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Business groups, commerce officials urge House to advance three Senate bills to boost foreign investment
Summary
Entrepreneurs and Commerce Department officials spoke in favor of three Senate bills — SB2415, SB2416 and SB2417 — that supporters say would rebrand and modernize the CNMI's business-registration framework and create a single point of contact for foreign investors.
Business leaders and the Department of Commerce urged the House of Representatives to move quickly on three Senate bills supporters say will modernize the Commonwealth’s business-registration framework and attract foreign investment.
Vin Armani, founder of Badger LLC and chief technology officer of Marianas Rycorp, told the House in public comment that he supports SB2415, SB2416 and SB2417 and described them as “small changes, with big impacts.” He said the measures would rename the longstanding Free Trade Zone to the “Economic Incentive District,” add filing numbers to corporate records and reestablish the Office of Foreign Investment as a Foreign Corporation Liaison Office.
Why it matters: proponents said the changes are intended to remove confusion, signal seriousness to…
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