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Samoa International Company is also referred to as an International Business Company is incorporated under the International Companies Act 1987. An International Business company which is formed in Samoa has many benefits associated with other offshore Company formation jurisdictions which include the tax benefits, confidentiality of the investors and nondisclosure of the agreements. There are certainly other benefits such as administrative flexibility and stable political and economic environment. In this article, we will discuss how to incorporate the company in Samoa?
Table of Contents
The economy of Samoa is mainly engaged in agricultural exports, development aid and private remittances from overseas. Observers see a sense of flexibility of the labor market as a basic strength for future economic advances. Trade and investment between Samoa and New Zealand have a potential to rake in billions in the local economy. Since it is exempted from taxes, Investors find it an attractive option. Samoan Corporations are regulated by the International Companies Act. This act allows the corporate a sense of flexibility along with the modern business legal system in comparison to other offshore jurisdictions. Samoan legal system is based on English law, which makes it adaptable and friendly.
There are many types of companies in Samoa such as:
The international companies in Samoa are entitled to conduct business outside the country as well. Although there may be restrictions in certain sectors for IC’s such as trade or real estate. Income accrued offshore by an International company is not taxed that is it is tax exempted. International companies in Samoa are often used as holding companies for investment holding, asset protection and also for international trade. Dividends paid are received by an International company are not subject to taxation. Capital gains are also not taxable. A capital gain tax is levied on the profits that the corporation or natural person realizes when the person sells a capital asset at a rate higher than the purchase price. The VAT rate in Samoa is 15% and there is no wealth tax charged. Also, there is no inheritance tax in Samoa.
The company incorporated in Samoa serves a lot of advantages such as:
For incorporation of a Samoan International Company, an application is made to the Registrar of International and Foreign Companies through the licensed company. A set of Memorandum of Association along with Articles of Association needs to be submitted with the requisite registration fees. The prospective customers need to provide the following documents:
The table below depicts the requirements of a Samoa International company:
An International company in Samoa is considered to be a modern, purpose-built dedicated and cost-effective process. The advantages of incorporation are extensive because of the tax exemption, low cost, simplicity of ongoing maintenance has a positive impact on transaction costs, can be sound grounds for structuring through its flexibility of laws. The most important factor in regard to this is the financial considerations which are quite pertinent than before. With this point of view, the companies are turning and opting for the new ways of conducting business in order to come up to this competitive atmosphere. The Government of Samoa has an active economic policy which encourages the international business to invest. It also possesses good geographical location, political and social stability and various business incentives which attract the investors to invest offshore in Samoa.
Also Read: Procedure of Foreign Company Registration in India
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