COL120106
The license fee for each year or portion thereof for a Guam FSC license shall be: (a) For a FSC which is not a small FSC: (1) One Thousand Dollars ($1,000) from January 1, 1997 to December 31, 2006; (2) One Thousand Five Hundred Dollars ($1,500) from January 1, 2007 to December 31, 2016; (3) Two Thousand Two Hundred and Fifty Dollars ($2,250) from January 1, 2017 to December 31, 2026; and (b) For an FSC which is a small FSC: (1) Four Hundred Dollars ($400) from January 1, 1997 to December 31, 2006; (2) Six Hundred Dollars ($600) from January 1, 2007 to December 31, 2016; (3) Nine Hundred Dollars ($900) from January 1, 2017 to December 31, 2026. SOURCE: GC §16505 added by P.L. 17-75; amended by P.L. 22-55:1(e). NOTE: P.L. 22-55:1(a) enacted the following as its Legislative Intent: Background and Legislative Intent. The Foreign Sales Corporation program, enacted into law pursuant to Public Law 17-63 as amended by Public Law 17-75, has been in effect since August, 1984. This program has resulted in several hundred Foreign Sales Corporations registering on Guam each year, and at present there are 215 active corporations registered. There is no infrastructure requirement for these businesses, yet there is a mutual benefit to the businesses and the territory. This program is also in effect in the Virgin Islands and Barbados. When first enacted, a ten (10) year time period was inserted into the law because the effects of the program were unknown. Additionally, costs of licensing may increase over a longer term. Some businesses would perhaps license as Foreign Sales Corporations on Guam if the term of licensing was extended. For some types of businesses, a ten (10) year term is too short for their business purposes. In order to accommodate continuing interest by the companies presently licensed on Guam and to encourage interest by companies not yet taking advantage of the Guam program, it is desirable to extend the deadline for thirty (30) years, with increasing of licensing fee requirements every ten (10) years. ----------
COL120106