Title 4, Economic Resources

Merger of Entities. (a) Pursuant to a plan of merger approved under subsection (c), a limited liability company may be merged with or into one or more limited liability companies, foreign limited liability companies, corporations, foreign corporations, partnerships, foreign partn…

Articles of Merger. (a) After approval of the plan of merger under section 4924(c), unless the merger is abandoned under section 4924(d), articles of merger must be signed on behalf of each limited liability company and other entity that is a party to the merger and delivered to …

Effect of Merger. (a) When a merger takes effect: (1) The separate existence of each limited liability company and other entity that is a party to the merger, other than the surviving entity, terminates; (2) All property owned by each of the limited liability companies and other …

Chapter Not Exclusive. This Chapter does not preclude an entity from being converted or merged under other law. Source: PL 14-11, § 2 (907), modified. Commission Comment: See the comment to 4 CMC § 4801 regarding PL 14-11.

Definitions. For the purposes of this chapter, the following definitions shall apply: (a) "Alien" means any person who is not a citizen or national of the United States, or not a permanent resident of the Commonwealth of the Northern Mariana Islands pursuant to 3 CMC § 4202. (b) …

Foreign Investment Policy. The secretary makes the following declarations: (a) It is declared that all investments in the Commonwealth by foreign nationals shall fall under the classification of foreign investment; (b) It is declared that all investments by foreign nationals in e…

Transfer of Authority. The responsibilities of the Department of Labor and Immigration over the processing, approval, issuance and renewal of regular term business entry permits under section 706A of the Immigration Rules and Regulations and long term business entry permits under…

Certification. The secretary or his or her designee shall certify that an alien investor has met the requirements for a commerce certificate before a business license may be processed by the Secretary of Finance. The certification by the secretary shall be consistent with the rec…

Foreign Investment Review Committee; Created; Composition. There is hereby created a Foreign Investment Review Committee (hereafter “review committee”) composed of the secretary or his or her designee and the Attorney General or his or her designee and any other person(s) whom th…

Foreign Investment Review Committee; Duties. The review committee shall review all applications for or renewals of regular term business certificates, long term business certificates, and foreign investor certificates. The standard of review are set forth in article 3 of this cha…

Foreign Investment Review Committee; Procedures. The review committee shall establish in writing standard operating procedures for the review of all applications for a commerce certificate and other applications assigned to it by the secretary. The review committee shall communic…

Foreign Investment Review Committee; Appeal. The applicant whose permit has been disapproved shall have up to seven working days in which to appeal the decision of the review committee. The request for appeal shall be made in writing and presented to the secretary. The secretary …

Foreign Investment Review Committee; Authority to Request for Documents, Interviews, and Public Hearings. The review committee shall have the authority to request the applicant to provide documents to substantiate representations made in the application for a commerce certificate…

Classification. The review committee may classify an alien who owns an interest in a foreign corporation that incorporates in the Commonwealth as an alien investor if the alien satisfactorily establishes his or her ownership interest in the foreign corporation and meets the requi…

Regular Term Business Certificate; Conditions [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901A., modified); repealed by PL 17-1 § 6(E) (March 22, 2010).* Commission Comment: *PL 17-1 c…

Regular Term Business Certificate; Standard of Review [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901B., modified); repealed by PL 17-1 § 6(E) (March 22, 2010).* Commission Comment: Fo…

Regular Term Business Certificate; Application Process [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901C., modified; amended by Commonwealth Register, Vol. 18, No. 08, August 15, 1996, …

Long Term Business Certificate; Conditions. (a) A holder of a long term business certificate is entitled to lawfully engage in business in the Commonwealth for a period of two years; provided, however, that the holder shall post $25,000 to secure payment of claims made by the Com…

Long Term Business Certificate; Standard of Review. (a) Approved Investment - General Standard. An approved investment is one which the review committee finds that the alien has invested or is actively in the process of investing, a significant amount of capital in a bona fide en…

Long Term Business Certificate; Application Process. (a) The applicant shall file an application for a long term business certificate with the secretary. The application will not be accepted without the necessary supporting documents and shall become the property of the secretary…

Renewal of Long Term Business Certificate (two year and one year term business permits/certificate). The holder of a long term business certificate has no absolute right to renewal of the certificate. An application for renewal will be denied when the review committee finds: (a) …

Foreign Investment Certificate; Conditions. (a) A certificate of Foreign Investment is a certificate issued to an alien who has met all the standards and conditions enumerated in this part as proof of the holder’s participation as an alien investor in an approved investment in th…

Foreign Investment Certificate; Standard of Review. An approved investment for the purposes of section means an investment approved by the secretary, which approval shall be subject to the following standards: (a) Minimum Amount of Investment. The amount of the “Approved Investme…

Foreign Investment Certificate; Application Process. (a) Issuance of Certificates of Foreign Investment. (1) The alien investor shall submit an application for an approved investment subject to the standards and criteria outlined in this chapter. The applicant shall provide all i…

