Country’s geography & information in brief: The Marshall Islands is located in the North Pacific Ocean, about halfway between Hawaii and Australia. It is an independent sovereign country in the Asia Pacific region and a fast growing offshore financial center. The official language is English. National currency – US dollars.
Entity type: International Business Company (IBC)
Directors: Marshall Island Corporation requires a minimum of one director and corporate directors are permitted. The names of directors do not appear on the public file. There is no requirement to have resident directors.
Shareholders: A minimum of one shareholder is required which may be an individual or a corporate body. The details of company beneficial owners and shareholders are not part of the public records.
Secretary: Every company, registered in Marshall Islands is required to have a registered office and address there, which should be notified to the Registrar. A Registered Agent is required to ensure that the corporation has an assigned representative at a known address to receive all service of process (legal notices) on its behalf. A Marshall Islands corporation must appoint a company secretary who may be a natural person or a body corporate. The company secretary can be of any nationality and need not be resident in the Marshall Islands.
Authorized capital: There is no specific minimum capital requirement. The standard authorized share capital is 500 shares without par value or a capital with a stated par value up to US$ 50,000. The authorized share capital may be expressed in any currency. The minimum issued share capital is either one share of no par value or one share of par value. Marshall Islands’ corporations may have registered shares, bearer shares, preference shares, and redeemable shares, shares with or without par value and shares with or without voting rights..
Names’ restrictions: Marshal Islands corporations’ names must end with one of the following words, or their relevant abbreviations – Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, etc. Names may be in any language as long as Roman characters are used and any standard corporate suffix is acceptable. The following words cannot be used in the name of a Marshall Islands corporation: ‘Trust’, ‘Bank’, ‘Insurance’. Furthermore, words such as ‘Foundation’, ‘Charity’ and others may be prohibited pursuant to the discretion of the Registry. Names denoting any connection to local, state or national Governments are generally prohibited. The Registrar may require an English translation if a foreign language is used to ensure that the proposed name is not a restricted name.
Information about the beneficiary: The names of the Directors and Shareholders are not required to be filed with the government or Registered Agent, and are not in the public record.
Audit & financial reports: Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company..
Taxation: Marshall Islands non-resident companies, including all corporations, partnerships, limited partnerships and limited liability companies are statutorily exempt from all forms of taxation in the Marshall Islands. There is zero taxation of all income, profits, dividends, royalties, compensation or other related sources of revenue.
Additional information: The directors and the shareholders meetings need not be held in Marshall Islands; also there is no requirement for an Annual General Meeting. All meetings may be held outside Marshall Islands, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.