Marshall Islands Company Formation


Marshall Company Formation

Marshall Islands are a group of islands that lies in between Hawaii and Indonesia, located in the south of Pacific. This islands got independence in 1986, when a Compact of Free Association was agreed upon by the United States and the residents of islands. This agreement resulted in independence of Marshall Islands and it appeared in the global map as Republic of Marshall Islands (RMI). Politically, the government of RMI is stable whereas the means of communications in the region are exceptional. Interestingly, the registry of ship in RMI is increasing fast and the technological and professional structure of RMI is advance. No checks are applied on the exchange control, resulting in easier movement of funds to or from RMI.

Any domestic body of corporate having no residency is administered by the Associations Law of RMI 1990. The Business Corporation Act (BCA) is also made a part of this. BCA makes sure via its provisions that the secret data and obscure information are kept secure. The corporation regulations of Delaware, New York and the regulations of UK form the basic structure of BCA, as it allows to maintain facsimile documents, and have an administering director and corporation secretary. The regulation given by BCA are quite lenient hence making the working of an incorporated company in RMI easier. Also, the incorporation in RMI of a domestic company having no residency, is less costly and requires less time and it is easier to manage and keep such an incorporated body.

Incorporation Requirements

Following are the requirements for company incorporation in RMI:

Directors

  • There is a requirement of minimum one director and it’s not necessary for the directors to be resident or nationals of RMI.
  • It is allowed to appoint corporate directors.
  • No need for director’s meeting.
  • No need for maintaining public director’s register.

Secretaries

  • There is a requirement of minimum one secretary and it’s not necessary for the secretaries to be resident or nationals of RMI.
  • It is allowed to appoint corporate secretaries.
  • No professional qualification requirement for the secretary.

Shareholders

  • There is a requirement of minimum one shareholder.
  • It is allowed to appoint corporate shareholders.
  • No need for maintaining public shares register.
  • Par values of shares are not permitted.
  • Share capital is authorised to be of 50,000 shares with the value of each share of USD 1.
  • Shareholders are allowed to retain or possess bearer shares.

Incorporation Fee

Kindly have a look at the section of fee schedule for description of incorporation fee. However here is the summary of the fees structure:

  • Fees of government.
  • Fees of local secretary.
  • Fees of local agency.
  • Fees of registered office.
  • Fees of our service.

Once your company incorporates, you will get; certificate of incorporation along with M & A five copies, and original formation documents and minutes.

Incorporation Time                                          

It takes 1 to 2 weeks for company incorporation in RMI.

Offshore Bank Account

For the updated details on the facility of offshore bank account, please refer to the section of fee schedule.

Miscellaneous

  • Company should have registered agent.
  • If all shareholders or some are nominee, then there is no need to declare shares ultimate beneficial ownership to authorities.
  • Annual returns of the company must be demonstrated.