International Banks
The International Banking Act 2005 provides for and regulates the conduct of international banking activities in Samoa.
International banking from within Samoa may only be transacted by the holder of an international banking licence issued by the Minister of Finance pursuant to the International Banking Act 2005.
The wide definition of banking business contained in the International Banking Act 2005 ensures that banks, merchant banks, and other financial institutions wishing to transact international banking business from within Samoa must be licensed under the Act. All licensees are prohibited from dealing in the currency of Samoa, transacting any banking business with any resident of Samoa (other than a trustee company) or advertising or soliciting for banking business within Samoa.
The legislation incorporates a three-tier licensing system through the issue of A class licences and two categories of B class licences. The holder of a banking licence is required to have paid up capital and unimpaired reserves at all times of not less than those stipulated below, depending upon the category of licence issued:
- A Class: US$10,000,000
- B1 Class: US$2,000,000
- B2 Class: US$250,000
A licensed international bank which must be a company registered under the International Companies Act 1987 is exempt from any form of taxation or stamp duty on income earned or transactions effected in its international banking business. Similar exemptions apply to shareholders and depositors of a licensed international bank. Licensed international banks are also exempted from all currency and exchange control restrictions in Samoa.
All international banks are required to maintain a physical presence in Samoa. All banks are required to submit audited accounts annually to the Inspector of International Banks.
Click on one of the links below to read more about Samoa companies:
Segregated Fund International Companies
International Partnerships and Limited Liability Partnerships