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Samoa Private Fund

The Samoa International Finance Authority (SIFA) regulates mutual funds under the Internationals Mutual Fund Act, 2008. This Act sets out the guidelines pertaining to the application and licensing of private fund in Samoa.

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About a Samoa Private Fund

A Samoa Private Fund is recognised as an international mutual fund whose shares are not offered to the general public but to specified persons or by reason of a private or business connection between the promoter and investor with no minimum investment amount or are held by not more than 250 investors with a minimum investment of USD 25,000 for each investor or is designated as a private fund by regulators.

Samoa Private Fund Legal Requirements

Requirements

Description

  1. Applicable legislation

International Mutual Fund Act, 2008

  1. Supervising Authority

Samoa International Finance Authority (SIFA)

  1. Corporate vehicle permitted

Any licensed:

IBC (International Business Company)

LP (Limited Partnership)

Trust

Limited Liability Company

  1. Share capital or equivalent

    • Minimum subscription

USD 25,000

    • Minimum investors

250

  1. Directors / Partners / Trustees

    • Minimum number

1

    • Corporate Directors / Partners / Trustees allowed

Yes

    • Local Directors / Partners / Trustees required

No

  1. Fund functionaries required

    • Custodian

 

      • Custodian required

Yes

      • Local custodian required

No

      • Eligible custodian

Any other person as the Samoa International Finance Authority (SIFA) may approve.

    • Fund manager / Investment manager

      • Fund manager required

Yes

      • Local fund manager required

No

      • Fund manager requires to be licensed

Yes

      • Eligible fund manager

Samoan licensed fund Manager by the Samoa International Finance Authority (SIFA)

Approved licensed Foreign Fund Manager by the Authority and from a recognized country or jurisdiction as per the International Mutual Fund Act, 2008

    • Fund administrator

      • Fund administrator required

Yes

      • Local fund administrator required

No

      • Eligible fund administrator

Samoan licensed fund administrator by the Samoa International Finance Authority (SIFA)

Approved Foreign Administrator by the Authority and from a recognized country or jurisdiction as per the International Mutual Fund Act, 2008.

    • External auditor

      • External auditor required

Yes

      • Local external auditor required

No

      • Eligible external auditor

Qualified local auditor approved by the Samoa International Finance Authority (SIFA)

Foreign auditor approved by the Samoa International Finance Authority (SIFA)

A registered company auditor under the International Companies Act 1988

  1. Asset Requirements

    • Restriction on type of asset class invested

None

    • Asset diversification requirements

None

    • Limitation on size of the fund or total assets under management

None

  1. Local physical office required

No

  1. Prospectus / Offering Memorandum required to be filed

Yes

  1. Eligible for listing

Yes

  1. License fees

    • License application fee

USD 350

    • Annual license fee

USD 350

  1. Estimated license processing duration

3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
A Foreign Mutual Fund must submit audited financial statements annually.
Other obligations

The fund’s administrator must at all times keep an office in Vanuatu for the fund

For a foreign mutual fund that is a company the fund must at least have 2 directors
Tax Obligations and Other Exemptions
Requirements Description Rate of tax
Business Tax
Yes
27%
Withholding Tax
Non-resident withholding taxes apply to the following types of income.
Insurance premium under a life policy or arising from reinsurance
7.5%
Interest, royalty, general insurance premiums, management fees, fees for personal (including professional) services or natural resource amount
15%
Non-resident international transportation income
5%
Life insurance taxable income from investments of premium incomes
10%
Income Tax
Taxable Income ($)
0-15,000
Nill
15,001 - 25,000
20%
25,001 +
27%
Value Added Tax (VAT)
Applies
27%
Stamp duty Act
None
None
Trades Tax Act
None
None
Immovable Property Transfer Restriction Act
None
None
Immigration Decree
None
None
Exchange Control Act
None
None
Foreign Earnings Act
Exempted
None

Benefits of a Samoa Private Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favorable compliance restrictions
  • Friendly regulatory environment