Marshall Islands
Marshall Islands
The Republic of the Marshall Islands maintains a politically stable, democratically elected parliamentary system of government, consisting of two legislative chambers which elect the President from among their members for a four-year term. In turn, the President appoints a Cabinet of 6-10 members and serves both as chief of State and head of government.
The RMI court system includes local courts of first instance (whose judges are appointed by the Presidential Cabinet), a Traditional Rights Court with jurisdiction over real property matters, a District Court with general jurisdiction over cases outside the High Court’s jurisdiction, and a High Court with maritime jurisdiction. In all cases, appeals may be brought before the Supreme Court.
Marshall Islands entities can be utilized among others for Asset Management, Vessel/Yacht Ownership, Tax Optimization, Initial Public Offering, International Trade and for Holding Securities and Bank Accounts.
The RMI Corporate Registry is recognised as one of the leading jurisdictions for initial public offerings (POI) on major stock exchanges. These publicly traded companies show the success that is possible in an offshore jurisdiction and help to enhance the excellent reputation of the RMI Maritime and Corporate Registries. Law firms, company formation specialists, and business professionals in major financial centers around the world recognise the RMI for its modern and flexible legislation, ease of formation, and high level of customer service.
Key Corporate Features |
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General |
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| Types of company | IBC – Corporations, Partnerships, Limited Partnerships, Limited Liability Companies (LLCs). Last three being shareless companies |
| Type of law: | Common |
| Shelf companies available: | Yes for corporations |
| Time to establish a new company: | Same day |
| Annual fees paid to authorities: | 450 USD for Corporations and LLC’s and 900 USD for Partnerships and Limited Partnerships due on the anniversary of incorporation. |
| Taxation rates applied to companies generally: | All are statutorily exempt from taxation in the Republic of the Marshall Islands. |
| Double taxation treaty access: | No. However there is access to the Compact of Free Assosiation with the United States & 14 TIEAS are signed. |
| Minimum Government Fees (excluding taxation) | Nil |
| Corporate Taxation | Nil |
Share capital of equivalent |
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| Standard Currency: | USD |
| Permitted Currencies: | Any |
| Minimum Issued: | US $1 |
| Usually authorised: | US $50,000 |
Directors or Managers |
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| Minimum number: | One for corporations & Local Registered Agent provided at incorporation for no additional fee |
| Local professionals requires: | Qualified intermediaries only. E.g. accountants, lawyers, banks, trust companies, company formation agents and corporate secretarial services. Qualified Intermediaries ay be anywhere in the world. |
| Publicly accessible records: | No |
| Location of meetings: | Anywhere. Telephone meetings also possivle |
Members |
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| Minimum number: | One shareholder is required for Corporations. One member is required for LLCs. Two partners for Partnerships and Limited Partnerships. |
| Publicly accessible records: | No |
| Location of meetings: | Anywhere. Telephone meetings also possivle |
Company Secretary |
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| Required: | Yes, one required for Corporations |
Accounts |
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| Audit requirements: | No |
| Local auditor: | No |
| Requirement to file accounts: | No |
| Publicly accessible records: | No |
Other |
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| Requirement to file annual return: | No, but records should be maintained |
| Migration of domicile permitted: | Yes |