Samoa IC - really good choice for crypto only bussines?

[ijdl]

Does samoa really that good or am I missing something?
- no consolidated accounting and audit required
- zero tax on foreign income
- realatively cheap incorporation and maintenance
- no substance requirements (?)
- confidentiality (although not required in my case)
I dont need fiat bank or EMI.

Also FATF/regulators seems to be shy about Samoa for some reason, which is not the case with similar jurisdictions.

 

[GeneralGogol]

The question (always) is whether exchanges will accept your Samoan company. Better ask in advance so you won't have a bad surprise after you open the company and realize nobody wants to work with you

 

[CoffeeCherryTea]

Been there, beautiful island, but only about three truly great beaches...

If memory serves crypto companies require a financial institution license, and hence need to be audited etc.

Best contact one of the many company formation agencies offering Samoa, or check directly with the Samoa International Finance Authority (Link)

 

[Jerry1911]

Belize or Cook Islands LLC has the same features but is more well known compared to Samoa and you will have better chances of opening an account at a crypto exchange.

An even better option is a Canadian BC LLP which is in practice an IBC with no accounting/reporting requirements and no UBO register (public nor private). It's also possible to open an account at Kraken.com for it, however you profile mentions Russia and I'm not sure if you have Russian citizenship/residency - if yes, that might be a problem (for Kraken).

 

[ijdl]

I plan to use local crypto exchanges since USDT -> RUB has much better rate than USD -> RUB.
As for other exchange, I recently verified Kraken and FTX accounts with russian passport and residency with zero problems and questions.
From what I read Samoa IC has no accounting and audit requirements as it wont be crypto exchange or fund (only managing my own money).
I like Samoa because it has no substance requirements and regulators somewhat respect it.

Also accepting payments in crypto is not prohibited there