Doing Business Here
The Saipan Chamber of Commerce is a committed supporter and proponent of the free movement of capital by being the premier organizational watchdog for Saipan businesses. Cooperation with the local government is critical in attaining our quest for improving upon our free market status. That is why the Chamber Board of Directors and members get together with members of the CNMI Legislature and Governor frequently to discuss the various concerns of business on Saipan. This dialogue has enabled our government to respond to many of our clients concerns. The force with which the Chamber is greeting the new millennium is testimony to the Chambers increasingly powerful leadership role in the Saipan community.
The Saipan Chamber of Commerce joins the CNMI government in promoting the Commonwealth to investors who seriously considers doing business in this free-market, low tax jurisdiction, US protected Commonwealth.
The highlights of our economy include the absence of sales taxes, property and inheritance taxes. Capital gains are taxed at half the U.S. rate and overall the Commonwealth tax rates are 10%-50% less than the United States Federal tax rates. Local control over wages and our visa-free borders also help to facilitate doing business in Saipan. Manufacturing companies can export duty free to the United States Customs Area as well as to international markets under the Headnote 3 (a) provision of the Generalized System of Preferences. Finally, all business transactions are protected under the United States Federal Court System.
The Saipan Chamber of Commerce supports all efforts to diversify the primary industries of Saipan: tourism and manufacturing. A recent economic report, made possible by a grant by the United States Department of Interior, suggests that Saipan is poised to successfully develop the following types of industries:
- Financial Services Industry including trans-Pacific or intra-Asian trade, dollar denominated trust accounts, and securities exchange services.
- Free Trade Zone
- Captive insurance industry
- Data processing industry
- Software production industry
- Resource-based companies
- Small-scale commercial fisheries
- Specialized higher or advanced education
- Retirement villages
- Forward deployment of US firms’ Asian operations
- Store, transfer, and transshipment companies