General Membership Meeting

February 28, 2024

This month's General Membership meeting is scheduled to take place on Wednesday, February 28, 2024, and will feature the Honorable Joshua Tenorio, LT. Governor of Guam, who will be providing us with updates on the business license and permitting process.

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Si Yu'os Ma'åse Mayor Alig!

We would like to thank our members for joining us for our first General Membership Meeting of the year. Mayor Jesse Alig had an informative update on some insights into the challenges of managing community services at the village level.

Chairman Galito also provided information on what's ahead for our centennial year!

View photos from this event here.

Upcoming Membership Meeting Speakers

MARCH

Rear Admiral

Gregory C. Huffman

Commander, Joint Region Marianas

APRIL

Benjamin J.F. Cruz

Public Auditor

Office of Accountability - Guam

MAY

Anita Borja Enriquez

DBA, President

University of Guam

U.S. Beneficial Ownership Information

WASHINGTON – The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

“The launch of the United States’ beneficial ownership registry marks a historic step forward to protect our economic and national security,” said Secretary of the Treasury Janet L. Yellen. “Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption. It harms American citizens and puts law-abiding small businesses at a disadvantage. Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures.”

Filing is simple, secure, and free of charge. Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. Generally, reporting companies must provide four pieces of information about each beneficial owner:

name;
date of birth;
address; and
the identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.

The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).

FinCEN is committed to providing America’s small businesses with the resources and information they need to make filing as quick and easy as possible. FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements in plain language. Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report at www.fincen.gov/boi.

Note: Guam's SBDC is having training on Beneficial Ownership Information Reporting (U.S. Corporate Transparency Act) on Friday, February 7th. Scroll for more information and registration information.

Armed Forces Committee Update

BIG SHIP NOTICE:

Dust off the welcome mat for several thousand military visitors as we welcome a big ship to our island on Tuesday, February 6th. We hope that your retail and service establishments will have time to stock up for an influx of visitors for a few days. Give them a warm welcome and a big "Hafa Adai!"

Save the Date: A Conversation with Mr. Jeff Gehkle

AFC members are encouraged to save the date for our upcoming event 'A Conversation with Mr. Jeff Gehkle', Chief of Staff of Marine Corps Base - Camp Blaz who will provide Camp Blaz project updates and plans for the Marines arrival to Guam.

Calendar details:

Friday, February 9, 2024

9:00 am - 10:30 am

East West Business Center, 3rd Floor

Registration fee: $10.00

This event is open to AFC members only.

Guam Air National Guard Awards Ceremony

We would like to thank our members who contributed prizes for the Guam Air National Guard Ceremony on February 3rd.

Aquarium of Guam
Archway, Inc.
Burger King
Guam Girl Scouts, Inc.
Golfxpresso
Guam Ink Hustle Tattoo & Body Piercing Studio, LLC
Hilton Guam Resort & Spa
Hotel Nikko Guam
Matson Navigation Company
Micronesian Divers Association
Paradise Auto Spa
Security Title, Inc.
South Pacific Petroleum Corporation
Triple J Enterprises, Inc.

We would like to congratulate all winners on their outstanding achievements.

TSgt Francine Cruz, GUANG and Jackie Casil, Operations Manager, Guam Chamber

Fair winds and following seas to you, Captain Luckett!

Pictured L-R: Phillip Santos, AFC Chairman, CAPT Luckett, Carl Peterson, AFC Member and Mrs. Natasha Luckett

Sending warm wishes to CAPT Luckett who has relinquished command for U.S. Naval Base Guam on Friday, January 26, 2024. Un Dangkulu na Si Yu'os Ma'åse for your friendship and partnership.

The deadline to submit nominations is around the corner!

Your Guam Business Hall of Fame deadline for nominations is 5:00 p.m., Thursday, February 29, 2024. If you wish to make a nomination, please see these links below and how they qualify.

There are two categories for the Laureate award: 1) Individual; and, 2) Company. Any individual or for-profit enterprise licensed to do business in Guam is eligible for the award based on key criteria. Download the Fact Sheet for details.

Download Hall of Fame Fact Sheet

Download Business Laureate Nomination Form

Download Individual Nomination Form

Hall of Fame Laureate will be inducted into the Guam Business Hall of Fame at the Centennial Anniversary Celebration on Saturday, May 4th.

Grab a golf buddy and sign up TODAY for our 26th Annual Golf Tournament scheduled for Wednesday, March 20th at Onward Talofofo Golf Course! Click the link below to save your team slot. You may also leverage your company brand by becoming an event sponsor or contributing a prize.

How can I contribute?

