Upon expiry registration can be renewed on an annual basis or for further long term periods. Long term companies have special attraction for, inter alia, yacht ownership, project companies, joint ventures, property development companies, film production ventures, holding companies, investment companies and leasing arrangements. Samoa also offers attractive legislation for the operation of offshore banks and captive insurance companies albeit in a regulated environment. The Offshore Banking Act 1987 provides for the issue of A class licences and two categories of B class licence. Licensed offshore banks are exempt from all forms of taxation on income or transactions effected in their offshore banking business.
Similar exemptions apply to shareholders and depositors.
The Samoa offshore insurance legislation provides an attractive environment for the establishment and operation of international insurance activities including captive insurance and reinsurance companies. Offshore insurance business is defined as any insurance business where each of the insured, the policy beneficiary and the owner of the policy are not domiciled nor ordinarily resident in Samoa. An insurer registered under the Act is exempt from any form of taxation and duty or exchange control in Samoa. Policyholders and shareholders are similarly exempt. Apart from its modern and innovative legislation Samoa has a well developed infrastructure to support its growing offshore industry.