I. ABOUT THE COUNTRY

Western Samoa is situated in the center of the Southern Pacific Ocean. Western Samoa has been a fully independent nation since 1962. The population is approximately 162,000 of whom 90% are indigenous Polynesians. There are also Samo, Chinese and European there. The legal system of Western Samoa is based on English common law which is influenced by statute law of New Zealand.

II. THE ADVANTAGES

Companies pays no tax in Western Samoa. It has a sophisticated international telecommunications system with telex, facsimile and international direct facilities via satellite. There are regular international flights to and from Australia, New Zealand and the surrounding Pacific Islands.

III. CHARACTERISTICS OF WESTERN SAMOAN INTERNATIONAL COMPANY

SHAREHOLDERS
Only one shareholder is required and shares must be issued in registered form no filing requirement for details of shareholders. But bearer shares are not permitted.

DIRECTORS
At least one director is required and corporate directors are permitted. There is no requirement to file details to any public registry.

ANNUAL REPORTING
Annual return must be filed but no accounts need to be filed. But penalty fees will be charged if the licence fee is not paid when due.

LOCAL REQUIREMENTS
A registered office address within Western Samoa has to be maintained and a resident secretary and registered agent must be appointed.

IV. CHARACTERISTICS OF WESTERN SAMOA CREDITOR CONTROLLED

INTERNATIONAL COMPANY
A company with no share capital can be incorporated in Western Samoa. It is "owned" by the holder(s) of bearer debentures. A non voting redeemable preference share will be alloted to a non resident of Australia to ensure the company is in fact a "company" rather than some exotic derivative if this is felt necessary.

SHAREHOLDERS
Even with no share capital and shareholders, a Western Samoan Creditor Controlled International Company can still operate. All the usual rights which would normally be exercised by the shareholders accrue to the holder of the bearer debenture.

DIRECTORS
At least one director is required and corporate directors are permitted. There is no requirement to file details to any public registry.

ANNUAL REPORTING
Annual return must be filed but no accounts need to be filed. But penalty will be charged if the licence fee is not paid when due.

LOCAL REQUIREMENTS
A registered office address within Western Samoa has to be maintained and a resident secretary and registered agent must be appointed.

TAXATION
A Western Samoan Creditor Controlled International Company pay no taxes in Western Samoa.