Samoa Legislation
Although the concept of developing an international finance centre in Samoa was initially considered in the early 1970's, it was not until 1987 that the Government decided to proceed with the establishment of an international finance centre. In response to the Government's request the Asiaciti Trust Group agreed to assist the Central Bank and the Attorney General's office in formulating the structure of the proposed centre and to advise on the appropriate legislative requirements.
Since the introduction of the initial legislation in 1987-88, there have been regular amendments and new legislative initiatives to satisfy market requirements. The international finance centre (IFC) legislation now includes the following:
- Trustee Companies Act 1987
- International Banking Act 2005
- International Companies Act 1987
- International Trusts Act 1987
- International Insurance Act 1988
- International Partnership and Limited Partnership Act 1998
- Segregated Fund International Companies Act 2000
- International Mutual Funds Act 2008
- Electronic Transactions Act 2008
The legislation now incorporates some of the most up to date features of IFC legislation. It is designed to attract a high quality international clientele whilst providing for maximum flexibility, an efficient service and a minimum formality, all at an acceptable cost. Further legislation to cover other aspects of international business and to improve the facilities offered by the Samoa international finance centre will be introduced as required.
Entities operating under the IFC legislation are exempted from all Samoa income taxes, stamp duties, withholding taxes, and any other direct or indirect tax, duty or levy. They are also exempted from exchange or currency controls and foreign exchange levies. Similarly the shareholders, members, beneficiaries, partners or other beneficial owners of such entities are exempt from taxation in Samoa.
All aspects of the IFC legislation incorporate stringent confidentiality provisions to protect clients from unauthorised disclosures. The absence of any double taxation treaties provides further protection against fiscal enquiries.
The recent introduction of the Electronic Transactions Act 2008 brings legal recognition and admissibility to electronic records and electronic signatures, there by greatly improving the efficiency of business transactions within the Samoa IFC. The acceptance of an electronic record requires the consent of both parties and is not compulsory.
Click on one of the links below to read more about Samoa companies:
Segregated Fund International Companies
International Partnerships and Limited Liability Partnerships