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Located nearly midway between Indonesia and Hawaii, the Marshall Islands are the easternmost island group in Micronesia. Located nearly midway between Indonesia and Hawaii, the Marshall Islands are the easternmost island group in Micronesia. The islands were discovered by John Marshall in 1882 and then they were annexed by Germany. After WWII, The United States took control of the country and governed it until 1986 when the Marshall Islands became an independent state.
The Marshall Islands has a hybrid government and economic system: part of it comes from the English law (the corporate legislation, in particular) and the other part is from the USA. The US dollar is an official currency in the country. The hybrid combination makes the Marshall Islands an attractive offshore jurisdiction where international entrepreneurs like to register business companies.
Statutory requirements 1. Authorised and Issued Share Capital. The usual authorised share capital is 500 shares without par value or a capital with a stated par value up to US$ 50,000. The authorised share capital may be expressed in any currency. The minimum issued share capital is either one share of no par value or one share of par value.
2. Classes of Shares Permitted. Marshall Islands' corporations may have registered shares, preference shares, redeemable shares, shares with or without par value and shares with or without voting rights.
3. Directors. The minimum number of directors is one. The directors may be natural persons or bodies corporate. They can be of any nationality and need not be Marshall Islands residents.
4. Company Secretary. A Marshall Islands corporation must appoint a company secretary who may be a natural person or a body corporate. The company secretary can be of any nationality and need not be resident in the Marshall Islands.
5. The minimum number of shareholders is one.
6. Registered Office Required. Yes, must be maintained in the Marshall Islands.
7. Name Restrictions. Cannot be identical or similar to an existing company. The following words or their derivatives may not be used: bank, chartered, establishment, foundation, insurance, partnership or trust.
8. Suffixes to Denote Limited Liability. Any standard corporate suffix or its abbreviation, for example: Corporation, Incorporated, Limited, Public Limited Company, Aktiengesellschaft, Société Anonyme, Sociedad Anónima, Soci é t é Anonyme à Responsabilité Limitée, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootshcap, Aktiengesellschaft.
9. Disclosure of Beneficial Ownership to Authorities. No
10. The Marshall Islands statutorily exempts non-resident companies from taxes.
11. Double Taxation Agreements.
12. Financial Statements Required. There is no requirement to file financial statements, but records should be maintained to reflect a company's financial status.
Advantages of setting up an offshore company in Marshall Islands: 1. Zero taxes. There is no profits tax. Dividends are not subject to tax.
2. Nominee services. Nominee shareholders and professional company directors are available in the Marshall Islands. Besides, a corporate entity can act as a company director.
3. Bearer shares. Issuance of bearer shares is allowed in the Marshall Islands and they can be kept anywhere. You should bear in mind, however, that companies issuing bearer shares may have problems opening bank accounts in other countries.
4. Ease of company formation. Only 1 director and 1 shareholder is suffice.
5. Minimum share capital. Only US$1 can set up a company.
6. Management flexibility. The company can have Board of Directors meeting in any country of the world. Having annual shareholder meetings is not required either.
7. High speed of company registration. Registering an offshore company in the Marshall Islands takes only 48 hours upon submission of required due diligence documents.
8. There is no public register of company shareholders, directors, or other beneficiaries in the Marshall Islands.
9. Minimum reporting requirements. There is no need to file annual tax return nor is there any audit requirements.
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Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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