Marshall Islands
General Information
Area –181 sq. km
Population – 53,158 people
Capital – Majuro
Official language – English, Marshallese
Official currency – US dollar (USD)
Key Aspects
No treaties for the avoidance of double taxation were signed. A special licence is required to provide banking and insurance services.
Company Type
The most popular company type in the Marshall Islands is an International Business Company (IBC)
Corporate Legislation
Business Companies Act 1990
Main Requirements for Company Directors and Shareholders
There should be at least one director and one shareholder in a company. Nominee directors and shareholders are allowed to be used. They may be residents of any country, both natural persons and legal entities.
Authorised Capital
There are no requirements as to the mandatory payment of the company capital. The authorised capital of a company is specified according to a resolution. There is no minimum or maximum authorised capital stipulation. The standard joint-stock capital is USD 50,000 divided into 50,000 shares with par value of USD 1.00 each.
Taxation and Reporting
Offshore companies are exempted from paying taxes and pay only the yearly duty.
Companies are freed from the preparation and filing of any financial accounts and conducting audits.
There is no need for maintaining accounting records if a company carries out its economic activity outside the Marshall Islands. There is no need for the preparation and filing of annual accounts if a company carries out its economic activity outside the Marshall Islands.
Questions that need to be answered to prepare incorporation documents
- Passport details of the beneficiary (passport scan; in case a national passport is scanned – its translation into English).
- Utility Bill (confirmation of the registration address translated into English).
- Passport and Utility Bill in the agent’s name if it is not the beneficiary.