11,347 (as of 2019)
Q: What is the process for forming a company in Nauru?
A: The process for forming a company in Nauru involves several steps, including reserving a company name, drafting the articles of association, and registering with the Registrar of Companies.
Q: What types of companies can be formed in Nauru?
A: Nauru allows for the formation of various types of companies, including private companies limited by shares, public companies limited by shares, and branch offices of foreign companies.
Q: What is the minimum share capital required to form a company in Nauru?
A: There is no minimum share capital requirement to form a company in Nauru.
Q: Do I need to have a physical office in Nauru to form a company?
A: Yes, a physical office in Nauru is required to form a company. The company must have a registered office address in Nauru, and this address must be used for official correspondence.
Q: What are the tax implications of forming a company in Nauru?
A: Nauru does not have a corporate income tax, and there are no taxes on dividends, interest, or royalties. However, companies may be subject to other taxes and duties based on their specific business activities.
Q: How long does it take to form a company in Nauru?
A: The time required to form a company in Nauru can vary depending on the type of company and the complexity of the registration process. In general, it can take several weeks to form a company in Nauru.
Q: What are the ongoing compliance requirements for companies in Nauru?
A: Companies in Nauru are required to comply with various ongoing compliance requirements, such as filing annual returns and maintaining a registered office in Nauru. Additionally, companies may be subject to other requirements based on their specific business activities.
Q: Can a foreigner form a company in Nauru?
A: Yes, foreigners are allowed to form companies in Nauru. However, they may be subject to additional requirements, such as obtaining a work permit or appointing a local resident director.
Nauru is a small island nation located in the South Pacific Ocean. It has a population of just over 11,000 people and a GDP of $120 million. The economy of Nauru is largely dependent on phosphate mining, which accounts for around 90% of its exports. The country also relies heavily on foreign aid and remittances from its citizens living abroad.
Nauru has seen a steady growth in its economy over the past few years, with GDP growth averaging around 3.5% annually. The unemployment rate is low, at just 4.2%, and the inflation rate is also low, at 1.2%. The country has a relatively low debt-to-GDP ratio of just over 20%.
Nauru has a strong banking sector, with two major banks operating in the country. The banking sector is well-regulated and has been able to weather the global financial crisis relatively well. The country also has a strong tourism sector, with over 10,000 visitors each year.
Overall, Nauru has a small but stable economy that is largely dependent on phosphate mining and foreign aid. The country has seen steady growth in recent years and has a low unemployment and inflation rate. The banking sector is well-regulated and the tourism sector is growing.
In Nauru, the tax system is relatively simple as there is no income tax or corporate tax. Instead, the main sources of revenue for the government are customs duties and value-added tax (VAT).
All imports are subject to customs duties, which vary depending on the type of goods being imported. VAT is levied at a standard rate of 10% on most goods and services, with a reduced rate of 5% on certain essential items such as food, medical supplies, and educational materials.
There is no personal income tax in Nauru, and individuals are not required to file tax returns.
Tax payments can be made at the Customs Department or at the Nauru Treasury Office. There are no specific deadlines for tax payments, but it is recommended to pay promptly to avoid any penalties or interest charges.
In addition to customs duties and VAT, there are also other fees and charges such as business license fees and environmental levies that businesses may be required to pay.
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