Marshall Company Formation
A group of islands situated between Hawaii and Indonesia in the south of Pacific are globally known as Marshall Islands. It was in 1986, when the Compact of Free Association was signed by the U.S and the nation of Marshall Islands, and as a result Marshall got independence and became Republic of the Marshall Islands (RMI). The political government of RMI is quiet stable and the media of communication of the region is outstanding. There is a fast increase in the registration of ships in the region. The framework of technology and profession is quite advanced. There is no currency or exchange control on the funds transfer to or from the Marshall Islands.
The administration of a local corporate body that does not have a residency of Marshall, is done by the Associations Law of RMI 1990. It also includes the Business Corporation Act (BCA) which has clauses ensuring complete secretiveness and obscurity. The design of BCA has its basis from New York’s and Delaware’s laws of corporation, as well as the rulings of law of UK. For instance, the permission for keeping facsimile documents, a director of management and secretary of corporation is given under BCA. As there is flexibility in the legislation, a company registered in RMI can run easily. It is cheap and less time consuming to incorporate a non-resident local corporation in RMI, and the maintenance and governance of such a company is less stressful.
Requirements for Incorporation
There are certain requirements to incorporate a company in RMI, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of Marshall Islands. Corporate directors are allowed to be appointed. There is neither the requirement to hold director’s meeting nor to maintain and keep public director’s register.
There is a minimum requirement of one secretary and none of the appointed secretaries need to be the resident of Marshall Islands. Corporate secretaries are allowed to be appointed. There is no requirement for the secretary to hold any professional qualification.
There is a minimum requirement of one shareholder in order to incorporate a company in RMI. Corporate shareholders are allowed to be appointed. There is neither the requirement to maintain and keep public shares register nor par value of shares are permitted. Authorised share capital is usually 50,000 shares with value of USD 1 each. It is allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once incorporation is completed, you will receive:
It generally takes 1-2 weeks to incorporate a company in RMI.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.