The Special Purpose International Companies Act 2012 (“SPIC”) enables the creation of a new form of Hybrid Company which operates as a charitable trust in terms of its ownership but functions as a company in terms of its formation. Title to assets is vested in the company and distribution is through charitable donations only. A special purpose type of company is formed in the same way as an international company and operates by a Board of Directors pursuant to a Memorandum of Association, Powers and Articles of Association. This company can only be established and must always be administered for the ultimate benefit of charity and administered through a licensed trustee company in Samoa.
- Holder of the Founders Rights Certificate
- Carries on Business
- Ultimately for Charity