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Sandy beaches, crystal clear lagoons, coconut palms, colorful corals. All this is about the Marshall Islands - a paradise not only for a person, but also for business.
The Republic of the Marshall Islands is a Pacific state consisting of 29 atolls and 5 islands located between Indonesia and Hawaii, with a total land area of 181.3 km². The territories of the Marshall Islands are part of Micronesia - a group of islands in Oceania. The population of the state is small - 53,158 people (2011) - however, some of the islands of the group are among the largest maritime economic centers in the world.
In the south, the Marshall Islands border on the territorial waters of the Republic of Kiribati, in the southwest and west they touch the waters of the Federated States of Micronesia, the rest of the parts exist in the neutral waters of the Pacific Ocean. The largest islands in the territory belonging to the Republic are Kwajalein and Majuro. With a land area of 16.39 km², Kwajalein Island is the atoll with the largest lagoon in the world.
History and formation of offshore
The development of the Marshall Islands as a republic was greatly influenced by European exploration of the islands of Oceania. The first visit to the islands was made by Spanish sailors in the 16th century. Later, Russian researchers also took over the interest in the paradise islands, who subsequently organized regular visits to them.
The islands were officially discovered by John Marshall, a British-born naval officer, after whom the area got its name.
In 1885 the Marshall Islands were annexed to the German State.
After the First World War, the Mandate of the League of Nations gave the reins of government to Japan.
After the end of World War II, the islands became part of the UN territories located in Oceania. The management of these territories was entrusted to the United States.
In 1986, the Republic of the Marshall Islands gained independence.
From 1991 to this day, the state has been a full member of the United Nations.
A constitutional form of government reigns on the territory of the Republic. The legal system is based on common and local law, and includes local courts of first instance, traditional courts for the protection of rights with jurisdiction over real estate, and the Supreme Court with jurisdiction over maritime affairs. The legislative structure of the state is regulated by the courts, the duty to appoint judges is performed by the Cabinet.
Offshore infrastructure and economy
The Marshall Islands are a comprehensively developed state, in its development ahead of many of its "neighbors" in Oceania. The development of the country's engineering infrastructure confirms the most powerful power plants and sewerage systems operating on the islands, where the bulk of the population lives.
A sufficiently developed transport industry is evidenced by the presence of 2 international airports, 26-seat lanes located on the largest islands, 12 deep-sea docks for receiving ocean liners.
The state has an excellent structure of international communication, represented in the territories of Majuro and Ebeye by satellite communications. Telephone, fax, telex and other means of communication are also available to residents and guests of the islands. Cellular communication in the Marshall Islands, as well as its tariff plans, is the responsibility of the United States of America.
One of the main industries of the state is large-scale fishing, carried out on a commercial basis. Japanese fishermen, who have a special fishing permit in the waters of the Marshall Islands, annually catch about 19 million kilograms of fish of species that are in demand all over the world.
The large-scale export of coconuts and the production of pearls are also important sources of replenishment of the state treasury.
The shipping register of the Marshall Islands is expanding every year, today its size fluctuates around 35 million tons of gross tonnage. These indicators put this registry on the ninth largest in the world.
Business on the atolls
The Marshall Islands is a completely offshore jurisdiction. A non-resident business in the territory of the state is exempt from any taxes, including stamp duty, tax on dividends, tax on the transfer of shares. Instead, the entrepreneur is required to pay a state fee annually. However, freedom from the tax burden is not the only advantage of the state. Among the aspects that can in the future have a beneficial effect on the development of offshore business in the Marshall Islands, the following qualities of the country can be indicated:
- Stability of economic and political systems;
- Loyal, understandable legislation;
- High degree of confidentiality (information of the personal data register is not disclosed to third parties, the use of nominee services is allowed);
- Lack of currency control, reporting requirements, audit;
- Low cost of services for opening and maintaining a company;
- Possibility of issuing bearer shares;
- Territorial neighborhood with the USA;
- Possibility of registering an English / American company;
- The presence of the Hague Convention, exempting from the requirements for the legalization of foreign documents for countries party to the Convention;
- The official language of the islands is English. State currency - USD;
- Possibility of company reorganization (merger, transformation, redomiciliation);
- Absence of requirements for payment of the authorized capital;
- The country is not blacklisted by the OECD and FATF;
- Possibility to reserve a company name for 6 months.
Today, the Republic of the Marshall Islands is one of the most popular jurisdictions for starting an offshore business. Such an enterprise can be an extremely useful tool for solving many problems, such as tax optimization, bringing an existing company to new markets, conducting an initial public offering (IPO), etc.
Companies in the Marshall Islands are commonly used for the shipping business, as well as for various forms of property ownership, in particular for anonymous asset ownership. Over the past few years, the tourist branch of the business has been gaining active popularity on the islands. The lagoons and ocean waters are an ideal place for water sports, diving, sailing, snorkeling.
The operations of companies registered in the Marshall Islands are controlled by the Associations Act. Part of this provision - the law "On Companies" - is aimed at regulating the activities of non-resident organizations.
The process of opening a company in the territory of the state is simple and efficient. The financial side of company registration includes only a low registration fee. Paying for the extension of the offshore activity in the Marshall Islands will also not harm the entrepreneur's budget.
The optimal legal form of a company in all respects for conducting transnational business in the Marshall Islands is the IBC form.