Marshall Islands Offshore Company Formation

The Marshall Islands offshore registry has established itself as a prominent competitor in the global maritime industry. Here are key data about the Marshall Islands offshore registry:

Registry Overview

JAFZA offshore companies can engage in various international business activities, including: International trade and commerce Formation of holding companies Owning real estate (in approved areas) Registration of copyrights and patents International consulting services

Size and Ranking

The RMI Registry is currently the third largest registry in the world It has the largest fleet of oil tankers globally As of July 2019, the registry had over 52 million gross tons and more than 2,100 vessel International Standing

Important Considerations

JAFZA offshore companies are primarily designed for international business operations They can own property in Dubai, but only in designated freehold areas approved by JAFZA If a JAFZA offshore company wishes to conduct trade or other business within the UAE, it must obtain the appropriate license from competent authorities

International Standing

  • The RMI Registry is included on the White Lists of both the Paris and Tokyo Memorandums of Understanding (MoUs)
  • It has held Qualship 21 status with the United States Coast Guard for 15 consecutive years, a record in the industry

Global Presence

  • The registry operates through a decentralized network of 28 offices located in major shipping and financial centers worldwide
  • Recent expansions include the opening of an office in Busan, South Korea, to strengthen ties with the growing South Korean ship-owning market

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 continues to evolve, adapting to industry changes and preparing its clients for upcoming regulations, such as the IMO’s 0.5% sulphur emissions regulation.

Marshall Islands offshore company formation offers a streamlined process with several advantages for international businesses. Here’s an overview of the setup procedure and associated costs:

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

The cost of setting up an offshore company in the Marshall Islands varies depending on the service provider and additional services required. Here’s a breakdown of typical 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:

Approximately $900 USD, which covers the annual license fee, registered agent, and registered office service

Economic Substance Reporting:

An additional $500 USD for collecting economic substance information and filing the required 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
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