Q:
|
Does the Accounts of the International Business Corporation (“IBC”) in Marshall Islands need to be prepared?
|
|
A:
|
Yes. According to s.80 of Business Corporations Act (Part 1) (“BCA”), the IBC is required to prepare the accounting records, but it is not required to be filed unless a request by the registered agent or government related to the performance of its audit functions.
|
Q:
|
Does the Accounts of the IBC in Marshall Islands need to be audited?
|
A:
|
No, there is no statutory requirements under BCA for IBC in Marshall Islands to prepare audited financial accounts.
|
Q:
|
Does the IBC need to pay tax in the Marshall Islands?
|
A:
|
No, the IBC does not need to pay tax in the Marshall Islands. According to s.12 of Business Corporations Act (Part 1) under the Marshall Islands Associations Law, the non-resident domestic corporations are exempted from any corporate tax, net income tax on unincorporated businesses, corporate profit tax, income tax, withholding tax on revenues of the entity, asset tax, tax reporting requirement on revenues of the entity, stamp duty, exchange controls or other fees.
|
Q:
|
When should I renew the Marshall Islands IBC?
|
A:
|
The company should renew the company within one month before the annual anniversary of the company's incorporation date.
|
Q:
|
What could I get after the annual renewal of the Marshall Islands IBC? How to check if my company is renewed or not?
|
A:
|
Since the IBC is not required to submit annual return or declaration to the Marshall Islands registry, there are no such filing records for the company renewal. However, the IBC may apply for a certificate of incumbency or certificate of good standing which prove that the company is in good standing.
|
Q:
|
What do I need to provide for the annual renewal other than payment?
|
A:
|
Although the Marshall Islands IBC is not required to submit Annual Return to the Registry, certain documents and information related to the company business, beneficial owners and directors may be needed to provide for annual compliance review purpose.
|
Q:
|
Does the IBC need to hold annual general meeting each year? When should it be held?
|
A:
|
Yes, an annual meeting of the shareholders should be held for election of directors according to s. 64 of BCA. Generally, it can be held in any place at any time by members’ decision which subject to the articles of association of the Company.
|
Q:
|
Does the IBC need to approve the financial statements with director reports during annual general meeting?
|
A:
|
No, there is no statutory requirements for IBC to approve the financial statements with business reports during annual general meeting.
|
Q:
|
Do I need to report if there is any change of company structure for the IBC?
|
A:
|
Yes, any change of corporate structure should be reported to Kaizen or your contacted agent. Also, relevant documents regarding the changes shall be prepared and signed.
|
FAQ
