The re-domiciliation process is simpler as the Registrar of International Companies in Samoa is no longer required to seek the prior authorisation of the regulatory body in the company's home jurisdiction. This prior requirement, quite understandably caused significant delays to the transfer of domicile. It is now only necessary that evidence be shown that the laws in the home jurisdiction of the migrating company permit outwards re-domiciliation.
The simplified re-domiciliation process now requires a standard form application to be filed with the Samoa Registrar of International Companies accompanied by -
- documentary evidence of the status and good standing of the company; and
- the prescribed Government registration fee.
The Government registration and annual renewal fee for companies that re-domicile into Samoa has been reduced from US$300 to US$150. Consequently the annual Government registration fee for a re-domiciled company is US$150 per annum less than the registration fee payable by other international companies registered under the Act. The annual fee of US$150 is also very competitive with other jurisdictions such as BVI, the Bahamas, the Cayman Islands, and the Turks & Caicos.
The fee reduction is an attempt by the Government to attract more international companies into the jurisdiction. The move follows increases in annual Government registration fees in the Bahamas in early 1998. The Government was also influenced by developments in the British Overseas Territory jurisdictions, such as the British Virgin Islands, who are under pressure to enter into exchange of information agreements that, inter alia, encompass taxation claims.
There is growing concern in the offshore industry that the confidentiality standards normally expected of these "traditional" jurisdictions is being whittled away. Legitimate users of offshore structures therefore face the risk that foreign Governments may obtain access to private information in regard to their financial affairs. The Samoan offshore legislation does not condone illicit activities and it's confidentiality laws will not protect money laundering activities. It will however provide a strict confidentiality standard for clients that seek privacy in respect of their legitimate international investment or business activities. Re-domiciliation into Samoa from such jurisdictions will ensure a higher standard of confidentiality for those clients.
The strict and clearly defined confidentiality provisions of Samoa's offshore legislation are significantly enhanced by the country's status as an independent State. Samoa's offshore finance centre legislation is determined by the policies of its own Government and not imposed upon it through extraneous foreign Government policies.
The Samoan Offshore Finance Centre has maintained a strict philosophy of offering a professional, reliable and highly credible jurisdiction. This approach is endorsed and supported by the Asiaciti Trust Group. The move to attract further business through re-domiciliation reflects the Government's commitment to make the Offshore Finance Centre attractive to legitimate users of offshore structures.
The content of this article is intended to provide general information on the subject matter. The reader should therefore obtain professional advice specific to their circumstances.
If you would like to find out more about the process for re-domiciling a company into Samoa, please contact the resident manager of Asiaciti Trust Samoa Limited, Mr John Ashwood.
