Company Formation Samoa
Samoa consists of a group of islands situated in the central part of the Pacific Ocean, in the midst of Polynesia. The legal system of Samoa is based on the basic principles of English common law system.
The Central Bank of Samoa is fully responsible for monetary policy, manages the currency reserve, governs the operation of commercial banks and supervises the activities of Samoa offshore companies.
The local monetary unit is the Samoan Tala. Residents of Samoa, in contrast to persons related to offshore companies in Samoa, are subject to currency control by the state.
Traditional economic orientation for the Pacific region is also characteristic of Samoa. This includes fishing, agriculture, as well as tourism. It is tourism that provides for up to 25% of Samoa’s GDP. In order to stabilize the economy, the government is taking measures to develop the financial sector.
WHY REGISTER A COMPANY IN SAMOA
- Support of confidentiality. Personal data of the beneficiary are not disclosed.
- Broad competence of management. Companies are free to decide how often to hold meetings, where and in what format.
- No state currency exchange control. You are not required to disclose information about ongoing transactions.
- Relief from the audit and reporting.
- Zero taxation of income earned outside of Samoa.
- Exemption of offshore firms from paying stamp duty.
HOW TO REGISTER A COMPANY IN SAMOA
It is possible to conduct any legitimate activity.
Registration office and registration agent of the company have to be located in Samoa.
The name of the company in Samoa should end with the such abbreviations as Ltd, Corp, Inc, NV, GmbH, SA. Legislation of Samoa has also special provisions stating that the official name of the company, its Charter and Memorandum of Association do not necessarily have to be compiled in English, but in any other language, including Chinese dialects.
The proposed authorized capital is $ 1 000 000 (it is not required to pay the authorized capital).
Bearer shares are not permitted.
No-par value shares are inadmissible.
Minimum number of shareholders for registration of offshore company in Samoa is one (natural person/legal entity).
Minimum number of Directors for IC in Samoa is also one (natural or legal person).
Nominee shareholders and directors are allowed.
In Samoa, actions of company directors should be commensurable to the greatest possible extent with the direct interests of the company. The exception is the activity decided by the meeting of participants. Thus, the directors should (without any exceptions) act solely in the interests of offshore company in Samoa. This lack of flexibility increases potential responsibility of all directors.
Information regarding the beneficial owner and banking operations is not available to third parties, and it can only be disclosed in accordance with the decision of the local court.
Meetings of shareholders and directors can be held anywhere in the world.
The place of storage of the company’s documents is selected by the participants of the company.
It takes about two weeks to register offshore company in Samoa .
Concerning protection of the company’s assets, it should be noted that the state will not require the decision to strike off IC in the court due to the existence of any tax debts. The fact is that for the court in Samoa any tax can not be considered a debt.
Therefore, in Samoa, any offshore structure will be reliably protected from interference by the tax authorities of other states and attempts to strike off the enterprise.
In addition, legislation of Samoa provides for the possibility of transferring the company’s assets to another person under “special circumstances”.
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