IBC in the Marshall Islands: features of opening a company
An IBC in the Marshall Islands offers many tax benefits to its owners. It is exempt from many fees, there is no currency control, no accounting, no auditing is required, no reports need to be filed. A foreigner can fully own an IBC, confidentiality is guaranteed.
Peculiarities of working in the jurisdiction
IBC is a tax-free company that can deal with all forms of legal international business. The exception is banking, trust, insurance or gaming.
The law exempts IBCs from these types of taxes:
- income tax;
- at source;
- stamp duty.
The Marshall Islands are excluded from the EU blacklist, so there are no barriers to international trade. A business owner can easily open an account with a bank in Hong Kong or Singapore and use it to operate his/her business.
Requirements to IBC
- Company name must be unique and in Latin alphabet;
- There must be 1 director, 1 shareholder, secretary. Can be the same legal or natural person of any nationality;
- Allowed nominal director;
- It is obligatory to hire a registration agent without whose help company registration can be revoked (please contact our company with this question);
- Minimum paid-up capital is 1 share at par value in any currency;
- The maximum share capital is unlimited, but an additional fee may be charged if the amount is above $500,000 or 500 shares of no par value;
- The physical office must be located in the jurisdiction;
- It is mandatory to keep two registers. One for shareholders, the other for directors. The first must indicate in addition to full name the number of shares held by each shareholder, as well as the date on which s/he became a shareholder. The registers must be kept in the office. They are not available to the public, nor do they need to be filed with government agencies;
- Minimum government fees is $450.
Documents for incorporation
- Passports of all directors and shareholders. Copies must be notarized;
- Certificate, which confirms the residence of the directors and shareholders;
- Details of the parent company, if the shareholder is a legal entity.
Registration of offshore: step-by-step instruction
To open an IBC in the Marshall Islands, it is necessary to engage a registered agent, for which contact our representatives. It is necessary to:
- Fill out an application to establish a business by checking the availability of the name;
- Provide the documents required for the registration of an IBC;
- After payment we will prepare constituent documents, which are necessary to open an IBC, appoint employees to necessary positions, rent an office;
- We register the company after having coordinated all issues. Procedure is fast, it takes from 1 to 3 days;
Procedure is done remotely for you, there is no need to visit the jurisdiction. When your company is registered you receive:
- certificate of registration;
- Articles of Association and a memorandum of association;
- minutes of a meeting of the board of directors;
- a certificate of director;
- register of directors and shareholders;
- office lease agreement;
- ledger, etc.
If necessary, the nominee director who was involved in the registration resigns.
How to start an offshore business
To register a business in the Marshall Islands, contact IT-OFFSHORE experts.