The humble state of Samoa is located in the central Pacific Ocean of the Southern Hemisphere. In his department, there are two large and several small islands. Independent based on the laws of English common law and the constitution.
Offshore activities are regulated by the International Business Companies Act 1997 as amended. The economy is typical for the region: fishing and fish processing, agriculture, and tourism. The government of the country is intensively developing the financial zone.
Investors are attracted by the affordable company registration and acceptable annual tax payments.
Samoa has a predominantly indigenous population, these are Polynesians, but it should be noted that the British are also present.
Samoa has a tropical climate, good hotels, and beautiful beaches. Samoa has been an independent and sovereign state since 1962. Its Constitution prescribes a three-tier legal system, which consists of the following bodies:
- Court of Appeal;
- Supreme Court;
- Lower courts.
Samoa’s legal system is based on the main principles of English common law. The Central Bank of Samoa has an obligation for monetary policy, controls the foreign exchange reserve, manages commercial banks, and conducts the offshore companies of Samoa.
The local currency is the Samoan Tala. Residents of Samoa, unlike those who are related to offshore companies in Samoa, are subject to foreign exchange controls by the state.
The traditional economic orientation of the Pacific Ocean region is also characteristic of Samoa. These are fishing, agriculture, and tourism. It is tourism that provides up to 25% of Samoa’s GDP. To maintain the economy, the state is taking measures to strengthen the financial sector.
Benefits of doing business in Samoa
The state presents a wide list of advantageous conditions for non-residents of the country:
- under certain restrictions, full tax exemption;
- the company has the right to own real estate within the state;
- to carry out commercial deals with banks or insurance firms without acquiring extra licenses;
- there is no obligation to maintain accounting records and submit annual reports on the financial activities of the company;
- exemption from audit;
- exemption from payment of stamp duty;
- all income received outside the state is not taxed;
- complete confidentiality about the beneficiary;
- there is no state currency control;
- Political and social stability;
- Samoa is not blacklisted by the OECD and the FATF (a reputable jurisdiction);
- Ensuring the confidentiality of data on the owners of the company in Samoa at the legislative level;
- Good relationships with economic and financial hubs of other countries;
- Quite affordable registration cost, acceptable annual payments.
An investor will be able to receive a tax break after observing specific rules:
- if he acquires a license for insurance and banking activities;
- will sell goods and provide services only to non-residents of the country;
- The investor will not buy real estate in the state but only rent.
According to the prevailing law of Samoa, an offshore firm must be enrolled on its territory without fail with an office.
Form of doing business in Samoa
Register a business in Samoa to obtain stable income and investment, preferably in the form of an International Company (IC), an International Company.
Mandatory check-in points
The islands are blacklisted by the FATF and OECD, which creates favorable conditions for activities with good income, which is conducted outside the state. The zero tax rate operates according to this system. To record a company, the following enrollment steps must be followed.
- The name must be unique and unique in the business register. It can be indicated in any language with obligatory translation into international languages (English, Spanish). An indispensable part of the title must be one of the particles in the form of an abbreviation: Pty, BV, NV, LLC, PLC, A.G, Bhd, S.A.R.L, S.A, Corp, Inc, Ltd or their full decoding.
- Constituent documents – articles of association or memorandum of the company.
- The declared authorized capital in the starting amount of $ 100,000, with exemption from mandatory payment, with no maximum or minimum limits.
- A director or founder can be either a legitimate entity or an individual.
- It is forbidden to issue bearer shares without a certified par value.
- The documentation can be collected in any suitable place.
- The meeting of the founders can be carried out anywhere in the world.
- The term for registering a company is from 48 hours to two weeks.
- Third parties will be able to access the information only after going through all instances of the local court and having obtained judicial permission for this.
The state has not signed a double taxation treaty with anyone. The firm’s assets are preserved from any tax debts that can be gathered by court order and required to close the company. For all Samoan ships, the tax is not a debt obligation.
Since in the state a priori there is no legal concept of “taxes”, an offshore company is thoroughly protected from inspections by the fiscal authorities of other countries. There is a procedure for the transference of offshore assets to another person in the case of “special circumstances”. There is no prohibition on acquiring a ready-made company with an open office in the state.