Mixing business with pleasure has been the mode de vie on the course for years! Don't miss out on this super opportunity to get your product in front of business executives of all levels! Donation opportunities can be made in the following ways:

Hole Sponsorship ($500 or $1,000 Premium Hole)
Hole-In-One Prize
Contribute Prizes (Raffle Item)
Contribute Ditty Bag Items (200 ditty bags)

Donation Pledge Form

Become a Volunteer!

Join us for our committee meetings! Broaden your network and

contribute to issues that impact you

and your business.

As we plan for the year ahead, we value your participation in our active committees. Would you like to engage with others in the business community and grow your network? Would you like to contribute to the issues that impact your work and your community? Join a Chamber Committee and help make a difference! Mark your calendars for these upcoming meetings and if you want to learn more about each committee, click here!

Armed Forces Committee (Individual Membership Fee applies: $150)

Chamber Business Women's Network (Tuesday, February 20 at 10:00 am)

Small Business Focus & Development Committee (Tuesday, February 20 at 9:00 am)

Education and Workforce Development Committee

Guam Young Professionals

Legislative Review & Business Advocacy Committee

Maritime Affairs Committee

Membership Development Committee

Email Rebekah our Committee Liaison Specialist to receive meeting details.

Education and Workforce Development

Tiyan High School: BAIT Academy Boot Camp

We would like to thank our members in participating in the Tiyan High School Business, Arts, Information Technology Academy Boot Camp on Friday, February 2nd. Students were given the opportunity to see and learn firsthand during this exhibit about these businesses.

Members who participated: Docomo Pacific, GTA, Hyatt Regency Guam and Tommy Hilfiger

Up next is the HHS (Health & Human Services) Academy Boot Camp on Friday, February 23rd. If your company would like to participate in this, please email Jackie at the Chamber.

Simon Sanchez High School: Career Month Outreach

The learning communities of Simon Sanchez High School extend an invitation to the business community to participate in their month-long Career Fair taking place each day in February. Member companies can choose a day and time to speak with students about career opportunities and pathways within your company and industry.

Presentations are from 1:00 p.m. - 2:00 p.m. and /or 2:15 - 3:15 p.m. and will take place in the JFK Library Media Center, which is equipped with a Promethean board with HDMI capability. The school is looking for representation from various occupations and trades to speak to students about career opportunities after graduation.

Members who would like to participate may contact the event coordinators directly. Read the Career Day Letter here! Feel free to contact the Chamber if there are questions.

Legislative Review Committee:

2024 Legislative Scorecard is now live!

Keep up with us as we keep tabs on how the 37th Guam Legislature supports the private sector!

Scoring Rubric:

80%: Voted on Legislation in Support of the Private Sector. Each vote is equivalent to one point. Any vote that is not aligned with the Chamber would be deducted.
10%: Authored or Co-Sponsored Bills Supported by the Chamber
10%: Authored or Co-Sponsored Bills Introduced by the Opposite Political Party that Impact the Business Community.

Click here to see the scorecard!

2024 Federal Compliance for Business Owners in Guam

Tuesday, February 27, 2024

In partnership with Azarvand Tax Law, Azarvand Tax Law will be hosting a Navigating Federal Compliance: A Deep Five into the Corporate Transparency Act and Foreign Bank Account Reporting for Businesses, webinar scheduled for Tuesday, February 27, 2024, from 10:00 a.m. - 11:00 p.m. They will be covering some key topics such as Corporate Transparency Act, and Foreign Bank Account Reporting. To learn more about Azarvand Tax Law, you can view their website by clicking here.

Click here to register!

Government of Guam Updates

New Electronic Filing Requirements

For Information Returns

The Department of Revenue and Taxation (DRT) published Tax Alert 23-01 ITAPB in December 2023 announcing the new electronic filing requirement.

Prior to 2024, employers who filed 250 or more information returns were required to file their information returns in electronic format. In February 2023, the Internal Revenue Service (IRS) regulations were amended to require employers submitting ten (10) or more information returns to file electronically beginning in 2024. The requirements are described in Section 6011(e)(2)(a) of the Internal Revenue Code, also referred to as the Guam Territorial Income Tax Code, and applies to Guam.

To read more on the New Electronic Filing requirements, click here to view DRT news release.

A guide to Information Returns

Guam Department of Labor

Fair Chances Hiring Practice Act

The Guam Department of Labor (GDOL) is reminding employers to uphold the requirements of the Fair Chances Hiring Practice Act (FCHPA), a law that requires employers with 15 or more requirement decisions. It also requires employers to post signage about the FCHPA in conspicuous areas at the workplace.

