Samoa

Samoa is a country in the western part of the Samoa archipelago located in Polynesia. It is currently one of the most versatile jurisdictions for setting up an offshore company. The country tailored its offshore legislation primarily to robust and flexible asset protection. Similar to other standard offshore jurisdictions, Samoan companies benefit particularly in the role of offshore shareholders and asset management companies.

Main advantages of establishing a company in Samoa

• Political and economic stability
• A mature legal system regarding offshore companies and business corporations
• Developed infrastructure and communication
• Skilled workforce
• Possibility of accommodation in quality hotel chains
• Zero taxation of bank transactions
• Zero exchange control and regulation
• Zero taxation of profit including capital gains

An offshore company based in Samoa is suitable for asset protection where it is among the strongest offshore structures in the world. This is made possible by the International Companies Act 1987, which allows that on the occurrence of a certain event, a member of the company can decide to transfer the business interest to another person. A specific event can be a court order, expropriation or other specific event. An example could be a situation where a foreign court issues an asset seizure order, which can be taken by the company as a specific event and can immediately transfer ownership of the company to another person.

Another advantage is the possibility of reducing the administrative fee to the government by pre-paying several years in advance. The base rate of $300 can thus be reduced to $100.

As in most similar offshore jurisdictions, a company incorporated in Samoa must have one shareholder and one director whose names do not appear anywhere in the public register, pay no taxes, keep no accounts, audit is optional and the general meeting can be held anywhere in the world.

In 2012, Samoa introduced new legislation based on the International Companies Act. These are the so-called Special Purpose International Companies (SPIC), which are a hybrid form and contain elements of a company and a foundation. A company must have directors but no shareholders. All companies owned by SPIC therefore have no legal owner and are therefore suitable for asset protection. This type of company is unique to Samoa and has led to the development of Samoa as a tax haven. SPIC companies are still relatively unknown, but due to the opportunities they offer, their future growth can be expected.

Samoa is a popular tax haven especially for Asian companies. Currently, Samoa is the second most popular offshore jurisdiction for the three largest Asian economies – China, Hong Kong and Taiwan. Its popularity is also evidenced by the fact that a billion dollars was invested in China last year through companies registered in Samoa, making Samoa the tenth largest source of foreign direct investment in China.

Although Samoa is a relatively unknown tax haven for European companies, the Asian ones have already discovered its advantages and possibilities of use and it is widely used by them. This trend will continue, so Samoa will become even more attractive for European clients, who will thus gain better access to the advantages that this tax haven hides.

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