Marshall Islands

Description

The Republic of the Marshall Islands managed to reach economical stability in the recent years. Low taxes made the country one of the most popular offshore zone. An offshore company registered in Marshall Islands is a very common and popular option to optimize taxation. Offshore registration in Marshall Islands is quick and the process is simple. Registration fees are low, as well as the fees for extension of the term for business activity in Marshall Islands.

General information about IBC (International Business Company) in Marshall Islands

  • Number of directors and shareholders is minimum 1, they may be nominal;
  • Secretary appointment is obligatory;
  • Shares with no nominal value are allowed. Bearer shares issuing is forbidden;
  • Meeting of the shareholders may be held all over the world, by phone, regularity and time of meetings are not defined. No requirements regarding the place for keeping the minutes, it is for shareholders to decide themselves;
  • Registered share capital of an offshore company in Marshall Islands is not defined, but has to be indicated. No requirements regarding the terms of payment of the capital;
  • The company in Marshall Islands may choose any bank for cooperation, as well as the number of accounts for its commercial activity. All bank operations are performed confidentially, the information regarding those operations is not disclosed;
  • Offshore company must be registered in Marshall Islands, and there must be a registered agent for the company.

UniverseLAW offers full range of professional services, associated with business organization on Marshall Islands:

  • preparation and submission of the documents, required for business registration on Marshall Islands;
  • legal address;
  • arrangement of visits and accompanying clients for the notary office visits;
  • assistance in opening a bank account.

Advantages

  • No financial statements;
  • Confidentiality, provided by the government;
  • Company registration is similar to the one in England;
  • Most profitable conditions for conducting business regarding taxation;
  • Stability of the country;
  • The main currency is USD;
  • No currency control;
  • Both company representatives may be nonresidents, so registration procedure is simple.

Taxation

Nonresident companies are exempt from income taxes, dividends taxes and income gains taxes.

Taxes in Marshall Islands:

If commercial activity is not performed in the territory of Marshall Islands, the company is exempt from taxes. Instead of taxes there is a fixed anual government fee and an annual fee for registered agent.

Accounting

No requirements regarding financial statements and audit.

List of required documents for registration and time frames

Required documents:

For private individuals:

  • Passport
  • Residence address confirmation

For legal entities:

  • Registration documents
  • Passports of private individuals, who are in the company structure

Time period required for company formation:

Ready-made companies: 1 hour, custom-made: 7-10 working days

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