An application to license an international or foreign company registered under the International Companies Act 1988 and other overseas company wishing to carry on international banking business from within Samoa is made to the Minister of Finance under the International Banking Act 2005. The applicant must provide a business plan, its ultimate beneficial ownership (together with references, financial reports), and verification that every director, controller or manager is "fit and proper" in terms of integrity, competence and financial soundness.
Physical presence in Samoa is a mandatory requirement for a banking license. The application fees are as follows:
- "A" class banking license - USD$25,000.00
- "B1" class banking license - USD$15,000.00
- "B2" class banking license - USD$10,000.00
Class A Banking License
- Capital issued and paid up in cash and unimpaired reserves of at least USD$10million.
- Shall transact international banking business through its business office in Samoa.
Class B1 Banking License
- B1 - Aggregate of capital issued and paid up in cash, and unimpaired reserves of at least USD$2million.
- Holder can transact only such international banking business as may be specified in the license through its business office in Samoa and only in the currencies specified therein.
Class B2 Banking License
Aggregate of capital issued and paid up in cash or unimpaired reserves of at least USD$25,000.00.
Holder of license can transact international banking business as may be specified in the license through its business office in Samoa, can only accept deposits from persons/entities listed in the undertaking accompanying the license application.
Disclaimer: The above information is for briefing purposes only. For clarification or further information please contact us on enquiries@samoaibfc.ws