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.
