Unless otherwise indicated, the Marshall Islands Company mentioned in this article refers to an international business companies (“IBCs”) incorporated under the Business Corporations Act.

1.       General Information of Marshall Islands

(1)      Location

The Marshall Islands is near the equator in the Pacific Ocean, and an Associated state of the United States. The capital and largest city is Majuro.

(2)      Population

The Marshall Islands population over 70,000 people is spread out over 29 coral atolls, comprising 1,156 individual islands and islets. The two official languages are Marshallese and English.

(3)       Political Structure

The Marshall Islands is a parliamentary republic with an executive presidency in free association with the United States. Also, the legal system in the Marshall Islands is patterned on common law proceedings as they exist in the United States.

(4)      Financial Infrastructure

Under the Compact of Free Association, Marshall Islands is closely tied to U.S. financial markets, also the island country uses the United States dollar as its main currency.

 

2.       Features of Marshall Islands IBC

(1)     Tax

Non-native residents who set up a Marshall Islands Company will be lawfully exempt from all taxes.

(2)     Company Name

A Marshall Islands Company name may be in any language as long as it uses the Roman alphabet and provides an English translation.

The following words may not be used, unless the company receives special permission from the Register, included ‘trust’, ‘partnership’, ‘gaming’, ‘foundation’, ‘bank’, ‘insurance’, or ‘establishment’, etc.

(3)      Registered Office

Marshall Islands company is mandatory to have a registered office in Marshall Islands. There are no local requirements except for a registered office.

(4)      Member and Director

Under the Marshall Islands business incorporations act, a minimum of one shareholder and one director is required for Marshall Islands company setup. They can be of any nationality, even can be a natural person or a body corporate.

(5)      Annual Return

Marshall Islands company required pay an annual Government license fee, but there are not required to file annual reports for Marshall Islands Company.

(6)      Financial statements

There are no requirements to file any financial statements. However, Marshall Islands Company must keep financial statements and/or accounting records of company business standing, that can hold anywhere in the world.

(7)      Share Capital

There are no minimum capital requirements for Marshall Islands company. The standard authorized capital of Marshall Islands company is USD50,000. 

3.       Registration Procedures and Fees

Our fees for the formation and registration of an International Business Company (IBC) in Marshall Islands are USD850. The fees quoted include our professional registration service, provision of a registered agent and registered office service for one year and the payment of official filing fees to the Marshall Islands Government.

Starting from the year following the registration, a Marshall Islands company is required to pay an annual renewal fee of USD700 to maintain in good standing. The annual maintenance fee covers an annual license fee, an annual registered agent fee, and an annual registered office fee.

(1)      Materials to be provided by Client

Client needs to provide the following documents and information to Kaizen by email or fax or post for the purpose of incorporation:

(a)	Proposed company name, also provide 2 - 3 alternative company names;
(b)	The copy of the passport and address proof documents by the shareholders and directors (For example, utility bill, telephone bill or bank statement); if the shareholder are corporations, the company registration certificate and other company documents shall be provided;
(c)	Amount of share capital (unless otherwise advised, all company will be incorporated with a standard share capital of 50,000 shares), and percentage of shareholding by each shareholder, if more than one shareholder;
(d)	Filling the “KYC Questionnaires” and “Offshore Company Incorporation Order Form” provided by Kaizen.

The identification documents and address proof documents of shareholders and directors are subject to certify by Kaizen’s staff, notary offices, attorneys, accountants or bank managers.

(2)      Registration Procedures and Estimated Time Frame

It is estimated that the whole registration process would take around 5-7 working days counting from the date when all due diligence requirements are fulfilled. And take 3 more working days to collect the original Certificate of Incorporation. Please refer to the procedures are as below:

 

(a)     Step 1

Kaizen receives the required documents and materials from client by email, fax or mail.

(b)     Step 2

Arrangement of name reservation for the proposed Company Name.

(c)     Step 3

Kaizen submit the incorporation documents to the Registrar of Companies in Marshall Islands.

(d)     Step 4

The Registrar of Companies issues the Certificate of Incorporation.

(e)     Step 5

Kaizen prepares other corporate documents and sends them to clients for signing.

(f)      Step 6

Registration completed and company kit deliver to clients.

(3)      Registration Documents Returned to Client after Registration

After the company is officially registered, Kaizen will return the following documents and materials for retention:

(a)	Original copy of Certificate of Incorporation;
(b)	Three (3) copies of Memorandum and Articles of Association;
(c)	Share Certificates(s);
(d)	Register of Members and Register of Directors, and other statutory records;
(e)	One company chop and one Common Seal.