Samoa Company Formation
Samoa is located at the 13 degree south and 172 degree on west at the latitude and consists of two large islands and seven small islands, on the South Pacific Ocean. Country’s commercial and federal capital is Apia with the population of 180,000 and area of 2944 square kilometre. Samoa was the first Polynesian country who got independence in 1962. Company’s economy depends on the remittances from the overseas Samoans and on the development aid, but in addition to this agriculture and financial services also contributes to the country’s economy.
Constitution of Samoa adopted British Parliamentary system which has the blend of Samoan social structure and democratic voting. Samoan legislative assembly consists of 47 members out of which 45 seats are reserved for Matai title holders i.e. the heads of each extended Samoan family and peers of their family elects them. The other two seats are reserved for those non-Samoan residents who are registered on the voters roll. Elections are held after every three years.
Samoa International Companies Act and the Samoa International Trust Act embarks the beginning of financial services in the country in 1987. The Trustee Companies Act 1987 enable the companies and trusts who are engaged in the business formation or management of companies or trusts to apply and obtain the license. Samoa undergo extensive legislation which covers banking, insurance and partnerships sector. To stop the money laundering, an Anti-Money Laundering law was enforced in 2000.
Companies which are involved in the international trade and investment will be incorporated as per the Samoa International Companies Act but will be the Samoa exempt company. Such Samoa exempt companies can neither own real estate nor can trade in Samoa but will have the powers and rights as of a natural person. There is no residence or nationality restriction on the company’s director or secretary, neither there is need to disclose the beneficial owners of the shares.
Requirements for Incorporation
There are certain requirements to incorporate a company in Samoa, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of Samoa. Corporate directors are allowed to be appointed. There is no requirement to hold director’s meeting but public director’s register are required to be maintain.
There is minimum requirement of one secretary and none of the appointed secretaries need to be the resident of Samoa. Corporate secretaries are allowed to be appointed. There is no requirement for the secretary to hold any professional qualification.
There is a minimum requirement of one shareholder in order to incorporate a company in Samoa. Corporate shareholders are allowed to be appointed. There is a requirement to maintain and keep public shares register but par value of shares are not permitted. Authorised share capital is usually 1000 shares with value of USD 1 each. It is not allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once you get incorporated, this is what you’ll get:
It generally takes 1-2 weeks to incorporate a company in Samoa.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is not required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.