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You fail the solvency test if your bank account has no money in it and creditors can show you owe them money. So long as you keep solvent, your company may distribute its net assets to its owners or gift them to others, purchase its own shares, cancel shares etc.
Your international company can't break the laws of Vanuatu or do business IN Vanuatu. Your company can do certain kinds of business activities - with the bank or other service providers - but you can't employ people here, set up an office and start working locally. For that, you need a local business. Moores Rowland can set up a local company for you if you need one to work as a service provider for your international company...
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