Eternity Law International News Offshore saving campaign

Offshore saving campaign

July 28, 2020

Offshore saving campaign: re-domiciliation of companies to the Marshall Islands on special terms

Offshore saving campaign – an actual momet. You should not close your offshore company if it does not bring you income any more, but, inversely, has become a source of additional problems.

You will be able to use the enterprise for many more years and make a profit. All you need is to register your organization under the Marshall Islands’ jurisdiction.

Vivification the offshore

Being the owner of a classic offshore company is becoming less and less profitable, due to deoffshorization and the most severe measures of states playing a leading role in the international market, as well as international organizations.

There are several reasons for this. The most important is that all the benefits from this or that company are offset by the difficulties of owning it.

The following situation can be mentioned as an example: is it worth to use a zero rate for taxation if the organization itself is unable to open a bank account?

Alternatively, are data protection algorithms needed if any of the companies is not ready to start cooperation with you because of fears of being accused of money laundering?

Because the classic offshore is now experiencing unmeasured stress, companies are starting to restructure at a very fast pace. However, not all of them succeed so quickly and easily.

Nevertheless, there is still hope for the offshore business. Now, so to speak, the “lifeline” for such companies is the Marshall Islands, that have successfully fitted into the realities of the modern world.

The most suitable offshore for the 21st century

How does a classic offshore company attract honest and decent executives?

  1. Low and even zero rates provided for corporate tax – the Marshall Islands is a place where the mandatory corporate payment equals 0.
  2. Flexibility of legislative systems and companies’ organization – partnerships of Marshall Islands, International Business Companies and LLCs can be tailored to support almost any type of activity.
  3. Protection of personal information – the register sheet on the Marshalls is strictly protected, so the data on the beneficiaries is not available to third parties.
  4. Opportunity to enter the international market – the islands are recognized all over the world, moreover, they are associated in the States, and this gives some opportunities for entering the American markets.

In addition, it should be mentioned, that the Marshall Islands have an excellent reputation of its jurisdiction. The FATF ranks the Marshalls as part of their respective anti-money laundering and terrorist sponsoring standards.

The EU struck the Marshall Islands off the list of countries not recommended for cooperation, and then France did it.

Opening an account in the Marshall Islands

It will be quite natural to be interested in whether it is possible to open a corporate account on the Marshalls.

Since the islands have an excellent reputation, dealing with banking institutions is greatly facilitated, but opening an account is still a laborious and time-consuming procedure.

The bank will check you very scrupulously, so the whole operation can take months.

Therefore, it is more advisable to open a corporate account in one or another payment system. For each client, the payment system is selected individually.

Offshore re-domiciliation

Re-domiciliation is not the creation of a new organization, but the transfer of an old company. The only thing that changes is the domicile and you will be required to comply with the laws of the Marshall Islands.

First, check if there are any restrictions as for re-domiciliation in your country. Then prepare the following list of papers:

  • copies of corporate documents approved by a notary (Articles of Association, etc.);
  • certificate of proper solvency;
  • Articles of Domestication and Articles of Incorporation are processed in accordance with the requirement of the Marshall Islands.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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