History and Government
Samoa comprises of several islands situated approximately half way on a line drawn between Hawaii and New Zealand. Apia is its capital. The population of the islands is approximately 160,000. Originally ruled by Germany from 1889 to 1914, Samoa was subsequently administered by New Zealand until it became the first South Pacific country to gain independence in 1962. Samoa was known as Western Samoa until 1997. Samoa has a parliamentary system of Government with elections every 5 years. There are 47 members of the Legislative Assembly who elect a Prime Minister who, with an eight member Cabinet and the Head of State make up the Executive Council.
Legal System
Samoa's legal system has its foundations in English and Commonwealth statutory law. The court system comprises the Magistrates Court, the High Court, and the Court of Appeal.
International Financial Services Centre
Samoa has had legislation providing for international companies, trusts, banking and insurance since 1988 and this is under continuing review. The Trustee Companies Act 1987 is the founding statute and provides for the licensing and regulation of trustee companies to service the needs of offshore clients. Other enactments include the International Companies Act 1987, the International Trusts Act 1987, the Offshore Banking Act 1987 and the International Insurance Act 1988.
The Samoa International Finance Authority Act 2005 established SIFA to (among other things) protect and maintain the good repute of Samoa as a centre for international financial services and to promote Samoa as a centre for international financial services and to make recommendations for the creation and the improvement of any facilities likely to enhance the attraction of Samoa as a centre for international financial services. Segregated fund portfolio legislation is in place (the Segregated Fund International Companies Act 2000 (as amended 2005) and mutual fund legislation is planned.
