Overview – Marshall Islands
The Marshall Islands are situated in between Indonesia and Hawaii. Its population is approximately 500,000. English and Marshallese are the languages of government and commerce.
Benefits of setting up a company in Marshall Islands: -
- Absence of foreign exchange controls
- High privacy protection
- No tax reporting and payable in Marshall Islands
- Not required to prepare annual audited financial statements
|Legal System||English Common Law|
|Official Languages||English & Marshallese|
|Standard Registered Capital||50,000 USD|
|Minimum Number of Shareholders||1|
|Minimum Number of Directors||1|
|Appointment of Company Secretary Required||Yes|
|Local Registered Agent Required||Yes|
|Local Registered Address Required||Yes|
|Disclosure of Beneficial Owners on Public Records||No|
|Disclosure of Shareholders on Public Records||No|
|Disclosure of Directors on Public Records||No|
|Filing of Register of Director to local government||No|
|Annual General Meeting||No|
|Filing of Annual Return to government||No|
|Preparation of Audited Financial Statement||No|
- A company may be registered with an English name and a Chinese name if required.
Share Capital and Shareholder Requirement
- The standard authorized share capital is USD 50,000 and company can decide the par value per share (e.g. USD 1 per share).
- Must have at least one shareholder who may either be a natural person aged over 18 years old or a corporate body.
- There are no nationality restrictions for shareholder(s).
- Must have at least one director who may either be a natural person aged over 18 years old or a corporate body.
- A person who is an undischarged bankrupt must not act as director.
- There are no nationality restrictions for director(s).
- Company must appoint either a natural person aged over 18 years old or a corporate body to act as its company secretary.
- There are no residency restrictions for company secretary.
Kernel is capable in providing Annual Company Secretary Service to ensure the company’s statutory obligations are complied with.
Marshall Islands Company Formation Procedure
Step 1: Select company name
- Propose an English and/or Chinese name
- Select an existing “Shelf Company” from ourMarshall Islands Shelf Company List
Step 2: Provide shareholder and director information
- Original / Certified copy of ID or passport of each Shareholder and Director
- Original / Certified copy of latest residential address proof of each Shareholder and Director
- Please specify the number of shares applied by each shareholder(s)
- Please specify the paid-up share capital for each shareholder(s)
Step 3: Submit application via any one of the following methods
- Email to [email protected]
- Tailor made company registration – 7 working days
- Shelf company registration – 2 working days
Our representative will contact you within one working day after we received the above information.
Annual Maintenance – Marshall Islands Company
To ensure that the Marshall Islands Company is in good standing, it must carry out below basic annual renewal work: -
1. Renewal of Annual License
Each Marshall Islands company must arrange payment for its Annual License Renewal Fee based on below schedule: -
|Company anniversary date between||Renewal due date|
|January to December||The date before anniversary date|
Consequences of Non-Compliance
If company failed to settle its annual license renewal fee on time, late penalties will apply with higher renewal fee and the company will be struck off by the local Registrar. A struck off company still bear its obligations, clients are highly recommended to arrange proper dissolution of the company should they decided not to retain the company.