Q:
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Does the Accounts of the Samoa International Company (“IC”) need to be prepared?
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A:
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The Samoa IC shall keep all the accounts and relevant records for 7 years. The accounts shall correctly explain all transactions including all sums of money received and expended, all sales and purchases with other transaction as well as the assets and liabilities to reflect the financial position of the Company with reasonable accuracy at any time.
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Q:
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Does the Accounts of the Samoa IC need to be audited?
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A:
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Under the International Companies Act (“IC Act”), there is no requirement to arrange the accounts of the Samoa IC to be audited or filed with the Registrar.
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Q:
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Does the Samoa IC need to pay tax in Samoa?
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A:
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The Samoa IC shall be exempted from the payment of income tax and from payment of any other direct or indirect tax in respect of dividends, earnings or interest earned. Except where the income is derived by way of dividend, interest, royalty or any other means of distribution paid by a trustee company taxable in Samoa.
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Q:
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When should I renew the Samoa IC?
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A:
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Samoa IC is liable to pay to the Registrar on the 30th day of November of each year following the year of its incorporation.
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Q:
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What could I get after the annual renewal of Samoa IC? How to check if my company is renewed or not?
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A:
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Since no annual return or declaration form is required to submit for annual renewal, there is no filed document can be obtained, but the Samoa IC can apply for a Certificate of Good Standing to prove that it is in good standing.
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Q:
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What do I need to provide for the annual renewal other than payment?
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A:
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Although no annual return or declaration form is required to submit for annual renewal, the company shall provide the information related to business activity(ies), director(s), shareholder(s), secretary(ies) and beneficial owner(s) to meet with the due diligence requirement.
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Q:
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Do I need to report to the Government or Registered Agent if there is any change of company structure for a Samoa IC?
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A:
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If there is any change of company structure or particular of director(s), shareholder(s) and secretary(ies), the IC shall prepare and execute relevant documents to reflect the change and file the documents with registered agent to complete their records immediately.
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Q:
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Does Samoa IC need to hold annual general meeting each year?
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A:
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Samoa IC Act require the IC to hold annual general meeting in each calendar year. However, it is not mandatory to hold any physical annual general meeting if all members agree to pass the resolution in writing.
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Q:
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Is Samoa IC required to hold the board or shareholder meeting within Samoa?
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A:
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It is not required to hold any board or shareholder meeting within Samoa.
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Q:
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Is Samoa IC required to make any declaration of Economic Substance?
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A:
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There is no legislation about Economic Substance in Samoa at the moment. Therefore, there is no requirement for Samoa Company to make any declaration of Economic Substance.
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