Why should I incorporate a company in Marshall Islands
The Republic of the Marshall Islands (RMI) is situated nearly midway between Hawaii and the Philippines, and is the easternmost island group in Micronesia. Importantly, a Marshall Islands International Business Company (IBC) is a tax-free corporation designed for engagement into all forms of international business, with no reporting and minimum record-keeping requirements, and comprehensive confidentiality features. Additionally, a Marshall Islands Company does not have the tainted “tax haven” reputation that is associated with many other offshore jurisdictions.
What are the benefits of incorporating an offshore company in Marshall Islands
- * As mentioned above, Marshall Islands impose no tax or reporting requirements on companies. So incorporating an offshore company in Marshall Islands can help reduce the tax burden, as well as costs involved in statutory compliance and reporting requirements, of your company.
- * The RMI is a modern, stable corporate jurisdiction that provides the flexibility and efficient service that is required by corporate users. All non-resident domestic business entities registered in the RMI are governed by the RMI Associations Law. The RMI Associations Law is primarily modelled after the corporate laws of the United States state of Delaware.
- * As a high net worth individual, you can be sure of privacy, as well as save on professional fees by using a Marshall Islands offshore company as a personal holding company. These entities may be suitable for inheritance planning and reducing the costs and time delays in probate.
- * A Marshall Islands company can be used as an investment company, which is investing in property, stocks and shares, commodities and other assets, while providing anonymity and tax savings.
- * A Marshall Islands company can be used for inheritance planning, as the transfer of wealth to a company in Marshall Islands ensures that the wealth is protected in a stable environment well away from the unwanted attentions of the tax and inheritance laws of foreign jurisdictions.
- * If you own properties in several different countries, the offshore Marshall Islands company can collectively hold these properties title. The ownership can be transferred by company shares rather than transferring the actual properties.
- * Additionally, the Marshall Islands company can be used as an employment company so as to reduce payroll costs and travel expenses, or for raising capital. Many large corporations in economically and politically uncertain countries often diminish the perception of risk by moving ownership of assets and the base of their operations to stable offshore jurisdictions such as Marshall Islands.
Thus, with 36 business entities listed on either the New York Stock Exchange (NYSE) or the National Association of Securities Dealers Automated Quotations (NASDAQ), the RMI has become the jurisdiction of choice for many multinational entities.
I am convinced. Can I redomicile my company to Marshall Islands?
Corporations may transfer their domicile into the Marshall Islands by filing Articles of Domestication and Articles of Incorporation pursuant to section 127 of the Business Corporations Act (BCA).
Remember when a foreign redomiciles to the Marshall Islands, the entity is only changing corporate jurisdictions. A new and separate entity is not created. The name and the date of existence will remain unchanged. However, the RMI Associations Law will govern the entity after redomiciliation.
And don’t worry, it’s perfectly fine to redomicile your company to Marshall Islands, as most corporate jurisdictions have established redomiciliation laws. As a result, financial and legal communities are familiar with the intricacies and benefits of redomiciliation.
So in summary, any non-RMI business entity may redomicile to the RMI, including foreign corporations, partnerships, LPs, LLCs, or their foreign equivalents, provided it is not expressly prohibited by the foreign jurisdiction.
Read more about the free redomiciliation of companies in Marshall Islands at Rikvin.com.
