GSL / Foreign Companies Audit / Audit Marshall Islands

Company audit in the Marshall Islands. Financial reporting, accounting, consulting in the Marshall Islands

Audits are not required in the Marshall Islands and companies are generally not obliged to file financial or tax statements with government authorities. Non‑resident entities and foreign ship‑owning companies must, however, submit an annual economic‑substance report disclosing financial results. Our services include bookkeeping support, preparation of financial statements and economic‑substance reports, arranging audits on request, advisory support and submission of CFC notifications.

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Service packages Legislation Tax System Audit Services
Preparation of audited financial statements (for CFC purposes)
USD 100-250 per hour
Apostille of financial statements (if necessary)
from 1 500 USD

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General requirements

Companies’ activities in the Marshall Islands are regulated by the Business Corporations Act 1990.

Companies are not required to file financial statements or tax accounts with state authorities. However, we recommend that our clients keep accounting records and prepare management accounts for their own security, investors and analysis of the results of economic activities.

Time frame for preparation and submission of financial statements

On 1 January 2019, the Marshall Islands adopted economic substance legislation. In accordance therewith, all non-resident companies and foreign maritime companies controlled in the territory of the Marshall Islands starting on 1 July 2020 must annually provide a report confirming that they meet all requirements applied to companies regarding economic substance. Such a report must contain, among other things, information on the financial results of the company’s activity.

The report shall be filed within 12 months after the end of the reporting period.

Liability for late filing

Late filing of an economic substance report may result in sanctions in the form of a penalty or striking the company off the Register.

Audit requirement

Audit is not required.

Consolidated financial statements

There are no requirements regarding preparation of a consolidated report.

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