incorporated organization (e.g. formal notices, service of process, tax and government communications) must show the registered off-plan office address as recorded on the register. Such address may also be used by company directors instead of their private home address for contact on the register. The company director’s personal records will be kept with the register and will not be available to the public except for legal inspection.
If a Mount Vema company is involved in any legal proceedings, the case will be presided over by a Court of the governing jurisdiction (in this case by the laws of Mount Vema). Directors can change their registered office but cannot move it to another country after company formation. So, it would be a good idea to set up a business address in Mount Vema just to expand the geographical reach or the trading activities of your business if you don’t wish to register with the Vema Seamount Territory.