Overview:
The Republic of the Marshall Islands (RMI) is an island country in the northern Pacific Ocean.
The state is a modern and stable corporate jurisdiction that provides the flexibility and the confidentiality that is required from corporate users.
It is a zero tax jurisdiction that permits corporate officers and does not have mandatory or annual filings.
A Marshall Islands International Business Company (IBC), known as a Non-Resident Domestic Corporation, is the country’s premier and most popular offshore company formation vehicle.
Although the Marshall Islands jurisdiction is largely unknown, it remains one of the best offshore financial destinations in the Pacific.
Law:
A Non-Resident Domestic Company is governed by the Business Corporations Act, which is under the Marshall Islands Associations Law of 1990, exempting all non-resident companies from having to pay any type of local taxes.
The jurisdiction has a modernized corporate law that combines elements from both the US and the UK, making it a first class offshore financial centre.
The Marshal Islands has outstanding asset protection legislation and has long declined to collaborate with the OECD on any tax information exchange agreements.
| Company Registration Requirements | |
| Minimum Shareholder | 1 |
| Minimum Director | 1 |
| Corporate Directors and Shareholders | Permitted |
| Local Secretary required | No |
| Local Registered Office | Yes |
| Minimum Paid Up Share Capital | US$1 |
| Recommended Share Capital | US$ 50,000 |
| Annual Reporting and Audit | Not Required |
| Local Tax on Foreign Income | Exempted |
** The names of beneficial shareholders of Marshall Islands Company are not required to be disclosed to the authorities.
**Shareholder(s), director(s) and Corporate Secretary can be the same individual person or a corporate entity.
Steps to register a BVI Company:
| Steps | |
| 1 | Prepare due diligence documents and forms for incorporation; |
| 2 | Perform Company Name Search with the Marshall Islands Registrar |
| 3 | Submit approval for company name with the Marshall Islands Registrar |
| 4 | Submit signed incorporation forms; |
| 5 | Receive Business Registration Certificate |
| 6 | Open corporate bank account |
| 7 | Provide Client with the original incorporation documents |
Types of Companies:
- Marshall Islands Limited Liability Company (LLC)
- Marshall Islands Offshore Business Corporation
- Marshall Islands Offshore Banks
- Marshall Islands Offshore Trust
- Marshall Islands Offshore Partnership
- Marshall Islands Offshore Limited Partnership
Advantages of setting up a BVI Company;
- Exemption from all local taxes and stamp duty
- Maximum confidentiality and anonymity
- Ease of operation, maintenance and control
- Asset security
- No disclosure or minimum capital requirements
- A Marshall Islands IBC requires a minimum of one shareholder
- A Marshall Islands IBC requires a minimum of one director
- Corporate directors and shareholders are permitted
- Excellent and flexible post-incorporation follow-up services
- No statutory requirement to hold annual general meetings
Best uses of a BVI Company
- Asset management and protection
- Tax optimization
- Real Property Holding
- Holding securities and bank accounts
- Trust and estate planning
- International trade
- Holding patents and trademarks
- Holding
