The Samoa International Finance Authority recorded a total of 290 new companies incorporated during the third quester of the current financial year ending, March 2022.
This is according to the Ministry of Public Enterprises quarterly report for SIFA.
The report says 428 companies renewed their registration in this quarter, leading to 26,233 registered companies that have renewed their registration for the quarter under review.
SIFA recorded a net loss after tax of $522,615 at the end of the third quarter, however year to date, net profit after tax recorded $18m for SIFA.
SIFA is responsible for monitoring and supervising the conduct of international financial services provided within Samoa; also it is mandated to protect and maintain the good repute of Samoa as a centre for international financial services.
Furthermore, its also obligated to promote Samoa as a centre for international financial services and to make recommendations for the creation and improvement of any facilities likely to enhance the attraction of Samoa as a centre for international financial services.
SIFA is also responsible for the general administration of international financial services legislation and for the collection of all fees, charges and other receives thereunder.
“To make recommendations for the introduction, amendment, or replacement of legislation pertaining to international financial services, companies and other forms of business structures. “To develop national objectives, policies, and priorities for the orderly administration of international financial services in Samoa. “To ensure coordination and cooperation between the public sector agencies, private corporations and non-governmental organisations concerned in any way with international financial services.”
