12 Guam Code Ann. § 58106
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Terms Used In 12 Guam Code Ann. § 58106
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A Qualifying Certificate may be issued by the Governor of Guam upon the recommendation of the Authority to any applicant that proposes to engage in an eligible business, or to any applicant stockholder of such corporation holding a Qualifying Certificate,
COL 6/21/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES
and said corporation may be either a Guam corporation or a duly organized “”possessions corporation”” limited to doing business in Guam, as such “”possessions corporation”” is defined under Federal income tax laws and regulations. Each Qualifying Certificate shall specifically identify on its face each activity of the Beneficiary which is entitled to the tax rebates or abatements set out in the Qualifying Certificate.