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Micronesia, Fed. Sts. Report

Entrepreneurial Missions Index

20.3

General Information

Population

111,064 (169th most populous country in the world)

Religions

Languages

Roman Catholic   50% English
Protestant 47% Chuukese
Other   3% Kosrean
Pohnpeian
Yapese
Ulithian
Woleaian
Nukuoro
Kapingamarangi

Industries

Toursim, construction, fish processing, specialized aquaculture, craft items

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Micronesia, Fed. Sts., visit https://www.cia.gov/library/publications/the-world-factbook/geos/fm.html.

Business Information

The World Bank ranks Micronesia, Fed. Sts. as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Micronesia, Fed. Sts..

The World Bank ranks Micronesia as 127th out of 183 economies in terms of ease of doing business.  The country ranks as 79th (of 183) in terms of ease of starting a business.

It requires 7 procedures, takes 16 days, and costs 136.9% of income per capita to start a business in Micronesia.

In order to start a business in Micronesia, one must follow these procedures:

  1. Check the uniqueness of the proposed company name and reserve a name
  2. Notarize the company documents
  3. File the incorporation documents with the Registrar of Companies
  4. Obtain the payment receipt (four duplicates) and pay the registration fee and license fee at the Finance Office of the state government
  5. Obtain the certificate of corporation
  6. Register for social security
  7. Apply for a business license from the municipality

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The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland.  It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world.  The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking.  The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.

 

Micronesia, Fed. Sts. Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Micronesia, Fed. Sts. Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project