Why is the Republic of the Marshall Islands – RMI so attractive as a place to register your business or even to move an existing business there?
- RMI is convenient for registering a company and it is business friendly. The Republic of the Marshall Islands Business Corporations Act is similar to the corporate law of the US and the UK and statutorily exempts all non-resident companies from taxes. There is no requirement to file the names of directors and shareholders with the Registrar of Companies.
- IBC - International Business Corporation - is one of the most widely used business vehicles. IBCs are utilized for a variety of purposes, such as holding securities and bank accounts, trust and estate planning, asset protection, public offerings for raising capital in world markets, international trade and holding vessels.
- In the RMI, the share structure of a standard corporation is 500 registered and/or bearer shares of no par value stock or up to 50,000 USD worth of par value stock. Par value may be denominated in any currency.
- At least one director and one shareholder is required for all RMI corporations. All RMI companies must appoint a Secretary.
- The RMI is currently whitelisted by the EU after being removed from the EU blacklist of non-cooperative jurisdictions for tax purposes on 14 November 2019.
Incorporation of an IBC in Marshall Islands offers a number of advantages both for business and for the owners' privacy. The most important are:
- no taxation;
- no reporting requirements;
- names of directors and shareholders are not public;
- cost-effective incorporation within a few days.
Services and fees related to registering an IBC in the Marshall Islands
- Incorporation fee (inclusive of the documents, registered agent, secretary) - US$ 790
- Annual maintenance (inclusive of the registered agent, secretary, Government fees) - US$ 750
- From July 2020, a new fee of US$ 150 for Economic Substance Reporting and Certification will be added (see the note below)
Note. As of 1 January 2019, the “Economic Substance Regulations” came into force. In accordance with these Regulations, all entities must complete an annual declaration on economic substance through the Registrar of Corporations' online portal. The portal will be available shortly and declarations will be due between June 2021 and May 2022, depending on the anniversary date of the entity.
Please send an email if you wish to proceed. We will need a standard due diligence for the future company directors, shareholders inclusive of a passport copy and proof of address. When we clear the order details and receive all necessary due diligence documents we will send you an invoice. Once the fees are received, we will initiate the incorporation of your IBC in the Marshall Islands.
Useful links to learn more about registering an offshore tax-exempt company in the Marshall Islands
Republic of the Marshall Islands ECONOMIC SUBSTANCE REGULATIONS:
Republic of the Marshall Islands ASSOCIATIONS LAW: