Petro Funds is an executive level financial and management consulting firm that provides support to corporations, financial institutions and high net worth individuals A GLOBAL FINANCIAL POWER-HOUSE
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Your Own Western Samoa Bank
For Only US$9,500 |
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Where Is Western Samoa?
Location: Western Samoa is located in the center of the Southern Pacific Ocean, east of the International Date Line. Western Samoa consists of two large volcano islands and seven smaller isles and the area is about 2700 square miles. The capital Apia is situated on the island of Upola. Language: The population speak a relatively ancient Polynesian dialect but English is also widely spoken. Population: The population of which 90% are native Polynesians, is approximately 162,000. The literacy rate is 98%. Political System: In 1899 the islands were divided between Germany and the U.S.A. and during the First World War they were occupied by New Zealand. In 1962 Western Samoa became the first independent Polynesian State and in 1970 it became a member of the Commonwealth of Nations. | So Far From Tax Collectors 
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Why Western Samoa?
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Western Samoa is recognized as a major jurisdiction for offshore banks. The offshore legislation does however provide for offshore banks to be registered under the International Bank Act 1987. That Act exempts the owners and the beneficiaries of such bank from any form of taxation, duty or exchange control.
The Offshore Banking Act 1987 provides for the issue of A class licenses and two categories of B class license. The holder of an A class banking license is required to have paid up capital and unimpaired reserves at all times of not less than US$10,000,000 and for the holders of a B class banking license, not less than US$2,000,000 or US$250,000 depending upon the category of license issued. The later category of restricted license is popular for "captive" banking activities. 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 Off-Shore Banking Act 1987, also permits the licensing of "captive" or in-house offshore banks which are permitted to raise funds from their shareholders or specifically nominated associated depositors. This is an ideal set up for companies involved directly in offshore activities, as this banking service will allow them to limit its depositors to its business associates and refinance its own shareholdings.
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Confidentiality
The dichotomy between confidentiality and disclosure in relation to information passing between Western Samoa offshore banks and its customers, is important as it is the secrecy element that provides the activities such as tax avoidance to flourish. The banker/customer relationship is contractual in nature and gives rise to the duty of confidentiality, which is protected under statutory secrecy provisions. It is implied that that a banker will not divulge to third persons any information on the "customer's account, or any of his transactions with the bank, or any information relating to the customer acquired through the keeping of his account. Further, the Minister of Finance may exercise his discretion to allow offshore bankers to engage in other 'business outside the customary scope of the business of banking. Thus there appears to be a wide scope of offshore banking services available, providing legal opportunities for money laundering operations to filter through the system without detection. Section 26 makes it an offence where professional secrecy is breached and is punishable in court for a "term not exceeding 5 years, or to a fine of 50,000 dollars or both. The breaches cover instances of divulging information within Western Samoa or elsewhere in relation to offshore banking business and details of licensee accounts. It also includes any "attempts to induce others to breach professional secrecy" in such matters. Further, section 2780 imposes a vicarious liability onto the employee of licensee and auditing companies, where an employee is in breach of the secrecy provisions. These secrecy provisions extend beyond the employment period of the official concerned, hence they are effective. | The Bullet Proof Jurisdiction 
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A "captive" or in-house offshore banks license permits a joint stock company registered under the Act to engage in the following banking operations:
| Your Road To Success 
Your own bank;
In Western Samoa |
SUCH BANKING LICENSES ARE NOT LIMITED BY TIME.
Tax Regime: The bank is obliged to file a tax declaration in due time at the end of each calendar year or to hand over to the competent tax authority other data necessary for calculating taxable profit. The bank pays the tax at the rate 2.5% on its declared profit. The tax base is further reduced with the amount of financial resources from income which is directed into investments within the territory of the Republic.
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Annual Payments:
An amount of US$100 is payable to the Registry for the joint stock companies on an annual basis. An annual fee of US$4,500 is payable for the Registered Agent and Registered Office in The Western Samoa (payable on incorporation, then annually on the anniversary thereafter). Book-keeping and accountancy costs are not included. These extra services can be provided if required.
