Western Samoa
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Capital: Apia
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Population: 179,000
(est. 2003)
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Languages: Samoan
(Polynesian), English
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Area: 2,934 sq.
km (land area)
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Currency: Tala (SAT/WST)
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Fiscal year: 1 June
- 31 May
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Independence status:
01/01/1962 (from New Zealand admin. UN trustee)
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BACKGROUND
WESTERN SAMOA is a cluster of Pacific Polynesian Islands
about halfway between Hawaii and New Zealand.The economy
of Samoa has traditionally been dependent on development
aid, family remittances from overseas, and agriculture
and fishing.The manufacturing sector mainly processes
agricultural products.Tourism is an expanding sector
Legal System
Western Samoa is an independent nation with a parliamentary
government. The Constitution provides for a Head of
State, Prime Minister and Cabinet of Ministers who comprise
the Executive Council and the Legislative Assembly.
There are two major political parties, and both strongly
support the new Offshore Banking, Insurance and International
Companies legislations allowing for tax-free operations
by foreigners.Western Samoan tax law has its foundation
in English and Commonwealth statutory common law. The
five acts which are the basis for the Offshore Finance,
Banking and Insurance centre are based upon English
law, with an intermingling of the laws of the various
financial centres.
Currency
The local currency unit is the Samoan Tala. Entities
registered under offshore finance centre legislation
are not subject to any currency or foreign exchange
controls. There are no currency or exchange controls
or regulations on any foreign currency transation effected
by an International Company ("IC").
Confidentiality
Western Samoa has signed no tax treaties with any nation.
It is against the law for anyone having information
pertaining to the business profits of any bank, company,
insurer or trust to divulge that information to outside
tax collectors or other investigators. Each of the various
Acts has built-in provisions within their texts vigorously
forbidding the divulgence of confidential information.
Files kept by the Registrar and documents lodged with
them are confidential and are not available for inspection
by the public.
Taxation
International Companies, Offshore Banks, Insurance Companies,
and International Trusts are exempt from income tax
or other duties, including direct or indirect tax or
stamp duty on any transaction or profits of or on dividends
and interest paid by or to any company registered or
licensed under the various Off-shore Acts.
Legislations
The International Companies Act 1987, as amended in
1998, governs the incorporation or registration of companies.
Under the Act, companies may be incorporated as international
companies or registered as foreign companies with permanent
establishment in Samoa. Companies incorporated elsewhere
can be redomiciled into Samoa. Related Banking Insurance,
and Trust Legislations were introduced in 19987 and
1988 and made a number amendments to make it more "user-friendly"
to increase its attractiveness against other jurisdictions.
