Corporation (national charter, Title 36 FSM Code)Micronesia
What it takes to form, own and run a private limited company in Micronesia, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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Unless otherwise provided in the articles of incorporation a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that such shareholder may become personally liable by reason of such shareholder’s own acts or conduct.
The registry’s and the law’s own pages do not mention it.
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A board of directors must consist of one or more individuals, with the number specified in or fixed in accordance with the articles of incorporation or bylaws.
The registry’s and the law’s own pages do not mention it.
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a tax of three percent per year upon that portion of the amount of gross revenues earned by every business
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Not in our records
What it takes to form
- A notary
- Not required
- A resident director
- Not required
- Paying up the capital
- No paid-up minimum is stated. The board may issue shares for any tangible or intangible property or benefit, including cash, promissory notes and services, once it determines the consideration is adequate; that determination is conclusive for whether the shares are validly issued and fully paid (s.139(2)-(3), P.L. 20-35).
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The board of directors may authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the corporation, including cash, promissory notes, services performed, contracts for services to be performed, or other securities of the corporation.
Own it
Who may own and run it
- Directors
- At least 1
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A board of directors must consist of one or more individuals, with the number specified in or fixed in accordance with the articles of incorporation or bylaws.
- Shareholders
- Not stated
The registry’s and the law’s own pages do not mention it.
- Members
- Not stated
The registry’s and the law’s own pages do not mention it.
- A local company secretary
- Not required
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A corporation has the officers described in its articles of incorporation or bylaws or appointed by the board of directors in accordance with the bylaws.
- A local registered agent
- Required
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Each corporation shall continuously maintain in the Federated States of Micronesia: (1) A registered office that may be the same as any of its places of business; and (2) A registered agent, who may be:
Each year, at the registry
- Annual registry fee
- 25 (currency not stated by the source)
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The following fees shall be paid to the Registrar upon the filing of corporate documents:
- Accounts on the public record
- No
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shall deliver to the Registrar for filing an annual report that sets forth:
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Not in our records
Important dates
When each obligation falls due, as the authority states it.
Not in our records No dates for the Corporation (national charter, Title 36 FSM Code) are in our records.
What is public
Not in our records What the register shows the public is not in our records for the Corporation (national charter, Title 36 FSM Code).
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Varies · 0–3%
FSMC 54 s.141: no profit tax is stated on the pages read; the national tax on a business is a gross-revenue tax: USD 80 a year on the first USD 10,000 of gross revenue, 3% on the excess, nothing for a business with gross revenue of USD 2,000 or less. The tax is on gross revenue, not profit.
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a tax of three percent per year upon that portion of the amount of gross revenues earned by every business
- CFC rules in Micronesia
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- Dissolution: articles of dissolution filed with the Registrar after the shareholders approve a board proposal (ss.257-258), or by a majority of the incorporators or initial directors where no shares have been issued or business has not begun (s.256); or conversion into a foreign entity (s.216(1)). All under P.L. 20-35.
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A corporation’s board of directors may propose dissolution for submission to the shareholders.
- Statutory fee
- 25 (currency not stated by the source)
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The following fees shall be paid to the Registrar upon the filing of corporate documents:
Every business in Micronesia
VAT
- VAT or sales tax
- None levied
At national level the Federated States of Micronesia levies no VAT or GST. The Department of Finance and Administration's Title 54: Taxation and Customs materials, listed on its legislation page, cover the Duties & Customs Act, exchange of tax information, the corporate income tax regime, penalties, customs regulations, revenue administration and the taxation of wages, salaries and gross revenues — with no consumption tax among them. The record is the national position only; the four states' own revenue taxes sit outside the national pages read.
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Duties & Customs Act ... FSMCode Taxation of Wages Salaries Gross Revenues
Payment and banking services
None of the services whose lists we hold names Micronesia. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Private limited companyDerived our grouping, the same words in every country
- Name in law
- Corporation (national charter, Title 36 FSM Code)
- Identifier
- FM-CORPORATIONA form ISO 20275 does not list.