Procedure of company formation
Incorporation of an international Corporation, LLC or Partnership in the Marshall Islands is extremely efficient and can be completed within a matter of days. The Marshall Islands Associations Law 1990 provides the legal framework for the incorporation of an international company. This is comprised of the Business Corporations Act; Revised Partnership Acts; Limited Partnership Act and Limited Liability Company Act, dependant on which type of company you wish to form.
The summary below provides an overview of the process and the documents needed, and dependant on which type of company you require, to form an international company in the Marshall Islands, an application form must be completed, signed and scanned containing information about a preferred name, details of Directors and details of any Shareholders if applicable.
- A scanned and notarised copy of the passport for the Directors and Shareholders is required.
- A scanned copy of proof of residence, such as a utility bill, Bank statement or Bank reference no longer than 3 months old. (Via our online client verification system).
- At this point Eltoma will confirm the company name availability and issue an invoice.
- Upon receipt of payment Eltoma will start the company formation process. It takes approximately 5 working days to fully incorporate an offshore company in the Marshall Islands and up to 5 working days for a courier delivery. (Taking into consideration that we receive all the signed required forms in time).
- Annually Eltoma will issue an invoice to cover renewal fees.
OECD publishes compliance review for all non-compliant jurisdictions
The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.
EU Parliament Committee release findings & recommendations for current offshore taxation measures
A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.
2017 G20 summit: Enforcement of taxation highest priority
The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.
The EC takes action against advocates promoting tax avoidance schemes
The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.
What are the new Beneficial Ownership reporting requirements for BVI companies?
Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.
Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?
Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.
Cyprus tax department releases new guidance on CRS deadlines and the online portal
The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).
Hong Kong establishes AEOI agreement with Indonesia
Last week, Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.