Why Marshall Islands is the Best Choice for Corporate and Maritime Entities
- VISS
- Oct 25, 2023
- 2 min read
When considering jurisdictions for incorporating or re-domiciling an entity, clients shall consider the following three (3) premises:
Reliability of the Foreign Relevant Authorities and jurisdictions,
The compliance status of the jurisdiction with International Regulators, and
Availability of experienced and qualified Counsel.
An on-demand jurisdiction that fulfils the above premises is the Marshall Islands jurisdiction.
Reliability of the Foreign Relevant Authority.
Consisting of a picturesque group of over 1,200 islands in the western Pacific Ocean, The Republic of the Marshall Islands ("Marshall Islands" or "RMI") gained their independence as a sovereign nation in the year of 1986. Soon after that, in 1990, they enacted their Associations Law to promote and facilitate commercial and shipping activities while competing in the worldwide business corporations market. This legislation is a framework inspired by the Delaware jurisdiction of the United States of America. Hence, permitting the incorporation of International Business Corporations, Partnerships, Limited Partnerships ("LP"), Limited Liability Companies ("LLC"), and the registration of Foreign Maritime Entities.
Pursuing an ease for corporate formation, the Marshall Islands offer the following alternatives for International Business Corporations:
The client can act as an Incorporator and provide its Articles of Incorporation or
Majuro Nominees Ltd., an affiliated company of the Marshall Islands, can act as an Incorporator, providing the Articles of Incorporation.
The client shall prepare and send the required formation documents for Partnerships, LPs, and LLCs.
The standard share structure comprises 500 registered / bearer shares of no par value or up to US$ 50,000.00 worth of par value shares of any legal tender.
The Republic of the Marshall Islands Registry can provide unparalleled, prompt, and efficient services thanks to the assistance of International Registries, Inc. (IRI), which provides the administrative and technical resources for the operation of the Corporate and Maritime Registries.
The virtues above have distinguished the Marshall Islands as an international company hub par excellence for Corporate and Maritime industries for over 30 years.
Their services' legal safeguard and effectiveness have placed the Marshall Islands in the vanguard for commercial shipping registration. The RMI conforms to the top three jurisdictions, just behind the Republics of Panama and Liberia, at 290 million deadweight tons in 2022, according to the United Nations Conference on Trade and Development's Handbook of Statistics for Merchant Fleet.
The compliance status of the jurisdiction with International Regulators.
With ever-changing requirements and regulations imposed by International Fiscal Organizations on major international jurisdictions, the Marshall Islands was recognized as "largely compliant" by the Organization for Economic Cooperation and Development, obtaining the highest rankings achievable by the Financial Action Task Force since 2020.
Compliance with international regulations allows collaborations and transactions of Marshall Islands corporations in global markets without setbacks.
Availability of experienced and qualified Counsel.
Honourably appointed as a Marshall Islands Special Agent in December 2022, our Partner, Jaime E. Sánchez Reverte, joined a select list of worldwide attorneys granted this distinction. This privileged appointment provides enhanced attention, information knowledge, and trust in our varied services offered in the RMI jurisdiction.
Should you require more information on this jurisdiction, please do not hesitate to let us know at Contact@viss.com.hk.
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