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Palau Report

Entrepreneurial Missions Index

29

General Information

Population

20,472 (179th most populous country in the world)

Religions

Languages

Roman Catholic   41.6% Palauan 64.7%
Protestant 23.3% Tobi
Modekngei   8.8% Angaur
Seventh Day Adventist     5.3% Filipino 13.5%
Jehovah's Witness   0.9% English   9.4%
Latter-Day Saints   0.6% Chinese   5.7%
Other   3.1% Carolinian   1.5%
Unspecified or None 16.4% Japanese   1.5%
Other Asian   2.3%
Other   1.5%

Industries

Tourism, craft items, construction, garment making

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 Palau, visit https://www.cia.gov/library/publications/the-world-factbook/geos/pw.html.

Business Information

The World Bank ranks Palau 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 Palau.

The World Bank ranks Palau as 97th out of 183 economies in terms of ease of doing business.  The country ranks as 103rd (of 183) in terms of ease of starting a business.

It requires 8 procedures, takes 28 days, and costs 4.3% of income per capita to start a business in Palau.

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

  1. Deposit the legally required capital in a bank and obtain deposit evidence
  2. Check the uniqueness of the proposed company name and reserve a name
  3. Notarize the company deeds
  4. Pay the registration fee at the National Treasury
  5. Register the company with the Corporate Registrar at the Office of the Attorney General; obtain a certificate of incorporation
  6. Register employees for social security and obtain an employer identification number (EIN)
  7. Apply for a business license from the relevant licensing authority
  8. Apply for a business license from the state government

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Palau, visit http://www.doingbusiness.org/.

 

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.

 

Palau 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.   

 

Palau 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