The Republic of the Marshall Islands (RMI) is an island country located in the western Pacific Ocean. The Marshall Islands is an offshore jurisdiction that offers a number of advantages for foreign investors, including confidentiality, ease of business formation, and a favorable tax regime. Companies registered in the Marshall Islands are subject to low or zero corporate tax rates.

Advantages of company registration

Choosing RMI for international business has several undeniable advantages:

• tax-free jurisdiction;
• no financial and accounting reporting requirements;
• no currency control;
• complete confidentiality of company directors and owners – registers of directors and shareholders are closed;
• no restrictions on conducting business outside of RMI;
• fast and inexpensive registration.

Tax obligations and reporting

• Offshore companies in the Marshall Islands are not subject to taxes, including corporate income tax, personal income tax, and VAT.
• Companies are exempt from all types of customs duties and fees.
• There are no restrictions on currency transactions, exchange, or transfer of funds.
• Companies are not required to provide financial statements or undergo audits.

Features of company registration

The optimal legal forms for opening a company in the Marshall Islands in 2024 are a Limited Liability Partnership (LLP) and an International Business Company (IBC).

To register a company, at least one director and one shareholder are required, who can be non-residents. A company secretary and a local registered agent are also necessary. The company must have an office registered in the jurisdiction.

Payment of share capital is not required in RMI. In practice, the standard amount of share capital is USD 50,000.

A company in the Marshall Islands can be registered with a nominee shareholder, director, and secretary.

The process of registering a business in the Marshall Islands usually takes no more than 3-4 working days.

For any questions regarding opening a business in the Marshall Islands in 2024, please contact IT-OFFSHORE lawyers.