How to open an offshore in the Marshall Islands?
The Marshall Islands is a Pacific state in Micronesia. The most important sectors of the economy are agriculture and services, and tourism is quite developed as well. Due to low taxation the jurisdiction has become a well-known offshore zone. To open an offshore in the Marshall Islands, contact our experts at IT-OFFSHORE.
Nuances of opening a company
Before registering an offshore in the Marshall Islands we must determine whether this jurisdiction is suitable for the chosen business. The territory is not suitable for the establishment of a bank or trust, insurance services, and casinos.
The most profitable action is opening a firm in the Marshall Islands, which is associated with the ownership of seagoing ships. Transport can be registered there as well. It is advantageous to open a business in the territory if it is required to undergo an IPO and to take the company to the stock exchange.
An offshore registered in the territory will be suitable for international trading operations and the provision of certain services. Opening of holdings, insurance companies, or casinos in the jurisdiction is irrelevant.
Requirements to be met in order to register a company
It is most advantageous to open an international business corporation on the islands. The remaining portion of the corporation can be easily sold. Registering requires a director and secretary. These functions can be performed by both individuals and legal entities.
Nominee service is permitted and is subject to additional fees. The director, secretary, and owner can collectively be one person. In 2019, the Marshall Islands came off the EU offshore blacklist, as the information exchange requirements were and still are being adjusted. Due to this, the reputation of the country has become much better.
The name for the firm can be created in any language, but only letters of the Latin alphabet are allowed. The name has to be unique. The capital can be anything.
What documents are required:
- Data from the founders' passports;
- Information on the place of residence;
- Registration documents.
Every year since the registration of the company, it is required to organize attestation, meaning, to check the list of directors, beneficiaries, and addresses. All data must be truthful and up-to-date. If these requirements are violated, sanctions may be imposed.
The advantages of opening a business
It is beneficial to open a company in the jurisdiction if there is a need to optimize taxation and information security. In addition, opening a company is relevant to the need to develop international business.
In this country, you can register ships on favorable terms and launch the company on IPO. The reputation of this territory is positive, it complies with international standards and has been removed from the blacklist.