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Marshall Islands
The Marshall Islands consist of a group of islands in the South Pacific approximately 3,000 kilometres southwest of Hawaii. The local currency is the US Dollar and Marshallese is the local dialect, although English is the official and commercial language. The islands became fully independent in 1986 having previously fallen under the 1947 Trustee Agreement between the United Nations and the United States.
The laws of the Marshall Islands are set out in the Marshall Islands Revised Code of 1988, as amended. The incorporation of a non-resident domestic corporation is governed by the Business Corporations Act and is defined as a corporation for profit not doing business in the Marshall Islands.
Principal features of a non-resident domestic corporation are as follows:
- A minimum of one shareholder.
- Shares may be registered or bearer.
- Shares without par value are permitted.
- A minimum of one director, which may be a corporate entity.
- No restriction as to the location of meetings.
- Limited information available on the public record.
- No requirement to prepare or file annual financial statements.
- No requirement to disclose beneficial owner to the local authorities.
- No taxation other than a fixed fee of US$450.
- No minimum capital requirements. However, shares must be fully paid on issue.
- The company name may be in any language.
- A resident agent is required in the Marshall Islands.
- There are no exchange controls relevant to a non-resident corporation, however such companies may not be used to do business with persons resident in the Marshall Islands.