Alpha Equity Consultancy LLC

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Marshall Islands Offshore Company Formation

Registry Overview

The offshore companies in JAFZA are allowed to perform any of the following international business: Foreign trade and goods Holding companies formation Owning a real estate (in certain areas) Copyrights and patents registration Consulting services across the globe

Size and Ranking

The RMI Registry as of now comprises the third largest registry in the globe It owns the greatest number of oil tankers in the world As of July 2019, the registry possessed over 52 million gross tons and above 2,100 vessels International Standing

Important Considerations

JAFZA offshore firms are majorly meant to carry out business activities internationally They are allowed to own property in Dubai; however, they can only do this to certain identified freehold locales, which has to be approved by JAFZA Should a JAFZA offshore firm desire to trade or otherwise transact its business in UAE, then it is required to get the right license through relevant authorities

International Standing

  • The Registry of the RMI is featured in the White Lists of the Paris and Tokyo Memorandum of Understanding (MoUs)
  • It also has 15 years of consecutive Qualship 21 agreement with the United States Coast Guard, an industry record

Global Presence

  • The registry is run via an uncentralised administrative system of 28 offices in key shipping and financial centres all over the globe
  • More recently it has opened an office in Busan, South Korea with the aim of closer ties to the emerging South Korean ship-owning market.
corporate tax consultancy services

Vessel
Types

The registry serves a varied number of vessels such as:

  • Commercial vessels engaged in foreign trade
  • Offshore drilling, production, and service units
  • Yachts (both commercial and private)

Regulatory Compliance

  • All the major international conventions and instruments on the maritime field have been ratified and enacted by Marshall Island
  • The registry contains obligatory classification and statutory survey and certification criteria

Economic
Impact

  • Marshall Islands ship registry is a source of good revenue to the economy.
  • In July 2019, the European Union took the Marshall Islands off its list of uncooperative jurisdictions in terms of taxes, which possibly brought new opportunities to cooperation

Corporate Services

The Marshall Islands does not only provide vessel registration but also offshore company formation services:

  • International Business Companies (IBCs) and Limited Liability Companies (LLCs) can be established
  • The jurisdiction provides tax exemptions and minimal reporting requirements for offshore corporations

Vessel
Types

The registry caters to a diverse range of vessels, including:

  • Commercial vessels engaged in foreign trade
  • Offshore drilling, production, and service units
  • Yachts (both commercial and private)

Regulatory Compliance

  • The Marshall Islands has ratified and implemented all key international maritime conventions and instruments
  • The registry maintains mandatory classification and statutory survey and certification requirements

Economic
Impact

  • The Marshall Islands’ ship registry contributes significantly to the country’s economy.
  • In July 2019, the European Union removed the Marshall Islands from its list of non-cooperative jurisdictions for tax purposes, potentially opening up new cooperation opportunities

Corporate Services

In addition to vessel registration, the Marshall Islands offers offshore company formation services:

  • International Business Companies (IBCs) and Limited Liability Companies (LLCs) can be established
  • The jurisdiction provides tax exemptions and minimal reporting requirements for offshore corporations

The Marshall Islands Registry keeps advancing, incorporating transitions in the industry and making its customers ready to meet new regulations, e.g., the 0.5% sulphur emission regulation by IMO.

The advantages of incorporating offshore companies in Marshall Islands are that the procedure is simplified and has a few benefits to foreign companies. This is a breakdown of the set-up process and price:

Setup Procedure

  1. Choose Company Structure: Decide on the type of entity, typically an International Business Company (IBC) or Limited Liability Company (LLC)
  2. Name Reservation: Select and reserve a unique company name
  3. Document Preparation: Prepare the necessary documents, including:
    • Memorandum and Articles of Association
    • Corporate registration forms
    • Due diligence documents (identification and proof of address for directors, shareholders, and Ultimate Beneficial Owners)
  4. Document Submission: Submit all required documents to the relevant authority
  5. Incorporation: Once approved, the company is officially incorporated. This process typically takes 1-3 business days
  6. Bank Account Opening: Establish a corporate bank account (optional but recommended)Costs

  1. Basic Incorporation Package: Ranges from $950 to $1,550 USD
  2. What’s Included:
    • Government registration fee (first year)
    • Registered office address (first year)
    • Registered agent services (first year)
    • Certificate of Incorporation
    • Memorandum and Articles of Association
    • Appointment of first directors
    • Share certificates
    • Company kit (including common seal and chop)

Additional Services

(Optional):

Nominee director service: $650 USD per year

Nominee shareholder service: $650 USD per year

Company seal/signature: $200 USD

Company stamp: $100 USD

Notary and apostille services: $300 USD

Power of Attorney services: $250 USD

Annual Renewal Fee:

This will be about $900 USD that includes annual license fee, registered agent and registered office services

Economic Substance Reporting:

Another 500 USD of gathering economic substance details and filling in the necessary report

It’s important to note that costs may vary depending on the service provider and any additional services required. Alpha Equity MC offers comprehensive packages starting from $1,400 to $1,550 USD

Key Benefits

  • Tax Advantages: Marshall Islands IBCs benefit from a tax-neutral environment
  • Privacy: Company owners’ and directors’ identities can be kept confidential
  • Flexibility: No residency requirements for directors or shareholders
  • Efficiency: Fast registration process, typically completed within a few days
  • Low Maintenance: No annual financial statements or tax returns required
When considering Marshall Islands offshore company formation, it’s crucial to work with a reputable service provider to ensure compliance with all local regulations and international standards. Alpha Equity MC team will support and assist you in registering a company with Marshall Islands quickly and efficiently