Samoa Tightens Screws on Beneficial Ownership Requirements
To strengthen its anti-money laundering efforts, Samoa has introduced new regulations requiring international companies to provide detailed information about their beneficial owners.
Background Information Required
Under the new laws, companies are required to obtain background information on each principal beneficial shareholder or owner who holds 10% or more of the company’s shares. This includes individuals and corporate entities that have a significant stake in the company.
To comply with the regulations, companies must submit specific documents to Kaizen, a leading provider of company registration services in Samoa. The required documents include:
- A certified copy of the photograph page of the beneficial shareholder’s current valid passport, national identity card or driver’s license;
- A certified copy of proof of residential address bearing the full name and detailed residential address of the beneficial shareholder;
- Date of birth, nationality, permanent address, and contact details of the beneficial shareholder; and
- Additional information for intermediate holding companies, including a certified copy of the certificate of incorporation, register of members, and confirmation of registered office and principal place of business.
Approved Listing Jurisdictions
The Samoa Money Laundering Prevention Authority has also identified approved listing jurisdictions, which include:
- Australia
- Austria
- Belgium
- Bermuda
- Canada
- Cayman Islands
- China
- Chinese Taipei
- Denmark
- Finland
- France
- Germany
- Hong Kong
- India
- Italy
- Japan
- Luxembourg
- Malaysia
- Mexico
- Netherlands
- New Zealand
- Norway
- Singapore
- South Africa
- Spain
- Sweden
- Switzerland
- United Kingdom
- U.S.A.
Confidentiality and Due Diligence
Kaizen emphasizes that it will hold all information received in strict confidence, subject to Samoa’s confidentiality laws. The company also reserves the right to cease providing services to any entity that fails to provide required due diligence information within 60 days of incorporation.
Notification of Changes
In addition, companies are required to notify Kaizen of any changes to their beneficial shareholders or ownership structure.