Offshoring indeed knows no borders today. From Europe to the Caribbean – you can find offshore businesses and companies everywhere.
Asset protection, low or no tax, minimum accounting, maximum confidentiality, shielding yourself from claims and lawsuits – going above and beyond, the list of perks offshore companies come with is truly impressive.
Depending on your location and business objectives, you can form an offshore business either close to your home jurisdiction or on a distant tropical island. In the article below, we will dwell on the exotic Marshall Islands and the advantages the island nation government grants to offshore company founders.
It is for multiple valid reasons that the Pacific nation is a popular financial hub and a draw for investors and company founders.
Although a distant tropical island and thus not the most convenient place to get to, the RMI (short for the Republic of the Marshall Islands) is often preferred by them for the confidentiality, ease of doing business and setting up companies, as well as the tax-exempt status offshore companies enjoy in the jurisdiction.
A Marshall Islands IBC is most often used to set up international trading companies and joint ventures, as well as holding companies that typically own real properties, trademarks, and patents.
Marshall Island IBC owners and founders use the vehicle to enjoy the perks most often sought-after in offshore business:
Tax Benefits
Provided an RMI IBC does not do business in its incorporation jurisdiction, it is not obliged to pay any taxes imposed locally, with income tax, asset tax, withholding tax, corporate tax, and stamp duties among them.
Instead, IBCs in the Marshall Islands annually pay registered agent fees and fixed fees set by the local government.
Low Reporting Requirements
Offshore companies in the RMI are not obliged to file annual returns, audited accounts, or financial records.
Superb Confidentiality
Similarly, IBCs in the Marshall Islands do not disclose any details or personal data of either company shareholders or owners to the general public thus staying completely confidential.
Such information remains legally protected and anonymous in the RMI. It is never submitted to the RMI government.
Limited Liability
In the RMI, the liability of IBC shareholders is normally limited to their vested capital.
Overseas Ownership
In any RMI IBC, overseas shareholders may own 100% of the company shares.
Speedy Incorporation
It only takes a few days to set up an IBC in the Marshall Islands.
With the obvious benefits an IBC in the Marshall Islands offers to its potential founders, you need to be perfectly sure how to set up an offshore company in the jurisdiction before you get things going.
1.) Pick A Unique Name For Your IBC In The Marshall Islands
NB: In the Marshall Islands, certain restrictions apply to company names that you may use for your IBC.
As mentioned above, the name you pick shall be a unique one, i.e., not used by any other company. Besides, it can’t be confusing, offensive, or misleading according to the standards of the Register.
Unless a company is granted special permission to use certain words in its name, such words may not be included therein.
To the above words belong, inter alia, bank, establishment, insurance, foundation, gaming, trust, and partnership.
There are no restrictions as to the language you use for your RMI IBC name. However, only the Latin alphabet may be used and if not in English, the company name shall be duly translated.
2.) Duly Formulate Articles Of Incorporation For Your IBC In The Marshall Islands
The Articles of Incorporation for a Marshall Islands IBC shall be drafted according to the set standards and with due regard to the corresponding requirements in place.
Most typically, such Articles of Incorporation will include the RMI IBC name and incorporation date, its corporate objectives and activities, as provided for under the laws of the Marshall Islands, the statutory address of the RMI IBC as well as the address and the name of its registered agent, information regarding the IBC shares, i.e., their number and detailed description, including, inter alia, classes, types, and values of the above shares.
The said Articles of Incorporation shall also contain a limiting liability clause.
3.) Submit The Above Articles Of Incorporation To The Registrar And Get Your Incorporation Certificate
You will have to wait a couple of weeks till the Registrar notifies you that the Articles of Incorporation you submitted for the IBC are approved and accepted.
After it happens, you will receive an Incorporation Certificate for the IBC from the Registrar with the IBC registration number and date as well as the company’s name in it.
If the official incorporation procedures described above seem way too complex to you, it makes perfect sense to seek professional assistance.
At International Wealth, we come up with not only issue-free company setup in the Marshall Islands for our customers but also multiple related services including bank account opening and even ship or yacht registration in your company’s name.
To contact our seasoned consultants, please send your message to [email protected].