Foreign Investment Certificate; Duration of Certificate. The duration of the certificate of foreign investment shall be perpetual; provided that the approved investment continues to comply with the standards of issuance. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regu…

Foreign Investment Certificate; Annual report. The holder of a certificate of foreign investment must submit to the secretary an annual report of investment activities in the Commonwealth on or before January of each year. The report shall contain the information necessary for th…

Foreign Investment Certificate; Fees. An application for a certificate of foreign investment shall be accompanied by a non-refundable fee of $10,000 for the processing of the application. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, V…

Foreign Investment Certificate; Revocation of Certificate. (a) The secretary, after permitting the certificate holder (or his authorized representative) to appear before him, in person, and finding, upon a preponderance of the evidence reviewed by him, that the alien investor has…

Certificate Renewal. No person who, on the effective date of this act, is a current holder of a business or investment certificate issued under Chapter 9, Division 5, of Title 4 of the Commonwealth Code shall be required, upon application for renewal of the certificate, to resubm…

Other Foreign Investment. Nothing in this chapter shall preclude foreign investment in the Commonwealth; however, any other manner of foreign investment shall not entitle the alien investor to a commerce certificate. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulati…

Fee Schedule. (a) Regular Term Business Certificate $200; (b) Long Term Business Certificate $1,000; (c) Renewals of One Year Business Certificate $750; (d) Foreign Investment Visa (1) $2,500 to a holder of a Foreign Investment Certificate; (2) $2,500 per family member; (e) Forei…

Credit Union. Credit unions are permitted in the Commonwealth. Except where inconsistent with this chapter, the Secretary of the Department of Commerce, through the Banking Director, shall have the power to regulate credit unions in the Commonwealth. Source: PL 9-52, § 4. Commiss…

Title. This article shall be known as the Commonwealth Government Employees’ Credit Union Act of 1995. Source: PL 9-52, § 1. Commission Comment: PL 9-52 took effect September 18, 1995. PL 9-52, § 3 repealed PL 9-27, the “Commonwealth Government Employees’ Credit Union Act of 1994…

Commonwealth Government Employees’ Credit Union. (a) There is established in the Commonwealth a nonprofit government corporation to be known as the Commonwealth Government Employees’ Credit Union (hereafter the “credit union”). (b) The entity known as the Saipan Credit Union (her…

Membership Restricted. Membership in the credit union shall be restricted to employees of the Commonwealth government, persons who have retired from the Commonwealth government, and their lawful spouses and minor children. The board may provide for the administration of membershi…

Administration of Credit Union. (a) Board of Directors. There shall be a board of directors of the credit union (hereafter “the credit union board” or “the board”). The board shall consist of five members appointed by the Governor. Any person who is appointed must be eligible to …

No Business Gross Revenue Tax Liability. The credit union shall not be liable for any business gross revenue tax. Source: PL 9-52, § 8.

Restriction on Loans and Deposits; Paycheck Allotments Authorized; Investment by Government Agencies; Garnishment. (a) The credit union may take deposits from, and issue loans to, its members only; except that it may receive deposits and investments from the Commonwealth governme…

Audits. For as long as any obligation under a loan agreement between the fund and the credit union remains unsatisfied: (a) The board of trustees shall have free access to all accounts, books, and financial records of the credit union. (b) The board of trustees shall have the aut…

Legal Counsel. The credit union board may retain or engage private legal counsel. In addition, until the credit union is wholly privatized, the Attorney General, unless prevented by conflict from doing so, shall serve as legal counsel to the corporation upon request of the board,…

Bank Deposit and Safety Requirements. The credit union may, as it deems appropriate, make deposits of cash or other monetary instruments in banks which meet the requirements of 1 CMC § 7723, and in banks which meet the requirements of 1 CMC §§ 7723, 7727 and 7728. Source: PL 9-52…

Definitions. As used in this Chapter, unless the context requires otherwise: (a) “Captive insurance company” means: (1) a limited-purpose insurance subsidiary of a company with the specific objective of financing risks of its parent and affiliated companies; and (2) is a pure cap…

Licensing Authority. (a) Any captive insurance company, when permitted by its articles of association, or charter, may apply to the Commissioner for a license to do any and all insurance comprised in Title 4, Division 7, of the Commonwealth Code; provide, however, that: (1) no pu…

Names of Companies. No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered on CNMI. Source: PL 24-03, § 2 (June 12, 2025).

Minimum Capital. No pure captive insurance company, group captive insurance company incorporated as a stock insurer or industrial insured captive insurance company incorporated as a stock insurer, a rent-a-captive or a protected cell captive insurance company shall be issued a li…

Minimum Surplus; Letter of Credit. No captive insurance shall be issued a license unless it shall possess and thereafter maintain a free surplus of: (a) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00); (b) in the case of a…