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Offshore Company Set Up in the Marshall Islands

Situated in the Pacific Ocean, the Marshall Islands are an independent island nation made up of over 1200 of the easternmost islands of Micronesia. With about 60,000 local and foreign inhabitants, this island is well-known for its sprawling chain of coral atolls and volcanic islands. Over the years, many people have been looking to incorporate businesses in the Marshall Islands. This is because the process is straightforward, convenient, and requires minimal annual requirements compared to other jurisdictions. So, let us quickly delve into the process of offshore company formation in the Marshall Islands.
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Situated in the Pacific Ocean, the Marshall Islands are an independent island nation made up of over 1200 of the easternmost islands of Micronesia. With about 60,000 local and foreign inhabitants, this island is well-known for its sprawling chain of coral atolls and volcanic islands. It also has the second-largest registry in the world. Officially known as the Republic of the Marshall Islands, its nominal capital is Majuro, the country's finance and business hub. However, it is worth noting that its offices are in the town of Delap-Uliga.

 

Over the years, many people have been looking to incorporate businesses in the Marshall Islands. This is because the process is straightforward, convenient, and requires minimal annual requirements compared to other jurisdictions. So, let us quickly delve into the process of offshore company formation in the Marshall Islands.


Offshore Company Set Up in the Marshall Islands

 

Benefits of offshore company registration in the Marshall Islands

As mentioned earlier, the Marshall Islands are becoming increasingly popular for offshore company formation. Thanks to the Marshall Islands International Business Company, traders, business people, expatriates, and consultants/counselors can benefit from registering an offshore company in this jurisdiction. Some of the benefits of offshore company formation in the Marshall Islands include:

 

1. A coherent political and financial environment to conduct various business and trading transactions

 

2. Total exemption of all taxes, including inheritance, corporate, gift, estate, and stamp duties

 

3. No requirement to disclose name and details of director(s) or shareholder(s)

 

4. No legal requirements to file any annual returns or financial statements yearly

 

5. Modern corporate legislation modeled after the Delaware LLC law in New York

 

6. Ease and convenience of formation, functionality, and management

 

7. A minimum of one director, shareholder, and corporate secretary required for its formation and registration

 

8. No legal requirement to convene yearly general meetings

 

9. An exceptionally reputable offshore market as it is one of the leading jurisdictions for initial public offering (IPOs) on major stock exchange markets

 

10. Allowance of issuance of multiple types of shares

 

Conditions for offshore company registration in the Republic of Marshall Islands

The requirements of offshore company registration in the Marshall Islands are relatively straightforward to execute. The Marshall Islands jurisdiction utilizes a single company to register all of its non-resident companies. Take note that there are no residential or nationality requirements for offshore company registration in the Marshall Islands. Likewise, natural or corporate persons are free to open offshore companies.

 

Here are the prerequisite conditions required to establish an offshore company in the Marshall Islands.


1. The company's name can be in any language and must have the words LTD. or Limited. The company owners cannot use words like Assurance, building society, Royal, Trustee Company, bank, or Trust Company in their company name

 

2. A minimum requirement of one director, shareholder, and company secretary for company registration. It is permissible if it is the same person


3.  A minimum registered capital of 1 US dollar


4. Standard share capital of 500 registered shares with a maximum value of 50,000USD and/or bearer shares which can have no par value


5. Shares can be available in any currency

 

Required documents for offshore company registration in the Republic of Marshall Islands

Similar to any other jurisdiction, various documents are necessary to register an offshore company. In the Marshall Islands, the documents needed to set up an offshore company include:


Three proposed company names ending with Limited (LTD), Incorporated (Inc), or Corporation (Corp)


A certified or notarized copy of the passport of each director, shareholder, and beneficial owner


Residential proof of the address of each shareholder and director in English or a certified translation version


A certified utility bill issued within the last three months


Articles of Incorporation, including the original memorandum and Articles of Association


Number of shares and company structure

 

The offshore company registration process in the Marshall Islands

1. Check the proposed company names

 

2. Obtain a local and nominal address in the Republic of Marshall Islands

 

3. Request the formal service description of the director(s) and shareholder (s)

 

4. Appointment of the company secretary

 

5. Through a legal professional, the company should prepare its Articles of Incorporation, various application forms, and other documents

 

6. Submit all the prerequisite documents to the Registrar of Companies

 

Upon receiving the company's certificate of incorporation, it can proceed to open a bank account. Generally, it takes 2-3 days to complete an offshore company registration process in the Marshall Islands.

 

Marshall Islands offshore company incorporation FAQs

Q1: Is it necessary to visit the Marshall Islands to register an offshore company?

There is no statutory requirement to physically appear when registering an offshore company in the Marshall Islands.

 

Q2: What is the fee for offshore company formation in the Marshall Islands?

The government of Marshall Island imposes a minimum fee of $600 to register an IBC.

 

Q3: How long does it take to form a company in the Marshall Islands?

Generally, it takes approximately 1-2 weeks to establish an offshore company, depending on the company's type of business.


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