Data collected from the last five years, of the 142 employers who were inspected, approximately 47% were found to be non-compliant. A majority of the employers, or 55%, were cited for failing to display the FCHPA signage at their workplace, 19% did not comply with advertising requirements, and 18% continued to seek police and court clearances during the application process. To read more on GDOL FCHPA, click here to view news release.

Click here to download FCHPA poster

Citations Being Issued for Littering

The island's recently graduated Department of Parks and Recreation (DRP) Park police are already hard at work enforcing Guam's laws, including local anti-littering statutes. Over the holiday weekend, park Police cited an individual alone the entrance of Two Lover's Point in Dededo.

Illegal dumping is a violation of Guam law. In accordance with § 51114 (b), illegal dumping is subject to fines of up to $1,000 per day violation, along with the cleanup cost associated with the violations, call the Guam Environmental Protection Agency at (671) 300-4751/2. Click here to view news release from the office of the Governor.

U.S. Chamber Updates

3 Steps to Fight Retail Crime

The retail crime wave continues to be a national crisis, with businesses and communities struggling in its wake.

Safety is vital for businesses and communities to thrive in the world of free enterprise, especially as businesses large and small across the United States grapple with a historic wave of retail crime.

Why it matters: Retail crime creates higher prices for consumers, endangers customers and employees, and sometimes results in stores closing, leaving communities without access to goods and services.

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What we’re doing: The U.S. Chamber advocates three steps to combat retail crime:

Coordination by businesses and government. Information sharing among local businesses, law enforcement, and policymakers can increase crime detection and quicken response efforts.

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Aggregate offenses to punish repeat offenders. Criminals exploit the law to minimize their chances of arrest and prosecution. They steal just below the threshold of a felony and do it in multiple jurisdictions. If law enforcement can aggregate offenses, we can reduce repeated thefts.

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Prosecute aggressively. States should work to reduce the case backlog for state and local courts, freeing up prosecutors’ ability to address retail crimes. States should also empower attorneys general and special prosecutors to help with multi-jurisdictional cases to send a strong message against retail crime.

Dig deeper: For a real-world perspective, the U.S. Chamber profiled a family-owned coffee roaster in San Francisco who describes the impact of rising crime and inaction by local leaders. Hear their story.

Three Ways to Combat Retail Crime in 2024

Retail crime creates higher prices for consumers, results in stores having to close their doors, and communities left without vital goods and services.

Click to read more

‌Articles

Small Businesses Need Swift Action from Congress on Tax Extenders Legislation

Navigating the Polycrises: Global Risks and Opportunities Lie Ahead in 2024

Community Outreach

Guam Women's Club

68th Mardi Gras Latin Carnaval

The GWC is hosting its 68th Annual Mardi Gras event on Saturday, February 10 at the Hyatt Regency Guam. Sponsorship opportunities are on going. All funds raised for this event will benefit their UOG Scholarships.

For more information, click here!

American's SBDC Guam

February 7th Seminar

SBDC is hosting a seminar on Beneficial Reporting: What Small Business Owners Need to Know About the New Reporting Requirements on February 7th. Registration is ongoing now. Don't miss out on this informative seminar.

Hagåtña City Run & Block Party

Presented by Bank of Guam

Saturday, March 9, 2024

Join Bank of Guam on Saturday, March 9, 2024, for their annual Hagåtña City Run & Block Party. The evening of festivities will begin with a sunset run through the capital, starting at 5:30 p.m. The excitement continues at their block Party with food trucks, beer garden, live entertainment, Clutch Basketball 3x3 tournament, and a fun kids zone. It's fun for the whole family. Proceeds to benefit the Guam Cancer Carer and the American Cancer Society Guam.

Cash prizes to the top three (3) overall male and female 5k race finishers. Shirts for the first 1,500 to pick up their race packets. Purchase your tickets today on GuamTime!

Guahan Napu seeking support in

upcoming competition

The Guahan Napu is an established non-profit organization in Guam that serves the wave-riding community through training and contests. With the generous support of donations from local businesses and fundraising support within the community, they have been able to send a team to the last ISA World Surfing Games Olympic Qualifiers in El Salvador, and Japan. Now that surfing is an official Olympic sport, Guam has an expanded opportunity to participate on the world stage in surfing events.

The upcoming annual ISA World Surfing Games is set in Puerto Rico from Thursday, February 22, 2024, through Sunday, March 3, 2024. They will be sending a team of three (3) males and three (3) females to compete. They would need your support to help make this happen. For more information on Guahan Napu seeking support, click here to view their solicitation letter!

Need assistance in posting your job positions? Our Projects & Programs Coordinator, Schuyler Delgado, is available to assist you. Please submit your information via email or by calling (671) 472-6311. Click here to view job announcements!