The Samoa archipelago in the South Pacific is conventionally divided into two parts. The eastern part is owned by the United States, the western part has formed a state, uniting ten islands. The largest of them is Upolu with the capital Apia. The population is approaching 200 thousand, and Samoan and English are the official languages. The country’s currency is the tala.
The light industry in the country is steadily developing, as well as tourism and agriculture. However, the economy is still very dependent on foreign investors, food exports, and humanitarian aid. To attract foreign companies to cooperate, Samoa has established a preferential tax regime.
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 overall responsibility for monetary policy, manages the foreign exchange reserve, regulates commercial banks, and supervises 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 stabilize the economy, the government is taking measures to develop the financial sector.
Open an offshore company in Samoa: advantages and features
The key advantage of being an offshore zone is an exemption from the payment of income tax, dividends, or increased capital.
Any activity under the laws in force in Samoa is permitted.
Reporting, both accounting and financial, can be omitted, and shareholders’ meetings can be held in any state.
You can find out information about business owners, shareholders, or directors only after an appropriate court decision has been made.
There is no foreign exchange control in Samoa, and the choice of bank for invoicing and the number of invoices, respectively, are not limited by anything.
If you decide to register a company in Samoa, then take into account the prohibitions on the territory of the state:
- you cannot interact in the business sphere with residents of Samoa;
- you cannot have real estate, except for an office;
- you cannot offer banking and insurance services, or manage trusts without the necessary license.
How to register a business in Samoa
To open an offshore company in Samoa, you will need to proceed in the following order:
- check the name of the company with the existing ones and those registered in the state register. The company must have in its name Ltd, Corp, Inc, NV, GmbH, or SA;
- provide documents on the establishment, the charter of the company;
- pay registration fees;
- register an office to determine a legal address. Foreign companies are prohibited from owning any property in Samoa other than this office;
- obtain a certificate of registration. The certificate contains the name of the company, number, and date of registration.
The estimated authorized capital is one thousand dollars.
A prerequisite is the presence of a resident secretary of Samoa.
Registration takes up to two weeks; personal presence is not required.
Tax and reporting
Foreign companies do not pay income tax in Samoa. There are also no stamp duty payments. Only an annual fee of three hundred dollars is payable. If you want to buy an offshore company in Samoa, it is possible to pay this fee several years in advance, subject to a reduction in its amount.
You don’t need to file any financial information, nor do you need to file tax returns. Nevertheless, accounting records must be kept, all reports are kept in the office on the territory of the islands.
