Offshore companies are entities registered outside the nation where its primary operations are carried out. These entities are used to conduct company transactions with partners who are not settled in the country of business incorporation.
Samoa contains a group of islands located in the central part of the Pacific Ocean, amid Polynesia New Zealand is less than 3,000 km away, and Samoa and the Hawaiian Islands are separated by little more than 4,000 km.
The International Companies Act regulates Samoan corporations. This Act allows for a business legal system that is both flexible and modern when compared to some other jurisdictions. Besides, the Samoan legal system is based upon English Common Law, making much of its legislation similar to the British Commonwealth and its former colonies. Other corporate legislation that dictates both the formation and operation of corporations in Samoa includes –
- Trustee Companies Act 1987
- International Trusts Act of 1987
- Offshore Banking Act of 1987
- International Insurance Act of 1988
Benefits of Offshore Company Setup in Samoa
Here are the benefits derived from the offshore formation in Samoa -
- An ideal gateway to the United States and Pacific markets
- No accounting and auditing records keeping requirements
- Ease of operation, maintenance, and control
- Complete corporate confidentiality is guaranteed in these jurisdictions
- Excellent and flexible post-incorporation follow-up services
- No statutory need to hold annual general meetings
- Asset security
- It takes only one working day to incorporate
Characteristics of an Offshore Company Formation in Samoa
Some of the features of an offshore company in Samoa are -
- No paid-up capital requirement
- Minimum one director and the shareholder is required
- Bearer shares are not permitted
- No requirement for audit
- No obligation to file an annual return
- Release from all local taxes and stamp duty
- No publicity of directors and shareholders information are needed
Main Uses of a Samoa Offshore Formation
- Asset protection company
- International company
- Import/Export products
- International investments
Procedure to Start an Offshore Business Incorporation in Samoa
International Company registration in Samoa is made to the Registrar of International and Foreign Companies through a licensed company. Samoa International Business Company’s (IBC’s) are the companies registered in Samoa under the International Companies Act of 1987, but whose operation is to be conducted outside Samoa. An International Company cannot take into consideration the business of banking, assurance, reinsurance, insurance, fund management, the management of collective investment schemes, trusteeship, trust management or any other activity that may advocate an association with the bank or insurance industries without obtaining the appropriate license.
Here are the steps to start an offshore business in Samoa.
- You must provide the Memorandum of Association together with the Articles of Association and registration fee.
- Decide on the trade name and register the same to get the Trade Name Certificate
- Register your business by providing all the required documents and set up your offshore business
The documents include –
- Trade name certificate
- Memorandum and Articles of Association
- Share certificates
- Resolution to appoint the director
- Passport copies and ID of the shareholders and directors
- Minutes of first meeting while appointing the director
- Government license fee
- Registered office details
One of the simplest ways of registering an offshore company in Samoa is by hiring a business setup consultant who will do all the work for you. We at Business Setup Worldwide can help you in setting up your Samoa Offshore Company in a relaxed and hassle-free manner. With just five simple steps, we register your business in Samoa. Contact us today to know more.