Main Characteristics and the basic rules of Company registration in Samoa
Business expansion is often prerequisite for growth of the company and taking the venture abroad is what many entrepreneurs do. However, it is not mandatory that you will always have to expand business to large and well known countries. Based on your business niche and expansion plans, selecting relatively lesser known countries can actually be good. You can expand business operations to Samoa. This small island country became independent in 1962 from New Zealand. It may not seem a happening business destination but companies can seek unexplored niches here.
Before you can take venture to Samoa, it is imperative that you gather knowledge on its economy, business regulations and legal issues related to business operations. Our Samoa Company Formation package can definitely make things simpler for you regardless of your business niche. The nice thing is the govt of Samoa is willing to make things better for foreign investors and it has started adopting pro business reforms and measures.
The economy Of Samoa is growing but so far it is focused on a few sectors. The major industries thriving here are agriculture, manufacturing and service sector. If your venture falls within these segments it is fine. However, it is also a prudent idea to start a business in the country in niches that are still not explored. For example, companies offering services and products related to internet, telecommunication and IT can prosper in the country.
The main trade partner of Samoa is New Zealand and so by setting up a business here you can gradually tap the potential of your products in New Zealand. The NZSTIC set up by the Samoan Government facilitates trade activities between two countries. To learn nuances of trading activities and legal norms, our Samoa Company Formation package can be useful.
Since tourism is a big draw in Samoa, tourism related ventures have chances of tasting success here. Even those companies in hospitality sector should invest in the country. Setting up technological companies can be fruitful and you can get the first mover’s advantage here. The taxation is not much steep compared to nearby nations.
Samoa is a country where investors can try out many unexplored territories but proper planning is required. Assistance of consultant agencies can be beneficial in this context. Contact BRIS group to get your queries on business setup in Samoa answered. Check out our Samoa Company Formation service and get the details.
|Samoa Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Samoa Tax Information Exchange Agreements:||Yes, Samoa signs Exchange Agreements|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Samoa Company Formation||Registration Requirements|
|Share Capital:||US$1,000,000 Minimum paid up share capital US$1|
|Classes of Share Available for Samoa company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in Samoa|
|Shareholders:||Minimum number is one|
|Directors:||Can be any nationality and need not be resident in Samoa. Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||S.A., Ltd, Inc., Corp.|
|Documents required for Samoa company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Samoa Company Formation||Restrictions|
|For Samoa company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||Not permitted to trade within Samoa|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Samoa Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Respectable jurisdiction and plausible reputation.|
|Political System:||Parliamentary Democracy|
|Governing corporate legislation:||The International Companies Act of 1987 (“the Act”) as amended|
|Type of Law:||Common|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.