Guam § 78104 - FSC: One License Only Required.

§ 78104. FSC: One License Only Required.

So long as the business activities of the FSC are conducted solely

for the purpose of earning foreign trade income as that term is defined in

12 GCA §2431(b), no business license other than the Guam FSC license

shall be required with respect to earning such foreign trade income as

well as investment income as that term is defined in 12 GCA §2431(f)

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11 GCA FINANCE & TAXATION

and carrying charges as that term is defined in 12 GCA §2431(g).

However to the extent a FSC conducts any business activities which are

intended to produce or do produce any income other than foreign trade

income, investment income and carrying charges, the FSC shall be

required to obtain such business licenses and permits as are required of

any other domestic corporation incorporated in Guam and transacting

business in Guam. Foreign trade income, investment income and

carrying charges of a FSC duly licensed hereunder shall qualify for the

special tax incentives provided in as amended from time to time. All

income of a FSC other than foreign trade income, carrying charges and

investment income shall be taxed in the same manner as income of any

other domestic corporation incorporated in Guam.