How to open a business account for
One initial step to starting your offshore business venture is to apply for a business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better liability protection and enhanced credibility for your business. As for Samoa company, there are common application choices to open your business account:
Applying in a local bank in Samoa
Samoa, officially the Independent State of Samoa, also known as Western Samoa, locates in the western part of the Samoan Islands in the center of the South Pacific Ocean.
Generally speaking, Samoa's banking sector is small and concentrated. The offshore banking industry accounts for less than 10% of the total assets of the domestic banking system. As of Mar 2019, there are only 2 locally incorporated international banks, which are subsidiaries of Australian banks and 2 local banks.
The Central Bank of Samoa takes the role of regulating, licensing, and monitoring the financial system. Particularly, Samoa International Financial Authority is mandated for overseeing the international banking sector under the same name Act.
There is no foreign exchange control for transferring funds in any currencies out of Samoa through its banking sector.
Going for offshore bank accounts or fintech solutions
Samoa legislative framework for the banking supervision based on prudential statements is underdeveloped and still misalign with the current international standard. Alternatively, we can help you open an offshore bank account for your Samoa company in reputed financial centers with a sound banking system or Asia financial hub, namely Singapore.
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The list below presents general documents needed to open an offshore bank account for your Samoa company. Other documents might be required by banks depending on your case, so you should contact BBCIncorp to know more details.
Account application form
Bank statements and bank reference letter.
Certified copies of passports, recent address proofs within 3 months for all directors/shareholders/account signatories
Business plan including business structure, estimated turnover, source of funds…
Certified copies of incorporation documents.
Government certification of company good standing status.