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Much of Samoa's economy relies on agriculture and fishing. Bananas, coffee, cocoa are exported from the country. In the 50s of the last century, there was a trend of strong economic dependence on European countries. During this period, the country's leadership decided to change the tax rate: a 95% tax discount was made for companies that export at least 90% of all products from the territory of this state. Firms in Samoa have become an instrument of offshore policy for many foreign investors.
Open a company in Samoa: characteristics of the tax system
Like any other offshore, there is no taxation for those firms that do not do business in Samoa. Businessmen are limited to paying annual fees to the state in the amount of $400. The final amount of the annual fee depends on the size of the authorized capital, which is declared at the time of filing the application for registration of the company.
The procedure for registering a company in Samoa provides for the possibility of creating companies in the following organizational and legal forms:
- International associations. Under current law, such a firm must have at least one director. At the same time, there are no requirements for him to be a resident of the country. A director can be either an individual or a legal entity. The organizational structure of such an association provides for the presence of a resident secretary.
- International Trusts. They are characterized by mandatory participation in the activities of the company of the director represented by a resident of the country. Such an offshore in Samoa guarantees complete confidentiality of information about the founders and the executive body of the company.
- Offshore banks. They require obtaining a local license for the right to conduct financial activities. To obtain its simplified version, the founders need to establish and pay a minimum authorized capital of $250,000.
- Insurance company with foreign participation. The starting capital for establishing a company of this type is $100,000. If the investor plans to create a company to carry out insurance activities in the long term, then the minimum share capital must be paid in the amount of $500,000.
In addition, insurance firms are subject to the duty of their founders to conduct an annual audit of their financial records.
It is also published on the official website of the country's fiscal authorities. As for the shortcomings, they are practically absent. It should only be noted that servicing the activities of a company registered in Samoa will cost its owner a little more than activities within other offshore companies. Positive Invest specialists are ready to provide comprehensive services for registering a company in the territory of this jurisdiction.
At the same time, the client receives complete confidentiality of information about the composition of the company, as well as the possibility of complete exemption from paying mandatory fees in the territory of this region.
Offshore company in Samoa with Positive Invest: fast, high quality, inexpensive
Positive Invest specialists will help you choose the most appropriate form of enterprise for doing business in Samoa. International companies have become widespread. At the moment, they compete with well-known companies registered in the British Virgin Islands. The successful competition of firms that have jurisdiction in Samoa is due to an individual approach to their corporate structure, as well as progressive offshore legislation.
Registering a business in the territory of this jurisdiction allows you to enjoy the following benefits::
- The possibility of doing business in a region that has established economic and financial ties with neighboring offshore jurisdictions.
- Firms established in Samoa have the status of full-fledged international organizations. This allows businessmen to conclude agreements with counterparties, as well as to contribute capital to the company's authorized capital in order to accumulate it.
- Samoa is distinguished by the minimum contributions required to enter a company in the company register. In addition, in order to maintain the company in the register of the registering authority, the entrepreneur makes annual contributions, which are significantly lower than the rates established in neighboring offshore zones.
- Having a company registered in Samoa allows its founders and shareholders to open an account with a local bank. Thus, it becomes possible to conduct business within the jurisdiction, as well as increase capital by placing funds on a personal bank account.
An offshore zone in Samoa is favorable for financial investments. Local governments allow foreign investors to use a wide range of business owner privacy tools. It is possible to use the institution of a nominee director/secretary. This is relevant in cases where it is necessary to ensure the confidentiality of information about the main owner of the business.