Preface: The Marshall Islands has emerged as a highly desirable jurisdiction for offshore company formation. This is attributable to the country’s stable economic and political climate, a tax regime that is both favorable and low, and a wealth of business opportunities. A Marshall Islands company formation offers remarkable flexibility and tax advantages, with minimal restrictions on the types of businesses it can engage in.
Marshall Company Services with Fionza Consultant
Streamlining Marshall Islands company registration is a breeze when you’re well-versed in the entire process. Enlist Fionza Consultants to steer the ship, allowing you to allocate your time and resources strategically to more critical business channels.
- Marshall Islands company registration with the Marshall Islands Registrar of Companies
- Appointment of a company secretary and provision of a local registered address
- Assistance with corporate bank account opening
- Facilitation of financial and business license applications
- Ongoing support for annual accounting and tax compliance
How long does it take for a Marshall Islands company registration and open a corporate bank account?
Fionza Consultants commits to efficiently completing the Marshall Islands company registration process within a swift 1-week time frame.
Upon successful registration, you can anticipate the prompt delivery of all official documents, including the Certificate of Incorporation, Articles of Association, Memorandum of Associations, and other vital evidentiary documents, right to your preferred location.
Within just 4 weeks of registering your Marshall Islands Company, we will facilitate the opening of a corporate bank account with a local or internationally renowned bank.
As a result, you can confidently expect your Marshall Islands company to be fully operational within a mere 5 weeks of engaging Fionza Consultants for our expert services.
What are the benefits of registering a company in the Marshall Islands?
- Tax Advantages: Companies registered here enjoy the advantage of zero profit tax, and dividends are also exempt from taxation.
- Nominee Services: The Marshall Islands offers nominee shareholders and professional company directors. Additionally, a corporate entity can act as a company director, providing flexibility in management.
- Bearer Shares: The issuance of bearer shares is permitted in the Marshall Islands, and they can be stored anywhere. However, it’s important to note that companies issuing bearer shares may encounter challenges when opening bank accounts in other countries. Our experts at InternationalWealth portal are ready to guide you on establishing a foreign bank account for your offshore company that has issued bearer shares.
- Effortless Formation: Only one shareholder and one director are required to register an offshore company in the Marshall Islands, making the incorporation process straightforward and efficient.
- Speedy Registration: Registering an offshore company in the Marshall Islands is remarkably quick, taking just one week from the moment the Registrar receives correctly completed application documents.
- Confidentiality: Your privacy is paramount in the Marshall Islands. There is no public register of company shareholders, directors, or other beneficiaries. This discretion ensures that your competitors won’t have access to information about your offshore company. However, it’s important to note that the Marshall Islands automatically exchanges fiscal information of residents with certain other countries, so it’s essential to stay informed about international tax regulations.
What are the regulatory requirements for registering a company in the Marshall Islands?
- Director and Shareholder Flexibility: Offshore companies in the Marshall Islands are versatile, allowing for a single director or multiple directors and shareholders, including nominal ones.
- Secretary Requirement: It is mandatory for these companies to have a secretary in their structure.
- Shares without Par Value: Companies can issue shares without a specified par value, with the exception of bearer shares, which are not permitted.
- Compliance with New Regulations: Due to regulatory changes effective since January 1, 2019, influenced by FATF and the EU, offshore companies have had to adapt to ensure a substantial presence within these jurisdictions. In the Marshall Islands, this involves conducting company activities with regular board meetings and document storage within the territory.
- Flexible Charter Capital: While offshore companies in the Marshall Islands are not required to specify their charter capital, it must be declared. The terms for capital payment, however, are not stipulated.
- Unique Company Name: Company names must be unique and dissimilar to existing ones. Names can be registered in any language, provided they are translated into French or English.
- Banking Flexibility: Offshore companies in the Marshall Islands have the freedom to choose any bank for their operations and maintain multiple accounts for commercial purposes. Banking transactions are confidential and not disclosed.
- Privacy of Information: Only the company name and changes in its constituent documents are accessible to third parties. Information regarding beneficial owners is not publicly available.
- Registration and Registered Agent: Registration in the Marshall Islands is a requirement for offshore companies, and they must also appoint a registered agent.
- Main Activity Location: The primary business operations of the company should be conducted from the Marshall Islands. However, companies able to establish tax residency in another jurisdiction are exempt from the regulations enacted on January 1, 2019.
- Licensing for Financial and Insurance Activities: Financial and insurance activities are subject to licensing requirements.
These guidelines ensure that offshore companies in the Marshall Islands operate in accordance with local regulations and international standards.
How to register company in the Marshall Islands?
Fionza Consultants invites you to explore this comprehensive guide to gain a deep understanding of the Marshall Islands company registration process and how to establish a corporate bank account. By diligently following the steps outlined below, you can anticipate commencing business operations with your Marshall Islands company in just 5 weeks.
