| Registration cost | 1 675 Eur |
| Company renewal cost | 1 535 Eur |
| Directors number | 1 |
| Corporate tax | 00.00 % |
| Registered share capital | 0.00 |
| Mandatory reporting requirements | No |
The Marshall Islands is a republic located in the Pacific Ocean. It belongs to the Micronesia region. Due to the location of the islands, they are called inaccessible. However, the colorful countryside and exotic views attract many people.
This place has incredibly beautiful beaches, a fascinating underwater world, and the population is always friendly towards visitors.
In the specifics of offshore jurisdictions, the legislation adopted in 1990 by the Association of the Marshall Islands operates here.
Marshall Islands jurisdiction
The establishment of a separate state on these islands was preceded by a long colonial period. The Marshall Islands were ruled by countries such as Spain, Germany and Japan. Then power passed to the United States, whose government lasted between 1945 and 1986, when complete independence was granted.
The island of Majuro was proclaimed the capital, and the republican system was chosen for management. The country has two official languages - marshal and English. The official currency is the US dollar (USD).
The drafting of laws in the represented country was carried out mainly by American lawyers. With their help, the state act Association Law of the Republic of Marshall Islands was created, which is still guided in the process of registering companies. Thanks to this legislation, offshore companies are provided with many following advantages:
- there is no foreign exchange control;
- confidentiality provided by the government;
- constancy of the state;
- there is no need to provide financial reports;
- the main currency is the US dollar;
- company registration is similar to English;
- it is permissible to use Shares for the Bearer;
- the most favorable tax conditions for doing business.
In addition, there are additional legal acts in force that govern the operation of offshore companies. For example, the Business Corporations Act regulates the establishment of a company with an international level business, where it is defined as a company to generate profit in the process of operating outside the Marshall Islands.
These organizations are not allowed to carry out trust activities, conduct banking operations, and provide insurance services. Thus, within this republic there are all the necessary conditions for the development of offshore companies.
Company under the Marshall Islands jurisdiction
A classic offshore variation is a company that is established in the Marshall Islands as an ordinary international business company. In this case, the type of corporation that is needed for international business activities and investments is used – the International Business company (IBC).
The Law “On Associations” has united several acts that regulate the relationship and the procedure for the existence of the IBC, including such as:
- The Liaison Act (1990);
- Business Corporations Act (1990);
- Limited Liability Companies Act (1996).
Only one type of IBC is possible on the territory of the republic – domestic non-resident company that is easy to create and easy to manage. Given the fact that certain provisions of the legislation are taken from English practice, the management system has been greatly simplified.
This opens up the possibility of hiring an executive manager and a secretary. You can manage the company locally or remotely from another country. At the location of the head office, which can be anywhere in the world, all data about the functioning of the company are concentrated.
At te same time, there is no need to prepare annual or other types of reports, this is not provided. There is also no taxation at all, which greatly simplifies the company’s activities.
Conditions and procedure for registration
Provided that the traditional provisions of the law are applied, the IBC can be established in 1 day. However, for this it is necessary to comply with the conditions that are prescribed for creating a name. This requirement is mandatory and excludes certain words in the name, in particular trust, bank, charity, insurance. In addition, it is necessary to use Public Limited Company, Ltd, LLC, Inc, A.G., Limited or S.A words.
Registration procedure involves several stages.
- Control and confirmation of the company name in the register.
- Work on the preparation and completion of documentation.
- Payment of fees and charges that are required at registration.
- Incorporation of the corporation into the Registry of Companies.
- Certification of documents by a notary.
After passing all the stages, the client receives ready-made documents for the established corporation and can start its development.
Our company has been engaged in business modeling activities all over the world for a long time. In the frame of our activity, we are guided by the jurisdiction of the selected country, which the clients wish to include in the sphere of their interests.
Experienced practitioners are familiar with the laws and specifics of doing business in the Marshall Islands. Considering all the specifics of this country, this is the most optimal option for creating offshore companies.
We provide the following types of services:
- registration in the selected zone, in particular offshore jurisdictions;
- secretarial services for established companies;
- opening bank accounts, connecting payment systems, opening merchant accounts;
- registration and legal addresses;
- preparation of all documents, including articles of association, charters, powers of attorney and others;
- obtaining certificates within the offshore zone.
Services are provided both in a complex version and on an individual basis. There are also a number of additional services available worldwide. Contact Eternity Law International and get professional help.