Samoa Offshore Bank License
Only holders of an offshore banking license issued by the Minister of Finance of Samoa can carry out offshore banking activities. The licenses prohibit dealing with Samoa currency and transactions with Samoa residents.
Samoa offers three types of offshore banking licenses pursuant to the provisions of the International Banking Act 2005. These are “A” Class License, “B1” Class License and “B2” Class License.
“A” Class License
An unrestricted banking license usually granted to subsidiaries of existing banks, financial institutions or experienced bankers. A minimum paid up capital of USD$10,000,000 is required.
“B1” Class License
The holder of this license can accept deposits from the general public and is designed for offshore deposit taking, consumer finance, merchant activities, etc. The “B1” class license is restricted in that it may only accept deposits above a minimum amount. A minimum paid up capital of USD$2,000,000 is required.
“B2” Class License
This is a “captive” or “in-house” banking license, normally used for treasury operations of a group of companies. The license does not allow deposit taking from the general public (deposits are only accepted from persons or entities related to the owners and controllers of the bank) or to offer check book services. The “B2” class license is a tax planning tool. A minimum paid up capital of USD$250,000 is required.
Requirements to obtain an offshore bank license in Samoa include:
- Business plan
- Financial statements
- Completed personal questionnaire for beneficial owners, controllers and directors of bank
- CV of beneficial owners, controllers and directors of bank
- One bank reference and two professional references for beneficial owners, controllers and directors of bank
- Certified copies of passport of beneficial owner, controllers and directors of bank
- Police history of beneficial owners, controllers and directors of bank
- Proof of financial status of applicant
Licenses are issued after a 12 week period after the application forms have been submitted.
If you have questions about Samoa Offshore Bank license please contact us.