Step 1: Selecting the Right Company Structure Our dedicated team of consultants will carefully assess your business objectives and operations, recommending the most suitable entity type for your needs. Before proceeding with company incorporation, we will provide guidance on ideal paid-up share capital, legislative requirements, and more.
Step 2: Reserving Your Company Name Our experts at Fionza Consultants will conduct a search to verify the availability of your preferred business name with the Marshall Islands Registrar of Companies. If the name is available, we will proceed with the registration.
Step 3: Preparing Essential Corporate Documents In most cases, directors and shareholders will need to furnish basic KYC (Know Your Customer) documents, including director names, certified passport copies, proof of address, bank reference letters, and CVs for our due diligence checks. While a director doesn’t need to be a resident of the Marshall Islands, we offer nominee director services for enhanced privacy. Our team will also assist in providing a registered local office address in the Marshall Islands, which will be used for corporate records and official documents. Depending on your business activities and structure, we will draft necessary corporate documents such as articles of association, memorandum, and a business plan.
Step 4: Submitting Documents for Company Registration We will then submit all the required documents to the Marshall Islands Registrar of Companies to officially register your business entity. Once registration is complete, we will courier the certificate of incorporation, articles of association, memorandum of association, and other relevant documents to your chosen address.
Step 5: Opening Your Corporate Bank Account After successfully registering your company in the Marshall Islands, Fionza Consultants will provide assistance in opening a corporate bank account. Our team has established partnerships with reputable international and local banks in the Marshall Islands, streamlining the process for you. Typically, opening a corporate bank account takes around 4 weeks. Directors and shareholders usually do not need to travel; however, if necessary, our representative can accompany you to the bank meeting. Alternatively, we can negotiate with the bank officials to conduct a conference call or issue a waiver. Once your account is established, we will send the necessary bank documents, internet banking tokens, and access codes to your preferred location.
Step 6: Post-Incorporation Compliance Following your company’s setup in the Marshall Islands, Fionza Consultants will continue to support you with essential accounting and tax services, ensuring your compliance with governmental regulations. We will assist in applying for a tax identification number with the relevant tax authorities.
Why do companies register in the Marshall Islands?
The Republic of the Marshall Islands (RMI) boasts a stable democracy, characterized by regular, competitive elections, an independent judiciary, and a free press. The government actively encourages foreign investment, particularly in sectors such as fisheries, aquaculture, deep-sea mining, manufacturing, tourism, renewable energy, and agriculture. While there have been historical issues with corruption, the country has made progress in addressing this concern, with auditing bodies and independent courts effectively detecting abuses. In 2020, the World Bank ranked the country’s control of corruption at 55.1%.
Foreign investment in the Marshall Islands is subject to certain complexities. Non-Marshallese individuals and entities cannot purchase land, as all land is privately owned. Therefore, foreign businesses must lease land from private landowners to operate. The cost of doing business is relatively high due to factors like communication and utility expenses, inadequate infrastructure, reliance on imported materials and services, and relatively high import duties, as indicated in the 2019 World Bank Doing Business report. Notably, the Marshall Islands has been removed from the EU and OECD’s list of non-cooperative tax jurisdictions but ranked 153rd in the 2019 Doing Business report.
The Marshall Islands has a rich maritime heritage and serves as a significant center for international shipping. Despite challenges like foreign occupation and limited trade opportunities, the country has become a prominent advocate for sustainability in the maritime sector. It is home to the world’s second-largest ship registry. Historically, the nation has relied on fishing and the export of fish and fish products for income. Additionally, the government issues fishing licenses to other countries, and small-scale farming contributes to the export of products like tomatoes, breadfruits, coconuts, and melons.
In 2021, the World Bank approved a $30 million project in the Marshall Islands to address the limited and costly access to high-speed internet. This initiative aims to provide faster, more reliable, and affordable internet access across the country. The Digital RMI project also seeks to encourage private sector investment in climate-resilient digital infrastructure and establish the groundwork for digital government services and the digital economy.
Languages spoken in the Marshall Islands include English and Marshallese. The country welcomes approximately 10,000 tourists annually, as indicated by inbound tourism data.
The Marshall Islands faces the imminent threat of being the first nation severely impacted by climate change. However, it has turned this challenge into an opportunity by positioning itself as a testbed for clean technologies. Negotiations with major corporations are underway to commercialize ocean thermal energy conversion (OTEC) energy. Additionally, the country has earned recognition for its Green Award-accredited vessels, with RMI-flagged ships representing about 16% of accredited vessels globally in 2018.
Trust Fionza Consultants to handle the process, allowing you to focus your valuable time and resources on more critical priorities.
Contact us to find out more about Marshall Islands company registration. Our team of experts will revert within the next 24 hours.