Programs Offered in the Federated States of Micronesia
The following programs are offered in the Federated States of Micronesia
1. Program Offered as a Domicile for Captive Insurance Companies
The Federated States of Micronesia (FSM) passed the Captive Insurance Act in 2006 and has become one of the world’s leading locations for the establishment of captive insurance companies.
With the increasing importance of corporate risk management, there are more than 7,000 captive insurance companies in the world today. These captives are established in countries and regions where captive insurance laws are introduced (domiciles), such as the FSM, Hawaii, Bermuda, Cayman Islands, Singapore, and Ireland.
Currently, there are about 100 Japanese captives in the world and 1/4 of them are operating in the FSM. The FSM is highly regarded for its convenient services for Japanese companies, such as Japanese language support, quick and easy procedures for submitting documents to the government, and the option to keep their books and records and pay corporate taxes in Japanese yen to mitigate foreign exchange risk.