Company Formation Survey 2008


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		1. Company law	Associations Law of the Republic of the Marshall Islands 1990, which is comprised of the Business Corporations Act, Partnership Act, Limited Partnership Act and Limited Liability Company Act of 1996.
		2. Types of company:	Non-resident domestic corporations (NRDCs), limited liability companies (LLCs), partnerships and limited partnerships.
		(a) type of company preferred for international transactions:	All.
		(b) shareless companies:	Limited liability companies, partnerships and limited partnerships are all shareless entities.
		3. Capital requirements:	None.
		4. Costs to incorporate, excluding government fees:	USD650 for NRDCs and LLCs, USD1,300 for partnerships and limited partnerships (includes first year's annual maintenance fee, consisting of registered agent fee and government fee).
		5. Fees paid to authorities to incorporate:	The incorporation fee is all inclusive.
		6. Annual fees paid to authorities:	USD450 for NRDC and LLC annual maintenance fee and USD900 for partnership and limited partnership annual maintenance fee (consisting of registered agent fee and government fee) due on anniversary of incorporation/formation.
		7. Taxation rates applied to companies generally:	All are exempt from Marshall Islands taxation.
		(a) the taxation of companies in 2 (a)	All are exempt from Marshall Islands taxation.
		8. Method of incorporation:	For an NRDC: filing of Articles of Incorporation with Deputy Registrar. For LLCs: filing of Certificate of Formation with Deputy Registrar. For partnerships: filing of Certificate of Partnership with Deputy Registrar. For limited partnership: filing of Certificate of Limited Partnership with Deputy Registrar.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Professionals only: for example, accountants, lawyers, banks, trust companies, company formation agents and corporate secretarial services. Professionals may be located anywhere in the world.
		(a) are ready made companies available?	Yes, for NRDCs.
		10. Length of time to incorporate:	Same day.
		11. Minimum members:	One shareholder required for NRDCs. One member required for LLCs. Two partners for a partnership and limited partnership.
		12. Registered office:	Every entity must have a registered agent in the Marshall Islands.
		(a)Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	No. The registered agent for all entities is the Trust Company of the Marshall Islands, Inc.
		13. Directors and secretary:	Minimum of one director for a NRDC. Every NRDC must have a secretary and may have such officers, however designated, as provided for in the Articles of Incorporation or bylaws. Directors and officers may be business entities.
		(a) Must a director/ secretary be resident?	No.
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	N/A.
		16. Meetings:	Meetings can take place anywhere in the world. Telephone meetings are also possible; actions may be taken by unanimous written consent.
		17. Annual return:	Not required.
		(a) Must financial statements of a company be audited?	No.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	No.
		19. Are there any exchange control or other financial restraints imposed upon a company?	No.
		20. Companies formed in the last year:	Not disclosed.
		21. Number of companies on the company register altogether:	Not disclosed.
		22. How, if any, is migration into and out of the jurisdiction achieved?	By re-domiciliation, dissolution, or merger.
		23. Is migration out of your country provided for?	Yes.
		24. Any amendments to company law over the last 12 months:	Updates to the Business Corporations Act.
		25. Anticipated amendments to company law over the next 12 months:	Not at this time.
S I T E M A P BACK TO TOP			Compiled by Melissa A. Hurst, International Registries, Inc.