The seminar was extremely well-attended, with more than 100 Japanese company representatives present.
Captive insurance companies are insurance companies established with the specific objective of financing the risks of their parent company or group.
The FSM government allows for the registration of captive insurance companies and imposes a comparatively low tax rate on such companies’ investment and underwriting income; as such, the FSM government is seeking to stimulate the registration of Japanese captive insurance companies in the FSM.
“Our people have an affinity towards the Japanese people resulting from Japan’s presence in Micronesia for more than a century, and to this day, its heritage remains visible in the form of blood relations, social institutions, language and certain customs and practices,” said Mori to the full house.
He highlighted the FSM’s government cost-effective and Japanese-friendly corporate registry being promoted by MRA, and encouraged the attendants to consider FSM for their corporate formations, but also investments, trade and tourism.
Mori’s remarks were followed by a presentation on the history and politics of the relationship between FSM and Japan, by Professor Izumi Kobayashi of the Osaka Gakuin University.
Steven Baker, chief executive officer of MRA, gave a presentation regarding the procedural aspect of incorporating, maintaining and dissolving captive insurance companies; followed by an overview of the FSM taxation system, given by Japanese certified accountant Masanobu Takayama.
