What is offshore company?

There is a current misconception that the use of offshore company means evading taxes and hiding money from the government, which is certainly not the case.

In fact, to set up an offshore company or relocate your existing business overseas is a crucial step toward internationalizing yourself and your assets.

The term Offshore Company means a company incorporated in a country outside the country of the place of residence / incorporation of beneficial owners.

Again, this is typically pursued to realize various privacy, financial, legal or tax benefits for the owners.

Read more:

Fast Fact: Incorporation of Companies in offshore jurisdictions


Background of Samoa:

Samoa, independent since 1962, situated in the South Pacific Ocean and east of the International Date Line. The country composes of 9 islands, whose local language is English.

Samoa’s offshore corporate legislation was originally introduced in the late 1980s and was based on Cook Islands legislation. Numerous enhancements have been made to provide a business-friendly environment for Asian entrepreneurship. The existing infrastructure and financial system in Samoa is complete, it attracts many famous accounting firms to establish their offices, and law offices are also numerous here.

In addition, the China Embassy in Samoa is helpful offer appostille and certified true of the documents needed to be processed in China.

Basic Fact of Samoa
Official Language:English
Legal System:British Common Law
Currency:Samoa Tala
Time Zone:GMT -11

Characteristics of Samoa Company:

Processing time

  • Brand-new company: 10 working days
  • Shelf company: 2 working days

Business entity

  • Type of Company: IBC (International Business Company)
  • Legal Entity: Yes
  • Legal System: British Common Law
  • Shelf-company: Available
  • Corporate Tax: No
  • Annual Return: No

Company Name

  • English name; or
  • Both English and Chinese name.

Shareholder(s) and Director(s)

  • Minimum Number of Shareholders: 1
  • Minimum Number of Directors: 1
  • No nationality restriction
  • Shareholder and director can be same entity.
  • Corporate shareholder and director is acceptable.

Company Secretary and Registered Office Address

  • A local (Samoa) registered office address is required.
  • Company Secretary is required.
  • non-local Company Secretary is allowable.
  • Correspondence Address can be the address for communication between the company with owners.

Capital Requirement

  • Minimum paid up share capital required is USD 1
  • Standard authorized capital is USD 1 million divided into 1,000,000 shares.

Public Disclosure

  • Beneficiary Owner(s): 1
  • Shareholder(s): Optional
  • Director(s): Optional

Required Document:

Note

Either formation of a brand-new company or buying a shelf company (ready-made company), the required document is almost identical.

Company Name:

  • Must be unique in company registrar of Samoa government
  • English name is compulsory, Chinese name is optional

Shareholder(s) and Director(s):

  • Full name / Company name
  • Residential Address
  • Nationality (passport copy)
  • Distribution of shareholdings among shareholder(s)
  • Shareholder(s) is can be appointed as Director(s)

Registered Office Address:

  • One local address in Samoa
  • One corresponding address for communication with owners.

Document Certification:

  • Certificate of Incumbency or Good Standing is required.

Annual Maintenance:

Note

Renewal of Samoa IBC is generally simple, renewal of Samoa government licence is the major part.


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