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.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.