International Mutual Funds
The International Mutual Funds Act 2008 ("the IMF Act") regulates the licensing and supervision of International Mutual Funds and Collective Investment Schemes in Samoa.
The IMF Act 2008 defines a Mutual Fund as: "An entity that collects and pools investor funds for the purpose of collective investment and issues shares that entitle the holder to receive on demand or within a specified period, after demand an amount computed by reference to the value of a proportionate interest in the whole or in a part of the net assets of the fund."
The Act provides for 3 types of mutual funds:
- Public funds
Defined as an international mutual fund, which is neither a private nor professional fund and is compelled to undergo a registration procedure similar to the licensing of an international bank or insurance company.
An application for registration must include:
a. A copy of the mutual fund's constitution
b. Verification that the laws of the jurisdiction in which it is constituted has been complied with
c. Nature and scope of the business to conducted,
d. Confirmation that promoters are "fit and proper" and that the business will be conducted in a proper manner.
A registered Public Fund must have its financial statements audited annually and file them with the Registrar within six months of its financial year end. These statements must be made available to all investors. It must also file an original signed copy of its prospectus with the Registrar. - Private mutual funds
A private mutual fund is defined as one whose shares are not offered to the general public but to specified persons or by reason of a private or business connection between the promoter and the investor. A private mutual fund must have no more than 250 investors with a minimum investment of USD $ 25,000 each. Also the regulator can upon application, designate a fund to be a private mutual fund. The recognition process for a private fund is simplified in comparison with the registration procedure applicable to public funds. There are no audit or prospectus requirements. - Professional funds
A professional fund is one in which shares are made available only to professional investors with an initial investment of not less than USD$100,000 or equivalent, provided the said minimum investment must not apply to any investment made by the manager, administrator promoter or underwriter of the professional fund. Registration requirements mirror that of a private fund.
Approved Structures
An international mutual fund can be formed as an international company, a partnership, a unit trust or other similar body formed or organised under the Samoan IFC legislation.
All managers and administrators of Mutual Funds must be licensed under the Act.
Click on one of the links below to read more about Samoa companies:
Segregated Fund International Companies
International Partnerships and Limited Liability Partnerships