Main Characteristics and the basic rules of Company registration in Marshall Islands
Like a lot of other entrepreneurs, you may have thought of expanding business operation in foreign nations. However, there is no fixed rule that you will have to select a large and popular country for venture expansion. It is also fine if you take business to a small and relatively lesser known country- provided the environment there is suitable for business. You can try out Marshal Islands in this regard. Named after John William Marshall, a British Naval Captain it is situated in the Pacific Ocean, it is comprised of small coral islands spread over 70 square miles. The small size and population of the island is not deterrent for setting up business. You can check out our Marshall Islands Comp. Formation packages too.
The economy and business prospects of the country have improved since it gained independence back in 1986. The local currency is USD and this is also ideal for business perspective. A majority of the population speaks English and so hiring workforce with proficiency in English should not be tedious.
When you expand business activities in a new country, the last thing you want is unwanted delay caused by bureaucracy. In Marshall Island, this issue does not exist. The reality is you can complete the formalities of company formation in about a week. This may sound like music to any foreign investor! You will get assistance from the Office for Commerce & Investment.
The legal infrastructure of Marshall Island is also ideal for setting up ventures. You can opt for setting up Limited Liability Partnerships and Partnerships without hassles. The govt is stable and the island is relatively free of crime rates and political turbulence. It receives annual aid from the USA and it will continue until 2023. The corporate tax rate is low.
Businesses dealing with various niches can try out the island country given the fact many niches are yet to be explored here. Companies dealing with agricultural products, fishing and handicrafts can prosper here. However, growth of technological sectors has been limited and such companies can set up operations here. You may gain by seeking expert consultancy while setting up a venture here. Our Marshall Islands Comp. Formation packages may be of use.
Initially, you may not face many hurdles in starting a business in Marshall Islands. However BRIS group can make your task simpler. Check out our Marshall Islands Comp. Formation packages today.
|Marshall Islands Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Marshall Islands Tax Information Exchange Agreements:||Yes, Exchange Agreements is signed|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Marshall Islands Company Formation||Registration Requirements|
|Share Capital:||US$50,000 Minimum paid up share capital US$1|
|Classes of Share Available for Marshall Islands company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Bearer Shares:||Yes, Allowed|
|Registered Office Required:||Yes, required and must be maintained in Marshall Islands|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality and need not be resident in Marshall Islands. Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||“Corporation”/ Corp., “Limited”/Ltd, “Incorporated”/Inc.,, “Societe Anonyme”/S.A., “Sociedad Anonima”, “Public Limited Company”/ PLC|
|Documents required for Marshall Islands company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Marshall Islands Company Formation||Restrictions|
|For Marshall Islands company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||Not permitted to trade within Marshall Islands|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Marshall Islands Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Steady jurisdiction and highly considered reputation.|
|About Marshall Islands|
|Region:||Chain of volcanic islands and coral atolls in the central Pacific Ocean, between Hawaii and the Philippines|
|Governing corporate legislation:||The Associations Law of the Republic of the Marshall Islands 1990|
|Type of Law:||Common|
|Currency:||US Dollar (USD)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.