Marshall Islands

Legal form:

LLC, LLP, PLC

Delivery:

2 weeks

Price: $

3000

Payment methods:

Requirements:

Document checklist:

Local legal address (Handled by B2B Hub)

1.Passport
2.Proof of Residence

Go to applicattion

Inquiry

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Registrar

Organization name

US Departmnet of State

Abbreviation

Country

Marshall Islands

NPIC@state.gov

Phone

1-877-487-2778

Listing

Open website

About

Marshall Islands

Capital
Official languages
Population
Currency

ISO 4217

Majuro

English and Marshallese

53,158

United States Dollar

USD

FAQ

Q: What is the process for forming a company in the Marshall Islands?

A: The process for forming a company in the Marshall Islands involves several steps. The first step is to choose a company name and then file the articles of incorporation with the Registrar of Corporations. The articles of incorporation will specify the name of the company, the purpose of the company, the amount of share capital, the number of shares, and the rights and obligations of the shareholders.

Q: What types of companies can be formed in the Marshall Islands?

A: The Marshall Islands allows for the formation of various types of companies, including corporations, limited liability companies (LLCs), and partnerships.

Q: What is the minimum share capital required to form a company in the Marshall Islands?

A: There is no minimum share capital requirement to form a company in the Marshall Islands.

Q: Do I need to have a physical office in the Marshall Islands to form a company?

A: No, a physical office in the Marshall Islands is not required to form a company. However, the company must have a registered agent in the Marshall Islands.

Q: What are the tax implications of forming a company in the Marshall Islands?

A: The Marshall Islands is a tax haven with no corporate income tax or capital gains tax. However, companies may be subject to taxes in their home countries.

Q: How long does it take to form a company in the Marshall Islands?

A: The time required to form a company in the Marshall Islands is relatively fast. It can take anywhere from one to three business days to complete the registration process.

Q: What are the ongoing compliance requirements for companies in the Marshall Islands?

A: Companies in the Marshall Islands are required to file an annual declaration with the Registrar of Corporations and maintain a registered agent in the Marshall Islands. However, there are no annual financial reporting requirements.

Q: Can a foreigner form a company in the Marshall Islands?

A: Yes, foreigners are allowed to form companies in the Marshall Islands, and there are no restrictions on foreign ownership.

Economy

The Marshall Islands is a small island nation located in the Pacific Ocean. It has a population of approximately 53,000 people and a GDP of $190 million. The economy of the Marshall Islands is largely dependent on foreign aid, with the United States providing the majority of the aid. The country also relies heavily on fishing and tourism for income. The unemployment rate in the Marshall Islands is estimated to be around 25%, and the poverty rate is estimated to be around 40%. The Marshall Islands has a low Human Development Index (HDI) score of 0.541, which is below the global average of 0.6. The country has a low level of economic diversification, with the majority of its GDP coming from fishing and tourism. The Marshall Islands has a low level of infrastructure, with limited access to electricity and water. The country also has a low level of financial inclusion, with only around 10% of the population having access to formal banking services. The Marshall Islands is vulnerable to the effects of climate change, with rising sea levels and increased storm activity posing a threat to the country’s infrastructure and economy.

Taxation

The Marshall Islands has a relatively simple tax system with low rates for both corporate and personal income taxes. Here is an overview of the tax system in the Marshall Islands:

Corporate taxation:

- The corporate income tax rate in the Marshall Islands is a flat rate of 3%.

- Resident corporations are taxed on their worldwide income, while non-resident corporations are only taxed on income sourced from the Marshall Islands.

- There are no capital gains taxes in the Marshall Islands.

Personal taxation:

- The Marshall Islands has a personal income tax system with a progressive tax rate that ranges from 8% to 12%.

- The first $8,000 earned by an individual is tax-exempt, and there are additional deductions and credits available.

- Non-residents are only taxed on income sourced from the Marshall Islands.

Tax payment process and calendar:

- The tax year in the Marshall Islands runs from January 1st to December 31st of the same year.

- Taxpayers are required to file their tax returns by April 15th of the year following the tax year.

- Corporate income tax payments are due by April 15th of the year following the tax year.

- Personal income tax payments are made through the employer withholding system, with payments made on a monthly basis.

- Late tax payments are subject to penalties and interest charges.

The Marshall Islands has been working to improve its tax system in recent years, including implementing electronic filing and payment options for taxpayers. The government has also been working to increase tax compliance and enforcement efforts, such as strengthening tax audit capabilities. However, due to the small size of the country and limited resources, tax collection remains a challenge in the Marshall Islands.

Company incorporation application form

Representative

Chosen company name

Main business activity

Legal address of director

Extra services