Marshall Islands Incorporation: An Overview
Marshall Islands is a jurisdiction that provides one of the most viable corporate
programs which has attracted thousands of international corporations, partnerships, limited partnerships, and limited liability companies in different parts of the world.
In 1990, the Marshall Islands Association Law was created based on the structure of corporate laws from New York and Delaware. It was further modified to acquire the same characteristics of a traditional offshore jurisdiction which has facsimile filings, bearer shares, and implementation of documents without the need for notary affidavits.
Meanwhile, a corporation may adopt the structure followed by US with its president, treasurer, and secretary, or UK which has a managing director and corporate secretary.
The most notable advantages of registering a Marshall Island company or partnership is that it provides confidentiality to members and offers limited liability protection that protects their assets from bankruptcy.
In addition, many international banks such as CitiBank and HSBC allow Marshall Islands companies and partnerships to open bank accounts.
These are the four procedural steps in Marshall Islands incorporation:
Choose a corporate name
A corporate name may be in any languages as long as the Roman alphabets are used and that it is not currently used by any business organizations. It is also allowable to use corporate suffixes such as incorporation, corporation, etc., however, the following words are not accepted: bank, trust, and insurance. Meanwhile, foundation and charity may be used if there is a permission from the International Registries, Inc.
Number of directors
Under the Marshall Islands Association Law, there is no minimum number of directors for a Marshall Islands corporation. With this, it is possible for a corporation to appoint only one director (and also one shareholder).
Share structure
Shares may be issued in bearer or registered form, or even a combination of both. It may also come with par value, which may be denominated in any currency, or without par value. Meanwhile, the standard formation is 500 bearer or/and registered shares which may come without par value or at least a US$50,000 worth of par value stocks.
Select the organizational activity
This organizational activity, which is performed by the incorporator, may include the appointment of officers, adoption of bylaws, and election of directors.
Note: The International Registries, Inc. has offices from different parts of the world where non-resident companies and partnerships can register and incorporate their business. Meanwhile, each office has a Deputy Registrar Corporations which can issue corporate documentations.
by: John Media
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