Marshall IslandsGENERAL INFORMATION |
| Location |
Pacific Ocean; One-half of the way from Hawaii to Papua New Guinea |
| Population |
Population 50,840 (1999 Census) |
| Native language |
Marshallese; English is offical language |
| Currency |
US Dollar (US$) |
| Constitution & Political status/stability |
Sovereign Nation; blend of UK parliamentary and US style of government |
| Banking & professional facilities |
Bank of Hawaii, Bank of Guam (both of which are FDIC insured) and the Bank of the Marshall Islands |
| Legal system |
Based on adapted trust territory laws, Acts of legislature, municipal common and customary laws |
| Offshore specialities/expertise |
Creation of a non-resident domestic corporate
programme-1990 to include corporations, partnerships, limited
partnerships, unincorporated associations; limited liability company
programme since 1996 |
|
| TAX REGULATIONS |
| Income tax |
|
 resident |
0% |
| non-resident |
0% |
| Trusts |
|
| resident |
0% |
| non-resident |
0% |
| Corporate tax |
|
| resident |
0% |
| non-resident |
0% |
| exempt |
N/A |
| Estate duty |
Yes |
| Withholding taxes |
No |
| Exchange controls |
|
| resident |
No |
| non-resident |
No |
|
| TRUSTS |
| Are trusts permitted? |
Yes |
| Perpetuity period |
N/A |
| Accumulation period |
N/A |
| Statutory trust law |
Yes |
| Trust duty |
Yes |
| Forced heirship exclusion |
Yes |
| Asset protection measures |
Yes |
| Trust register |
Yes |
| Resident trustee/s required |
Yes |
| Regulation of trustees |
Yes |
|
| CORPORATION LAW FACTORS |
| Type of corporate vehicles |
Non-resident domestic corporations, partnerships,
limited partnerships, limited liability companies and unincorporated
associations |
| Incorporation time scale |
One business day |
| Fees: Incorporation - Government |
$650 includes first year's annual fee |
| Other |
N/A |
Annual -
Government |
$450 |
| Other |
N/A |
| Resident directors required |
No |
| Min number of directors required |
1 |
| Directors meetings required |
Yes |
| Beneficial ownership disclosure |
No |
| Shareholder disclosure |
No |
| Minimum number of shareholders |
1 |
| Bearer shares allowed |
Yes |
| No-par value shares allowed |
Yes |
| Public share register |
Yes |
| Shareholders meetings required |
Yes |
| Frequency |
Refer to by-laws |
| Place |
Anywhere |
| Annual return required |
No |
| Audit required |
No |
| Foreign currency accounting allowed |
Yes |
| Registered office |
No |
| Registered agent |
Yes. The Trust Company of the Marshall Islands, Inc. is the sole registered agent |
| Stamp/capital duty |
No |
| Naming your company |
Names may not be the same as another corporation on
the register of names; corporate suffix required; Registrar may waive
requirement |
| Company mobility provisions/redomicility rules |
Redomiciliation of corporations and
limited liability companies permitted. Mergers with foreign entities
permitted. Conversion of corporations and limited liability companies
to other entities permitted |
