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Financial Record-Keeping Requirements in Marshall Islands

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The Republic of the Marshall Islands, an island nation in the Pacific Ocean, has emerged as a popular offshore financial hub. The country’s business-friendly environment, flexible corporate legislation, and zero-tax policy make it an attractive destination for entrepreneurs looking to set up a company. In this article, we will explore the financial record-keeping requirements for companies incorporated in Marshall Islands.

Benefits of Setting Up a Company in Marshall Islands

The Marshall Islands offers several benefits to businesses, including:

  • No taxes or reporting requirements
  • Confidentiality regarding directors and shareholders’ information
  • Ability to issue bearer shares
  • Optional annual returns, accounts, or financial statements
  • Simple capital pooling and no exchange regulations
  • Stable political, economic, and commercial conditions

Types of Company Structures in Marshall Islands

Companies can be structured in various ways in the Marshall Islands, including:

  • International Business Company (IBC)
  • General Partnership
  • Limited Partnership
  • Limited Liability Company
  • Foreign Maritime Company

Requirements for Forming a Marshall Islands IBC

The most popular offshore company form is an International Business Company (IBC), also known as a Non-Resident Domestic Corporation (NRDC). To form an IBC, the following requirements must be met:

Directors and Secretary

  • At least one director, who can be an individual or business entity, resident or non-resident
  • A company secretary, who can be a natural person, corporation, or business entity, of any nationality and residency

Shareholders

  • At least one shareholder, who can be a natural person or business entity, resident or non-resident

Share Capital

  • No specific minimum requirements

Registered Office and Agent

  • Registered office and registered agent in the Marshall Islands

Steps to Register a Marshall Island IBC

The process of registering an IBC in Marshall Islands involves:

Choosing the Company Structure

Choose the company structure that best suits your business needs.

Reserving the Company Name

Reserve the desired company name with the relevant authorities.

Preparing Corporate Documents

Prepare corporate documents, including Memorandum and Articles of Association.

Submitting Documents for Registration

Submit documents for registration to the relevant authorities.

Opening a Corporate Bank Account

Open a corporate bank account in Marshall Islands or elsewhere.

Staying Compliant with Regulations

Stay compliant with regulations and maintain accurate financial records.

Conclusion

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Setting up a company in Marshall Islands can be a complex process, but with the right guidance, it can also be a profitable venture. Tetra Consultants is here to help you navigate the requirements and regulations of the Marshall Islands and facilitate the registration of your company. Contact us today for a free consultation and take the first step towards expanding your business in this offshore financial hub.