Advantages of an Offshore Company in the Marshall Islands
In fact, the Marshall Islands was part of the United States of America. On the other hand, it is a classic offshore, which until recently was blacklisted by the European Union. A year ago, the government of the jurisdiction decided to say goodbye to its bad reputation and accepted the OECD requirements. Island law has changed significantly, company reporting requirements have become stricter and many have the question: Does an offshore company in the Marshall Islands have significant advantages in 2020?
Advantages of jurisdiction
Fortunately for businesspeople, offshore companies, by changing legislation in accordance with international requirements, still leave room for "maneuver" for them. Leaving the EU "blacklist", the Marshall Islands retained its appeal to foreign entrepreneurs and added to its list of benefits:
- the ability to remotely register the firm in a short time;
- no requirements for a minimum amount of authorized capital;
- no requirements for the number of founders (shareholders) and their citizenship;
- possibility to keep higher level of anonymity of beneficial owners in comparison with the European countries;
- absence of most of the taxes and mandatory financial reporting requirements;
- permission to issue any type of shares.
In the near future, all restrictions related to the "blacklisting" of the Marshall Islands will go down to "no". For business owners on the islands, it will be possible to open corporate accounts with major international banks. So far, this can be done in some payment systems of the United Kingdom or in similar jurisdictions: Liechtenstein, Dominica, Mauritius, Antigua and Barbuda and the Cook Islands. Registering in the Marshall Islands will no longer be a sign of bad reputation and will not discourage partners and investors.
Who benefits from buying an offshore in the Marshall Islands in 2020?
The OECD requirements in local law have not touched on all areas of business. Only shipbuilding and shipping, banks, finance, leasing, holdings, service and distribution activities were "under attack". Information on the work of the companies included in this list, the jurisdiction will now be exchanged with other countries to identify dishonest taxpayers.
These firms will now annually prove their financial presence on the islands and file financial reports with the regulatory authorities. As a result, all other companies can operate as they did before. The following industries are considered to be the most advantageous and in demand in the Marshall Islands:
- IT - technology and licensed software development;
- generating and selling intellectual property to foreigners;
- international trade;
- trainings and consultations;
- innovative startups with foreign capital.
For them, most taxes are still not available, and it remains relevant to keep closed registers of beneficial owners, which can be made public only in exceptional cases. With the help of IT-OFFSHORE specialists, it is possible to open a company in the Marshall Islands remotely and in just a few weeks. Our lawyers will reveal all the peculiarities of doing business in a jurisdiction and will help you to prepare a package of registration documents without errors.