Any experience with Samoa?

[Clip]

I'm interested on creating a crypto company with not need of bank accounts, no annual report filling or sharing any directors information. Samoa looks interesting, any experience here ?

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[Sols]

On a high level, Samoa is the same as any other IBC jurisdiction. What sets‌ it apart is the laws around "specified event", which supposedly is a fairly unique piece‍ of asset protection legislation.

There are creative ways to use this to⁠ protect the company's assets from seizure, creditors, and other undesired scenarios.

IIRC, some basic accounting⁤ is expected, much like in other IBC jurisdictions. Enforcement is lax.

 

[Davis123]

Million dollar⁣ question is where would you get a reputable bank account with offshore companies like Samoa,⁢ Nevis, Belize, Seychelles etc ? As far as I know reputable banks started having problems︀ with these jurisdictions from 2014 onwards. It's even difficult to open up accounts with reputable︁ offshore jurisdictions these days.

 

[islandmoney92]

Looks like the OP⁤ isnt concerned about having access to a bank account though. Assuming he will deal entirely⁣ in crypto since its a crypto related business.

 

[Davis123]

Well he will need one in future to get it transferred to fiat ? Wouldn't‌ he. But the idea looks nice. Marshall Islands had a bearer share company offered years‍ ago but banks wanted a UBO so it wasn't possible to get anything done even⁠ years ago.

 

[Clip]

No need, in some countries the Btc can be used to‍ pay salaries, services or invoices.

 

[CaptK]

If the bank account doesn't matter then go for a Seychelles Foundation. The Assets dont‌ belong to anyone.

 

[Praetorian]

If you need a bank account you better have a lot of assets to play‌ with that kind of legal set up. No decent bank is going to onboard you‍ unless they can justify the risk.

If you are dealing with 100% crypto assets and⁠ don't really care about fiat, then the legal set up makes sense, even though most⁤ other IBCs are less sketchy than Samoa/Marshall Islands/Cook Islands at this point. Make sure you⁣ make an educated decision before making any moves.

 

[Clip]

What other IBCs that para provides privacy‌ and cheap to maintain are there?

 

[Praetorian]

Seychelles and Saint Kitts of Nevis, still bottom of the barrel in‍ terms of IBCs and but will look a tad bit less sketch than Samoa.

 

[Outlander]

If banks are slowly becoming redundant (and they are), will we witness the rebirth of‌ the golden era of offshore havens?

Today we have not only Bitcoin but stablecoins representing‍ dollars, pounds, etc. Say what you want about the safeguards of these vehicles, but they're⁠ surely maturing and driving banks out of business. Faster technology, and immune to governments.

Soon enough, OECD will try to regulate crypto exchanges.