27 Jul 2004

American Samoa's Governor wants rules for foreign businesses relaxed

11:29 am on 27 July 2004

The American Samoa Governor, Togiola Tulafono, has proposed eliminating the monetary requirements for foreign corporations to do business in the territory.

At present the law requires every foreign corporation wanting a business permit to have at least ten thousand US dollars in authorized capital stock and five thousand of paid-in capital stock.

Togiola wants lawmakers to eliminate the monetary requirement.

He said that recently, foreign corporations, predominately from the United States, looking to do business have met with difficulties regarding the territory's minimum requirements