14 CFR §211.31

1. (a)That the carrier is organized under the laws of the Federated States of Micronesia, the Marshall Islands, Palau or the United States;
2. (b)That substantial ownership and effective control of the carrier are held by citizens of the Federated States of Micronesia, the Marshall Islands, Palau and/or the United States;
3. (c)That citizens of other countries do not have interests in the carrier sufficient to permit them substantially to influence its actions, or that substantial justification exists for a temporary waiver of this requirement;
4. (d)That the Administrator of the Federal Aviation Administration has determined that the carrier complies with such safety standards as the Administrator considers to be required; and
5. (e)That the government or governments of the Freely Associated States concerned have consented to the carrier's operation as a “Freely Associated State Air Carrier.”