British Naval Captain John William Marshall gave his name to the area now known as the Republic of the Marshall Islands (RMI) which is located in the Pacific Ocean, and is part of the larger island group of Micronesia, comprised of many individual atolls and islets lying north of the Equator. The population of over 60,000 is spread over 70 square miles of small coral islands, where the largest and most populous atoll is Majuro, which acts as the islands capital. In 1986, independence as a sovereign nation was attained under a Compact of Free Association with the United States. As a result of this the local currency is the US dollar, with English and Marshallese being the islands two most widely spoken languages.
Currently the Marshall Islands is a democratic and independent state, which has had no legal reform in the last 12 months. The foundation of the legal system in the Marshall Islands partially derives from the legislation of Delaware State, which ensures friendliness and flexibility of the legal infrastructure towards the business community, making it a suitable choice for international corporations, Partnerships, Limited Liability Partnerships and Limited Liability Companies in various capacities.
The RMI maintains a politically stable, democratically elected parliamentary system of government, consisting of two legislative chambers which elect the President from among their members for a four-year term. The jurisdiction has one of the biggest ships registers so would be the perfect location for companies that are planning to own and manage yachts and ships.
Known as a highly versatile jurisdiction for conducting international business, incorporating a corporation, LLCs and partnerships in Marshall Islands offers the following benefits:
- Exceptionally fast incorporation time of only one business day.
- All LLCs partnerships and corporations registered by non-residents and receiving its income outside the jurisdiction are statutorily exempt from taxation.
- No requirement to file financial statements or to complete annual returns.
- High level of confidentiality and in terms of potential risk of information disclosure to foreign Governments, the Marshall Islands is probably one of the most secure and confidential offshore jurisdictions.
- No currency exchange controls and capital can be expressed in any currency.
- No requirement for residency of Directors or Shareholders, and there is no obligation for an annual meeting to be held in the Marshall Islands.
- Extremely low share capital required for incorporation of only $1 USD.
- Migration of domicile permitted both into and out of the jurisdiction.
Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?
The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.