by Naomi T
Marshall Islands is part of the Micronesian islands situated in the Pacific Ocean. Marshall Islands (IBC) is a tax-free corporation designed for engagement into all forms of international business, with no reporting and minimum record-keeping requirements, and comprehensive confidentiality features.
Marshall Islands is made of 29 atolls and 5 islands situated in the Pacific Ocean. Equipped with modern telecommunication system and computerization of both the public and private sector, the country is compatible for most modern businesses. Marshall Islands provides a modern and attractive business opportunities and financial center for international companies and especially popular among maritime companies. Marshall Islands is described as a zero tax jurisdiction with which non-resident corporations are not liable from taxation on their income and assets.
These are the basic considerations for entrepreneurs who want to form a Marshall Islands company:
Authorized and Issued Share Capital – The standard authorized share capital is 500 shares without par value or a capital with a declared par value of up to US$ 50,000.
Types of Shares Permitted – Types of shares available for Marshall Islands Incorporation are registered shares, preference shares, redeemable shares, shares with or without par value and shares with or without voting rights.
Taxation – Nonresident companies are legally exempted from taxes.
Absence of Double Taxation Agreements
License Fees – A maintenance fee is required from every company.
Financial Statement Requirements – Filing financial statements is not obliged, but companies are advised to secure financial records for easy assessment and identification of company’s financial status.
Directors – There is no limit for the number of directors. A combination of local and foreign directors or full 100% foreign directors is both allowed.
Company Secretary – A resident or foreign company secretary can be appointed.
Shareholders – A minimum of one shareholder is required for Marshall Islands Incorporation.
Marshall Islands Incorporation are required to follow Marshall Islands Business Corporations Act under the Marshall Islands Associations Law which was patterned on the corporate laws of Delaware and New York and modified to consider the important features of an offshore jurisdiction. Marshall Islands BCA provides a list of other provisions necessary in corporate activities, operations and administration.
Rikvin provides a complete corporate solution under one roof for Singapore company registration of private limited companies. The firm also helps form a Marshall Islands company with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.