Correspondent Accounts: The basic package includes opening a correspondent bank account at The Western Samoa. This allows the new bank to use their existing correspondent network which includes Citibank, Commerzbank, Union Bank of Switzerland, etc. for sending and receiving payments. Formation Time: Usually to form a new bank with the client's directors and name proposed by the client takes on average 4 weeks. |
Western Samoa 
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Requirements to Begin Formation:
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Documents you will receive on completion:
To safeguard against this mail can be directed to our offices and we can re-mail those letters in a plain envelope addressed to the client or otherwise as the client directs. An additional advantage of using our re-mailing services is that the provision of a re-mailing address through one of our prestigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled on-shore and thereby give that company an added degree if respectability. |
Your Own Bank;
The Magnificent; Western Samoa
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For example, your offshore company could quote Petro Funds London office address on its letterhead and thereby appear to be domiciled in the UK. This procedure is particularly attractive if the Hong Kong address is used as a Hong Kong company is not required to quote its registered office address on its letterhead. Thus if an offshore company were to quote a Hong Kong address it would be indistinguishable from the letterhead, from a normal Hong Kong trading company.The charge for this service is only $275 per annum.
Trust Services: Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settler. These advantages may include: Saving Of Inheritance Tax: On death, the Inheritance tax which would normally be assessed on the value of shares would generally be eradicated. Asset Protection: Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation, etc. Avoidance Of Probate: A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will. Continuity: Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spend-thrift can be protected from himself. Lifetime Tax Savings: During lifetime, substantial income and capital gains tax advantages may result from setting up the trust. Using the service of one of our licensed trust companies, we are pleased to act as trustee for a suitably drafted discretionary trust and the cost of this service would be from US$500 for setting up the trust deed and from US$500 per annum for the provision of trustee services. |
The Magic Land 
Your Offshore Bank; Your Peace Of Mind 
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Other Services:
Petro Funds provides a wide range of administrative and documentary services including, but not limited to legalization and notarizing of documents, credit cards, yacht and ship registration, invoicing, documentary trade services, trade finance applications, accounting, consulting and immigration services.
VIP Package: For one payment of US$15,900 Petro Funds will provide the following:
| Far From Tax Collectors 
Western Samoa;
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Confused?
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The average person is frequently confused by the complexity of international tax planning and discouraged by the substantial costs involved in a bank formation, registration of a company or trust in a tax haven. The registration costs and ongoing yearly administration expenses frequently exceed what the average person could save in taxes.
Petro Funds Offshore Services Division has a new program to answer those concerns. We provide the simple, secure, private and low cost answer for the person who is just starting out or the veteran who now understands that simplicity is the essence of genius. Our survey has shown that this solution answers all of the needs for 100% of the persons seeking to go offshore. |
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The program includes BEARER SHARES so that complete anonymity is guaranteed, documentation and support services so that you can open a bank under your complete control, where and when you wish, and flexibility so that you can change your financial affairs to reflect your future needs.
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We trust that we have clarified the intriguing world of bank formation in The Western Samoa. We will be happy to answer any questions you may have, relating to this opportunity and provide you with additional details regarding any of our devoted services.
If you would like to obtain further details of the legislation
surrounding the formation of YOUR OWN BANK in Western Samoa or wish to discuss any matter in complete confidence, please
click here to contact:
Mr. Robert Haig
Petro Funds Offshore Services Division
| Please click here to inform us the full particulars of your situation and what you wish to accomplish. We will review your situation and offer to you a custom fitted solution. 95% of the time it will be simple to understand and 100% of the time it will be the least expensive alternative. |
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| Please feel free to contact Petro Funds if you believe the formation of YOUR OWN BANK in The Western Samoa may be appropriate in your particular situation. Any communication with us is considered PRIVILEGED and CONFIDENTIAL. |
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 | There is only one Petro Funds Our scope, financial strength, balance, depth of talent and integrity have made us our clients' trusted global advisor. |  |
Petro Funds 
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