GSL / Offshore and International Law. Offshore companies registration. / Offshore zones / Australia & Oceania / Marshall Islands / Legislation of Marshall Islands

Legislation of Marshall Islands

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
Foreign Investment Business License Act of 1990
Foreign investment business license
Business Corporations Act
Commercial company
Social Security Act of 1990
Social security
Tax Collection Act
Tax collection
Banking Act 1987
Banking
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Tax Exchange Information Agreement (TIEA)

Australia
Denmark
Ireland
Faroe Islands
Finland
Greenland
Iceland
Korea
Netherlands
New Zealand
Norway
Sweden
USA

List of state regulatory authorities

Government of the Republic of the Marshall Islands
https://rmigov.com/
Office of the Auditor-General
http://www.rmioag.com/
International Registries
https://www.register-iri.com/

Corporate info

Legal system
Common law
Types of entity
International business corporation;
General partnership;
Limited partnership;
Limited liability company;
Foreign maritime entity
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
Any standard corporate suffix or its abbreviation, e.g. Corporation, Incorporated, Limited, Public Limited Company, Aktiengesellschaft, Société Anonyme, Sociedad Anónima, Société Anonyme à Responsabilité Limitée, Berhad, Proprietary, Naamloze Vennootschap, Besloten Vennootshcap, Aktiengesellschaft
Sensitive words
Bank, foundation, chartered, partnership, establishment, any expression indicating that the corporation is a governmental agency, church or public charity, insurance, trust, airline, aviation, loan, fund, brokerage
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
Not required
Seal required, type of seal
Not required
Redomiciliation (to, from) permitted
Permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
No
Disclosure to public
No
Company secretary required
Yes
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
Yes

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / anywhere
Disclosure to local agent
No
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1 share
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
US Dollar
Standard authorized share capital
500 shares or 50 000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
8-12%
Сorporate tax
No
Corporate tax (in detail)
A standard rate of 10% is applied for non-residents
Capital gains tax
No
Capital gains tax. Details
No
VAT
2-4%
VAT. Details
Local authorities levy sales tax at rates of 2-4%
Withholding tax
0% (dividend), 0% (interest), 0% (royalty)
Other taxes
—
Exchange control
No
Government fee
—
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Oceania, two archipelagic island chains of 29 atolls, each made up of many small islets, and five single islands in the North Pacific Ocean, about half way between Hawaii and Australia
Total area
181,3 sq. km
Population
58 791 (2019)
Capital
Majuro
National currency
US Dollar
Conditional reduction of currency
USD
Against USD
1
Climate, average max and min t°
Tropical; hot and humid; wet season May to November; islands border typhoon belt; avg. maximum temperature +30°; avg. minimum temperature +25°
Time difference from Moscow
+ 9 hours
Dialing code
+692
State language
Marshallese, English
Ethnic groups
Marshallese 92,1%, mixed Marshallese 5,9%, other 2%
Literacy rate
98%
History
Evidence suggests that around 3 000 years ago successive waves of human migrants from Southeast Asia spread across the Western Pacific populating its many small islands. The Marshall Islands were settled by Micronesians in the 2nd millennium BC. Little is known of the islands' early history. Spanish explorer Alonso de Salazar was the first European to see the islands in 1526. He sighted an island (probably Taongi), at 14°N that he named "San Bartolome". Captain John Charles Marshall, together with Thomas Gilbert, came to the islands in 1788. Around 1820, Russian explorer Adam Johann von Krusenstern and the French explorer Louis Isidore Duperrey later named the islands after John Marshall, and drew maps of the islands. Later, the Marshall Islands were controlled by different countries: in 1886 by Germany, in 1914 – by Japan, which continued to control the islands after the World War 1 under the mandate of the League of Nations. The islands signed a Compact of Free Association with the United States in 1986. The Marshall Islands is the member of the UN, South Pacific Commission and Pacific Islands Forum.
Credit rating
Government type
Constitutional government in free association with the USA
Executive branch
President (the head of state) and the Cabinet of Ministers
Legislative branch
Parliament, comprised by two houses Council of Iroji (Upper House) and Nijitela (Lower House)
Judicial branch
Supreme Court, High Court, Traditional Rights Court, District Courts, Community Courts
Unemployment
32% (2020)
GDP per capita rank
163 (2020)
Corruption perceptions index rank
No data
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