Benefits of international business companies in Samoa:
Among the benefits that are specifically enjoyed are the following:
- Samoan IBCs has total exemption on taxes, according to the International Companies Act.
- No filing of accounts or submitting annual returns is required after the offshore has been incorporated
- Samoa is not a party in any double taxation treaty, which provides enhanced protection against fiscal inquiries.
- The law protects the confidentiality of the beneficial owner and the offshore companies.
- IBCs in Samoa must have at least on director, shareholder and secretary.
- The shareholder and directors can be represented by a natural or legal person.
- Samoan legislation also offers asset protection in a section of the Act (Section 228(B)), whereby a member can elect that his shares in the company can be automatically vested in a specific person on the occurrence of a specified event, such as foreign expropriation or court order.
- Samoa is not party to any mutual assistance gateway, or information exchange agreements
- Its legislation also allows giving far reaching powers to an international company, it may acquire, hold, dispose or deal with the whole of any part of the undertaking of any other company association or business.
- Samoan statutory limitation for a creditor to petition the court for the reinstatement of a corporation previously struck off is only 2 years.
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