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7 STEPS  TO STARTING A BUSINESS ON GUAM

Every Business is a little different and part of the enjoyment of owning a business is doing it your way. However, there are some basic steps most entrepreneurs should follow to get started.  Here is a list of 7 steps you should consider.

1.         Write a business plan. A successful start to any business requires a detailed outline of what you plan to accomplish. You will need this if you plan to borrow money for your business. We can assist you with this. However, if you have limited resources, we recommend you contact the Pacific Islands Small Business Development Center for free assistance in preparing your own plan.

2.         Set up a legal business structure. Should your business be a sole proprietorship, corporation, partnership or LLC?  This is where we can provide the most help. We can help you make the right decision and then prepare the documents for you. Forming a corporation or LLC can protect your personal assets from business debts. Additionally, incorporating can provide credibility and tax benefits. To learn more about business structures, click here.

Incorporate for as little as    $499.99 + filing fees
Form an LLC for as little as  $599.99 + filing fees

If you are an Off-island company wishing to do business in Guam, you may need to register your "foreign" corporation or LLC in Guam, before obtaining a business license. For more information about registering an Off-island business, click here.

3.         Register "Doing Business As" names. Will your corporation or LLC do business under a name other than the name of the corporation or LLC? If so, it must file a DBA (Doing Business As) name. We can help you file your DBA name.

4.         Appoint a Registered Agent. Businesses must maintain an address for service of process where legal documents can be received. We provide Registered Agent service for all companies that we form.

5.         Obtain a Federal Employer Identification Number (EIN). Incorporated businesses and companies that hire employees must obtain an EIN. This takes up time better spent on setting up your shop. We can obtain the number for you are part of an incorporation package.

6.         Satisfy business licensing requirements. We can assist you in obtaining a business license and other required permits. To learn more about obtaining a business license, click here.

7.         Obtain needed documents for the business. Successful business result from successful contracts. We can help you negotiate leases, employment contracts, sales agreements, construction contracts and other legal documents you need to protect your self.