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.
Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown
Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.
How the UK is Combating Offshore Culture & How it Could be Doing More
Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.
Nevis: The Offshore Tax Haven Nation of the World
In the world of offshore, Nevis specialises in letting its clients create corporations with greater anonymity than almost anywhere else on earth. Since 2012, the island’s financial services sector has grown exponentially, as those wishing to retain anonymity relocated to a place that promises just that. However, with ever-expanding counter legislation cropping up globally, how can Nevis continue to host such controversial services?
Expert Opinion on Cyprus’ New Borrower Incentives to Reduce the Islands NPLs
The Cyprus Ministry of Finance has released a statement regarding the IMF (the International Monetary Fund) & the European Commission is recommending Bills regarding the islands longstanding issue with Non-Performing Loans.
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
FATCA: Foreign Financial Institutions & NFFE’s
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, was implemented to able foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their US-based account holders or be subject to withholding tax on the relevant payments.
ICOs: A Smart Business Decision or Just a Risky Investment?
There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.