R-Samoa Offshore Company

Samoa Offshore Company

Offshore Formation Background in Samoa Offshore Company

Samoa International Business Company's ('IBC's') are companies incorporated in Samoa under the International Companies Act of 1987, but whose business is to be conducted outside Samoa. An International Company cannot trade with Samoans or own local real estate. An International Company cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, the management of collective investment schemes, trust management, trusteeship or any other activity that may suggest an association with the bank or insurance industries without obtaining the appropriate license.

The uniqueness of the Samoan legislation is also demonstrated by an asset protection section of the Act (Section 228 (B)) whereby a member can elect that his shares in the company can be automatically vested in a specified person on the occurrence of a specified event. The definition of "specified event" is flexible but it typically includes the occurrence of a foreign expropriation or court order. This can also be used by the original beneficial owner to pass a company on to his or her beneficiary upon presentation of the death certificate of the original owner. There are no similar statutory provisions protecting member interests in BVI or other traditional jurisdictions.

Offshore Tax Information in Samoa Offshore Company

Samoa Offshore Companies and their Tax Liability

No income tax or other duties or any other direct or indirect tax or stamp duty is payable on the transactions or profits of, nor on the dividends and interest paid by or to, any trust, international or limited partnership, international or foreign company registered or licensed under the various Offshore Finance Centre Acts. Similarly the shareholders, members, beneficiaries, partners or other beneficial owners of such entities are exempt from taxation in Samoa. No tax treaties have been entered into with any countries. Companies incorporated under the International Companies (IC) Act of 1987 are not liable to pay any income or corporation tax.

Samoa Offshore Company Banking

Utrust can incorporate Samoa offshore companies with a choice of offshore bank accounts at the time of company formation. We work closely with a number of offshore banks, including HSBC and FBME Bank in Cyprus. Combining the two saves time and couldn't be simpler.

Samoa Offshore Company Formation / Registration

Utrust are able to incorporate a Samoa offshore company. Company formation normally takes 5 days to register a new company.

Samoa Offshore Company Anonymity and Disclosure

Samoa companies are not required to disclose the names of directors and beneficial owners to the registration authorities. Whilst there is no requirement to prepare and file annual accounts, a company is required to keep financial records, which reflect the financial position of the company.

Samoa Offshore Company Shares

There is no specific minimum capital requirement. The standard authorised share capital is US$ 1,000,000. The authorised share capital may be expressed in any currency. The minimum issued share capital is either one share of no par value or one share of par value. Samoa International Companies may issue registered shares, bearer shares, preference shares, and redeemable shares, shares with or without par value and shares with or without voting rights.

CORPORATE INFORMATION

Corporate & Legal Information in Samoa Offshore Company

GENERAL

Type of entity	IC
Type of law	Common
Shelf company availability	Yes
Our time to establish a new company	5 days
Minimum government fees (excluding taxation)	US$300
Corporate Taxation	Nil
Double taxation treaty access	No

SHARE CAPITAL OR EQUIVALENT

Standard currency	US$
Permitted currencies	Any
Minimum paid up	US$1
Usual authorised	US$1,000,000

DIRECTORS OR MANAGERS

Minimum number	One
Local required	No
Publicly accessible records	No
Location of meetings	Anywhere

MEMBERS

Minimum number	1
Publicly accessible records	Optional
Location of meetings	Anywhere

COMPANY SECRETARY

Required	Yes
Local or qualified	Yes

ACCOUNTS

Requirement to prepare	Yes
Audit requirements	No
Requirement to file accounts	No
Publicly accessible accounts	No

OTHER

Requirement to file annual return	No
Change in domicile permitted	Yes

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