Published
Sep 4, 2023
Updates:
Sep 16, 2024
Northern Mariana Islands
Price:
Delivery:
Legal forms:
Payment methods:
3 months
LLC, LLP, Corp, Inc.
Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Northern Mariana Islands
$
2000
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Registrar
Abbreviation
Phone
Commonwealth of the Northern Mariana Islands - Department of Commerce
CNMI
+1 670 664 3000
Location
Capital
Official languages
Population
Currency
ISO 4217
Saipan
Northern Mariana Islands
English, Chamorro, Carolinian
49,551
USD
United States Dollar
Delivery
-
Certificate of incorporation
-
Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Northern Mariana Islands
Q: What is the process for forming a company in the Northern Mariana Islands?
A: The process for forming a company in the Northern Mariana Islands involves several steps, including choosing a name, drafting and filing articles of incorporation, and obtaining any necessary permits and licenses.
Q: What types of companies can be formed in the Northern Mariana Islands?
A: The Northern Mariana Islands allows for the formation of various types of companies, including corporations, limited liability companies (LLCs), and partnerships.
Q: Is there a minimum share capital requirement to form a company in the Northern Mariana Islands?
A: There is no minimum share capital requirement to form a company in the Northern Mariana Islands.
Q: Do I need to have a physical office in the Northern Mariana Islands to form a company?
A: No, a physical office in the Northern Mariana Islands is not required to form a company. However, the company must have a registered office address in the Northern Mariana Islands, and this address must be used for official correspondence.
Q: What are the tax implications of forming a company in the Northern Mariana Islands?
A: The Northern Mariana Islands has a favorable tax regime for businesses, with a flat corporate income tax rate of 5%. Additionally, the Northern Mariana Islands does not have a sales tax or a personal income tax.
Q: How long does it take to form a company in the Northern Mariana Islands?
A: The time required to form a company in the Northern Mariana Islands can vary depending on the type of company and the complexity of the registration process. In general, it can take several weeks to several months to form a company in the Northern Mariana Islands.
Q: What are the ongoing compliance requirements for companies in the Northern Mariana Islands?
A: Companies in the Northern Mariana Islands are required to comply with various ongoing compliance requirements, such as filing annual reports and paying annual fees. Additionally, companies may be subject to other requirements based on their specific business activities.
Q: Can a foreigner form a company in the Northern Mariana Islands?
A: Yes, foreigners are allowed to form companies in the Northern Mariana Islands. However, they may be subject to additional requirements, such as obtaining a work visa or appointing a resident agent.
The Northern Mariana Islands have a strong and growing economy. According to the World Bank, the GDP of the Northern Mariana Islands in 2019 was $1.2 billion, a 4.2% increase from 2018. The unemployment rate in the Northern Mariana Islands is also low, at only 3.2%. The tourism industry is a major contributor to the economy, accounting for over 40% of the GDP. The government has also invested heavily in infrastructure, with over $200 million in public works projects completed in 2019. The Northern Mariana Islands also have a strong agricultural sector, with exports of fresh produce, fish, and livestock accounting for over $100 million in 2019. Overall, the Northern Mariana Islands have a strong and growing economy, with a low unemployment rate and a diverse range of industries contributing to its success.
The Northern Mariana Islands (CNMI) is a commonwealth in political union with the United States. As such, the tax system is heavily influenced by the US tax system.
For individuals, the CNMI has a progressive income tax system with seven tax brackets ranging from 3.5% to 12.5% based on income levels. In addition, there is a flat tax rate of 2% for those earning less than $13,000 annually. There is no sales tax, but there is a use tax on certain imported goods. Property taxes are also assessed on real property.
For corporations, the CNMI has a flat corporate income tax rate of 5% on net income derived from business activities conducted within the CNMI. There is also a 1.5% gross revenue tax on certain businesses, such as those engaged in retail sales or providing professional services.
Taxpayers in the CNMI generally must file their tax returns by April 15 of the year following the tax year. However, the CNMI has its own tax agency, the Division of Revenue and Taxation, and some tax rules and deadlines may differ from those in the US. It is recommended that taxpayers seek guidance from the Division of Revenue and Taxation or a tax professional for specific information on tax payment and calendar for payments in the CNMI.
Application without registration
The first director
The second director
The third director
The first shareholder
The second shareholder
The third shareholder
Articles
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