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.
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.
|Legal System:||British Common Law|
|Time Zone:||GMT -11|
Characteristics of Samoa Company:
- Brand-new company: 10 working days
- Shelf company: 2 working days
- Type of Company: IBC (International Business Company)
- Legal Entity: Yes
- Legal System: British Common Law
- Shelf-company: Available
- Corporate Tax: No
- Annual Return: No
- 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.
- Minimum paid up share capital required is USD 1
- Standard authorized capital is USD 1 million divided into 1,000,000 shares.
- Beneficiary Owner(s): 1
- Shareholder(s): Optional
- Director(s): Optional
- 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.
- Certificate of Incumbency or Good Standing is required.
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