Samoa Mutual Fund_Private_Guideline

Samoa Private Fund

Private fund is an international mutual fund:

1. that has no more than 250 investors, who cannot act in a nominee capacity, and that the minimum aggregate equity interest purchasable by a prospective investor is $25,000 dollars or its equivalent in any other currency; or
2. that specifies that the making of an invitation to subscribe for or purchase shares issued by the international mutual fund is to be made on a private basis, and includes an invitation which is made
3. to specified persons (howsoever described) and is not calculated to result in shares becoming available to other persons or to a large number of investors; or
4. by reason of a private or business connection between the person making the invitation and the investor; or
5. which is designated as a private fund by regulations

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	The entity making the application is: Company Limited partnerships, Unit trust or
	Director’s Requirements	The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction. The company must have a resident director who must be a natural person
	Shareholder requirements	The fund will need at least one shareholder. Corporate shareholding is allowed and 100% foreign ownership is permitted.
	Compliance Officer	The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
	Licensed Principle	The Applicant must employ at least one individual who is licensed as a principal. The Principle must: Have sufficient educational or other qualifications or experience; Have sufficient authority within the company; Be a fit and proper person, to supervise the business for which the company that has nominated him is licensed or is applying to be licensed
	Fund Administrator	The Applicant must employ a fund administrator with no local requirement
	Fund Manager	The company is required to appoint and maintain at all times a registered fund manager which must be a licensed trustee company to protect investors and creditors and ensure compliance with the Act.
	Custodian	The applicant must have a licensed/approved custodian at all ttimes.
	Local Office	The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
	Auditor	The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the SIFA
	Insurance	The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
	Minimum Capital Requirements

Ongoing Obligations

1. Licenses are to be renewed annually after the date of registration.
2. Filing of Audited Accounts
3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s business.

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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