Samoa Authorized Foreign Exchange Dealer License

Authorized foreign exchange dealers include commercial banks, money transfer operators and money changers who have been issued license s by the Central Bank of Samoa to conduct their respective foreign exchange businesses in Samoa.

Permitted Activities

The Authorized Foreign Exchange Dealers may, according to their issued license:

  1. Transact (that is, receive and make payments between Samoa and the rest of the world in all foreign currencies); and/or
  2. Exchange (buy and sell) foreign currencies; and/or
  3. Approve application on the appropriate form where required, and where they are authorized to do so.

Legal Requirements

Sr.

No

ElementRequirement(s)
Entity RequirementsThe entity making the application is a company registered or incorporated in Samoa and includes a partnership which is a body corporate.
Director’s Requirements
  • The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction and at least one resident director
  • The director must pass the fit and proper criteria
Shareholder requirements
  • The licensee will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Local OfficeThe Central bank of Samoa requires each licensee to procure a business premise from where the activities will be conducted
AuditorThe relevant licensee shall appoint and at all times have a qualified auditor for the purposes of auditing its financial statements.
InsuranceA licensee shall at all times maintain such professional indemnity and other insurance as may be prescribed.
Minimum Capital Requirements

Ongoing Obligations

  1. A Licensee must appoint and at all times have an auditor for the purpose of auditing its financial statements whose appointment has been approved by the Central Bank of Samoa to their appointment.
  2. A Licensee must ensure that client assets are identified or identifiable and appropriately segregated and accounted for and make arrangements for the proper protection of client assets.
  3. Licensees must at all times maintain their business in a financially sound condition by: (a) having assets; (b) providing for its liabilities; and (c) generally conducting its business, so as to be in a position to meet its liabilities as they fall due.
  4. The licensee must ensure that at all times its capital resources are maintained in an amount not less than the prescribed minimum

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

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  • Email: [email protected]