Samoa consists of two large islands and seven smaller ones and is situated in the South Pacific Ocean at latitude 13 deg. South, 172 deg West. The capital and commercial centre is Apia. The land area is about 2944 sq. km. and the population about 180,000. Samoa was the first Polynesian nation to gain its independence when it did so in 1962. The economy has tended to rely on development aid and remittances form expatriate Samoans but agriculture and financial services also make contributions.
The constitution of Samoa provides for a British style parliamentary system-which combines the traditional Samoan social structure and democratic voting. There is a forty-seven member Legislative Assembly which consists of forty five Matai title holders (the heads of each extended family), who are elected by their peers and two non-Samoan residents who are registered on the Universal Voters' Roll. Elections are held every three years.
The financial services industry dates from 1987 with the passing of the Samoa International Companies Act and the Samoa International Trusts Act. The Trustee Companies Act of the same year required any business engaged in the formation and management of companies and trusts to apply for and obtain a license. Similar legislation was introduced to cover banking, insurance and partnerships. An anti money laundering law was enacted in 2000.
The company used for international trade and investment purposes is the Samoan exempt company incorporated under the International Companies Act. An international exempt company has all the powers of a natural person but it may not trade in Samoa or own real estate there. There are no residence qualifications for directors or Secretary. Beneficial ownership is not disclosed.
Minimum of 1 directors required, of which 0 must be residents.
Corporate directors are permitted.
Director's meetings are not required
There is a public director's register
Other notes: none
Minimum of 1 secretaries required, who need not be residents.
Corporate secretaries are permitted.
There is not any requirement for secretaries to hold a professional qualification
Other notes: none
Minimum of 1 shareholders required
Corporate shareholders are permitted.
There is a public shares register
Bearer shares are not permitted.
No par value shares are not permitted.
Usually the Authorised share capital is 1000 shares of US$1 each.
Where some or all of the shareholders are nominees, the ultimate beneficial ownership of the shares does not have to be declared to the authorities.
A registered agent is not required.
An annual return is required.
Incorporation Fee: Please see Our Fees Schedule Heading
(The package fee includes government fees, local secretary fees, local agency fees, registered office fees and our service fees, and have the following after incorporation: a) certificate of incorporation b) Original formation documents and minutes c) Five copies of M & A
Opening Offshore Bank Account: Refer to Fee Schedule
Incorporation Time: 1-2 Weeks