An Outline of the Marshall Islands and International Company Formation
The Marshall Islands are officially known as “Republic of the Marshall Islands”. It is located in the Pacific Ocean near the line of the equator. The country faced major jolts in history. Finally it gained independence from the USA in 1979. The US influence can be still seen in customs and language.
They follow a unitary parliamentary republic political system that elects the President and the legislature of the country democratically.
International Business Companies (IBC) are legal business entities used for many purposes like holding companies, international joint ventures, opening offshore bank accounts, asset protection, and international trade. International Business Company (IBC) is regulated by the Business Corporations Act (BCA) of the Marshall Islands which is parallel to company laws in the US and the UK.
The Marshall Islands Associations Law of 1990 exempt every IBC from paying taxes like corporate tax, income tax, capital gains, and stamp duty.
Benefits of company formation in the Marshall Islands
International Business Company (IBC) in the Marshall Islands enjoys these following benefits:
- 100% Foreign Ownership
- Limited Liability of a shareholder to the extent of the capital invested by him
- Privacy and confidentiality of Shareholders/directors
- The tax-free business environment for the IBCs
- A minimum of one shareholder is allowed to form an IBC
- The Business Corporation Act of Marshall Island offers the benefit to an IBC that only one director can manage the company
- Fast and simple procedures for company registration
- No annual auditing required
- The U.S. Dollar is the Marshall Island’s official currency.
Company Formation Process
Company formation steps that are commonly followed in company registration:
- Company Name Reservation
- Company/Business Registration
- Nominee of the Share Holder/Director
- Opening Corporate Bank Account
- Statutory Annual Filings
- Offshore Company Incorporation
- License Application
Requirements for the Company Formation
Marshall Islands IBC Formation includes the following:
- Certificate of Incorporation
- Memorandum of Association & Articles of Association
- Minutes of the first board meeting regarding the appointment of the director(s)
- Share Certificate(s)
- Registration of shareholders
- Registration of directors
- Government Fees for License and Registration
- Registered Office address
Company Formation Agent
The staff at the PMC Solutions DMCC is well-versed in company formation in Marshall Islands. We as a registered agent perform the entire business setup activities on behalf of the client.
Contact us for the company formation in the Marshall Islands or for any queries related to the International Company Formation.