Samoa

ESSENTIAL FACTS

LOCATION: 14 20 S, 170 00 W
The Independent State of Samoa is a group of islands in the South Pacific Ocean about half way between Hawaii and New Zealand.

POPULATION: 214,265 (Polynesians, Samoans, Chinese, European)

CURRENCY: Tala (WST), also called the Samoan dollar.

LANGUAGE: Samoan, English, Tongan and other Pacific Islander dialects

CLIMATE: Samoa has a tropical marine climate with little seasonal temperature variation

EDUCATION: 97 percent of Samoans are literate.

PUBLIC HOLIDAYS: Flag Day, 17 April (1900)

HISTORY AND GOVERNMENT

HISTORY
Although recorded history of the islands dates back 3,000 years, Western contact first came in 1722 by the English; France, Germany and the United States followed shortly thereafter, and their interests in the archipelago grew until an eight-year civil conflict broke out over territorial rights. The US now owns Eastern Samoa, with its official name being “American Samoa” and uses the US dollar and is governed by the US; Western Samoa, after long conflicts with New Zealand, gained its independence in 1962.

POLITICAL SYSTEM
Samoa’s government is formed as a parliamentary democracy, patterned after the British and also is heavily influenced by traditional tribal customs of Samoa. The chief of state is chosen by the legislature from the paramount chiefs; the Prime Minister is elected by popular vote. The legislature, called the Fono, is unicameral and consists of elected posts as well as two seats chosen by non-Samoans.

JUDICIAL SYSTEM
As with the government, the judicial branch is a mix of English common law and traditional law.

COMMERCE AND TRADE

COMMERCIAL ACTIVITY
Agriculture: Bananas, coconuts, vegetables, taro, breadfruit, yams, copra, pineapples, papayas; dairy products, livestock
Industry: Tuna canneries (largely supplied by foreign fishing vessels), handicrafts

TRADE PRACTICES
Samoa exports to Indonesia, India, Australia, Japan and New Zealand and imports from Australia and New Zealand. Ninety percent of all Samoa’s exports are agricultural.

BANKING, FINANCE AND INVESTMENT

FINANCIAL FACTS
More than 90 percent of Samoan land is owned communally, per the traditions of the Polynesian culture. Tourism is strong, and its private sector is dominated by the tuna industry. The US government plays a large role in the economic stability of Samoa.

Fiscal year: 1 October - 30 September

MEMBERSHIPS
Interpol (subbureau), IOC, SPC, UPU

REAL ESTATE
International Business Companies cannot own real estate in Samoa.

LABOR
Labor force: 17,630, spread among agriculture, industry and services, with a 30 percent unemployment rate.

BUSINESS

BUSINESS ENTITIES
An International Business Company (IBC) is the most popular corporate formation, although restrictions apply to the type of business one is allowed to conduct under this entity. Business transactions with Samoans are not allowed; and the IBC cannot perform the following business functions: assurance, banking, collective investments, fund management, insurance, reinsurance, or trust/trustee activity without having a specific license issued for each.

There must be a legal address in Samoa registered to the company name; companies can be formed in 24 hours. The company name can be in any language as long as in English it is not already restricted. IBCs can end in Ltd, Corp, Inc, SA, NV or GmbH.

TAXATION

CORPORATE TAXATION
Samoan International Business Companies are not subject to any income or corporation taxes of any kind.

DOUBLE TAXATION
Samoa does not participate in any Double Tax Treaty agreements.