Going Offshore - Crowe Horwath International

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Horwath MAK Member Crowe Horwath International 28. SAMOA Geography, Location & General Information Western Samoa, which comprises two large islands and seven smaller islands, is situated in the centre of the South Pacific Ocean, approximately equidistant between Honolulu and Sydney and immediately east of the International Date Line. The Islands have a total land area of approximately 2727 square kilometers. Inland, the islands are mountainous with dense tropical vegetation. The coastal areas are more undulating and have been cultivated for agriculture. There are many beautiful white sandy beaches that are protected by the coral reefs surrounding the Islands. The island of Upola is the most developed island. The administrative and commercial centre is situated in its capital, Apia. Taxation Western Samoa is not a party to any double taxation agreements. Special Features The legislation incorporates some of the most up-to-date features of offshore legislation including a number of special provisions which provide considerable flexibility and unique benefits for offshore corporate structures. Summary The attractions of Western Samoa as an offshore financial centre can be summarized as:- • Exemption from all Western Samoa taxes • Modern offshore legislation providing maximum flexibility • Exemption from exchange control • An established domestic banking system with proven international connections • A well developed economic and commercial infrastructure • Immediate company availability Audit | Tax | Advisory | Risk 56 © 2013 Horwath Mak
Horwath MAK Member Crowe Horwath International SN DETAILS SAMOA 1 Types of company: (a) Type of company preferred for international transactions: Various types of international companies are available, International Business Companies (IBC), other preferred types of company include companies limited by shares, companies limited by guarantee, hybrids (limited by both shares and guarantee), US styled Limited Life Companies (LLCs) creditor controlled companies and segregated fund international companies. There are also long term companies for five, ten or 20 years for discounted fees, and companies can also have their names and Memorandum and Articles of Association in the Chinese language. (b) Shareless companies:Shareless companies are permitted and also referred to as creditor controlled companies. 2 Capital requirements: There are no minimum capital requirements and shares may be of no par value. There is no need to have paid-up capital if the company is a creditor controlled company. Partly paid-up shares are permitted. 3 Fees paid to authorities to incorporate: 4 Annual fees paid to authorities: 5 Taxation rates applied to companies generally: 6 Minimum number of members: USD 300 for one year (USD 100 for companies that re-domicile into Samoa); USD 1,000 for five years, USD 1,500 for ten years, USD 2,000 for 20 years. These fees do not change with increases in authorised capital. As above. (a) The taxation of companies in 2(a): International companies - nil. All entities registered under the offshore legislation are exempt from taxes, stamp duties and other government levies. One. For shareless companies, none. 7 Directors and secretary: Every international company must have at least one director and one secretary. Directors and secretaries may be incorporated bodies. 8 Annual meetings: Annual meetings are not required, when held they can be anywhere in the world or may be held electronically. 9 Is an annual return filed with details of directors and members? Not required. Audit | Tax | Advisory | Risk © 2013 Horwath Mak 57
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Going Offshore - Crowe Horwath International

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