Valsen Fiduciaries Funds

Samoa Public 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 public fund in Samoa.

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About a Samoa Public Fund

A Samoa Public Fund is recognised as an international mutual fund which is neither a private or professional fund and compelled to undergo a registration procedure similar to the licensing of international banks and insurance companies

Samoa Public 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 100,000

    • Minimum investors

None

  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 500

    • Annual license fee

USD 500

  1. Estimated license processing duration

3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
Submit annual audited accounts to FSA within 6 months of the financial year end.
Other obligations

Duty to publish and file a prospectus
No registered public fund shall in or outside Samoa make an invitation to the public or any section without a prospectus signed by or on behalf of the board of directors which shall:

  • Provide full and accurate disclosure of all such information as investors would reasonably require and expect to find for the purpose of making an informed investment decision;
  • Contain a summary statement of investors’ rights as provided in section
    • Be accompanied by or contain reference to the availability of the financial statements for the last financial year of the fund and the auditor's report thereon if the fund has completed a financial year in operation.
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 Vanuatu Foreign Mutual Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favourable compliance restrictions
  • Friendly regulatory environment
  • No exchange controls restrictions