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Financial services firm explores opportunities in NMI
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Posted on Nov 10 2005
Finance service company, Bridge Capital, aims to relocate to Saipan and seek tax relief assistance under the government’s qualifying certificate program, according to the Commonwealth Development Authority.
CDA board chair Tom Glenn Quitugua said Bridge Capital representatives recently visited Saipan for business discussions.
“They just came to apply for a qualifying certificate. They want to relocate here,” said Quitugua.
He said the financial lending company offers loans at a minimum of $1 million.
“This is a big financial institution. We hope to be able to help them set up their office here,” said the chairman.
Over a week ago, the CDA recommended a 10-year tax rebate assistance to Saipan World Resort, translating to some $6 million in tax relief.
Saipan World Resort has applied for 100-percent tax abatement from business gross revenue, corporate income tax, and hotel occupancy over 25 years. In return, the hotel said that it would undertake a $25.5 million expansion project.
World Resort earlier gave up its 2004 approved QC amounting to $4 million tax incentives over 10 years in exchange for a bigger incentive under its new expansion project.
The new program includes the construction of a water park, additional rooms, a 25-meter national standard race pool, a day care center for children, an outdoor stage, and other facilities.
The CDA is still evaluating the QC application of We Manage Calls Inc., which plans to set up a call center on Saipan. The company aims to invest $2 million for the business.
We Manage Calls Inc. is asking the government for a 10-year tax relief from the excise tax in the first three years, Business Gross Receipt Tax for five years, and from corporate tax in 10 years.
