MARSHALL ISLANDS



The Marshall Islands consist of two archipelagic chains almost half way between Hawaii and Australia. With an area of only 180 km2, the Marshall Islands have a population of 61 815. The climate is hot and humid, with a wet season from May till November. The economy is largely supported by the United States government. The main field is agriculture: small farms produce mainly coconut, tomatoes, melons and breadfruit. Tourism employs less than 10% of the labor force, but is seen to be very perspective. The official language is Marshallese, but English is widely spoken as a second language. The unit of currency is the United States dollar.

History

The first European to step on the Marshall Islands was the Spanish explorer Alonso de Salazar in 1526. But it was not until 1788 that the islands became regularly visited. This was due to the arrival of the British Captain John Marshall, to whom the islands owe their name. After being under the influence of Germany and Japan, the Marshall Islands were occupied by the United States in 1944. Even though the islands gained their independence in 1986, they are still under the American influence.

Politics

A mixed parliamentary-presidential system is present in the Marshall Islands. The government is in free association with the United States. There are 24 electoral districts that correspond to the inhabited islands. Each district selects one or more representative to the government, which results in 33 senators. They elect a President who is the head of the Government and the State at the same time. The lower house of the parliament is the legislative body and is called Nitijela. The upper house, called the Council of Iroij, is the advisory body. The executive branch consists of the President and the Presidential Cabinet, which includes ten ministers appointed by the President and approved by the Nitijela.

INCORPORATION DATASHEET
Method of incorporation / registration:	The Memorandum and Articles of Association must be signed by the subscribers. The subscriber must be a local person licensed for the purpose
Company legal form:	Private Limited Company by shares
Company status:	Exempt
Source of corporate legislation:	Marshall Islands Associations Law of 1990
Possible suffixes to company name:	Ltd., Limited, Incorporated, Inc., Company.
Restrictions on company name:	The terms Bank, Imperial, Insurance, Trust, Trustee, Chamber of Commerce and Royal may not appear in the company name.
Time required for incorporation:	2-3 weeks **
Number of directors:	Minimum 1 of any nationality
Number of shareholders:	Minimum 1.
Capitalisation:	No minimum.
Accounting / reporting requirements:	Not applicable
Type of shares:	Bearer or registered.
Annual tax and duties:	No annual tax or duties
Information publicly available:	Registered office and registered agent.
Disclosure of beneficiaries:	Not required.
Registered office:	Local registered office is required by law.
Registered secretary / agent:	Local registered agent is required by law.
Double tax treaty:	Non-Resident Corporations are not subject to DTTs.

COMPULSORY COSTS (payable prior to registration)

FORMATION FEES
Incorporation fee:	390 USD
Notarial certification:	160 USD
International authentication (Apostille):	160 USD
Legal expenses, filing fees and stamp duties:	115 USD
Issuing of share certificates and initial minutes and forms:	70 USD
Corporate seal:	50 USD
Courier fees:	50 USD
Subtotal:	995 USD
ANNUAL FEES*
Registered office and registered agent:	995 USD
Annual tax and duties:	0 USD
Subtotal:	995 USD
Total:	1990 USD

* The annual fees for the first year of existence of the company are payable prior to registration. Subsequently the amount of 995 USD is payable annually, beginning from the second year of existence of the company. Non-payment of the annual fees results in the company being struck off the Company Register.

The amount of 1990 USD includes the following services: formation of the company, duties payable to the local authorities for the registration of the company, provision of registered office and registered agent for 1 year, annual tax for the 1st year, luxury leather corporate kit containing Certificate of Incorporation with Apostille, Memorandum & Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, share certificates, initial forms and minutes, and 2 company seals. The price contains no hidden costs.

OPTIONAL COSTS
Nominee Director (private person):	690 USD
Nominee Shareholder:	290 USD
Certificate of Incumbency	330 USD
Power of Attorney with Notarial Certification:	390 USD
Notarial Certification or Apostille:	160 USD
Certificate of Good Standing:	330 USD

LAVECO LTD. is pleased to offer its clients shelf companies in the Marshall Islands, which are available at the same cost. In the case of purchase of a shelf company the paperwork and documentation involved can be completed in just one hour. Contact our office for details and a list of shelf companies!

SHELF COMPANY PACKAGE
Formation fees including annual fees for the first year Ready made Marshall Islands company with nominee director and notarised Power of Attorney	3070 USD
Fees payable from the second year Registered office and registered agent , nominee director and notarised Power of Attorney	2075 USD

** In the Marshall Islands it is possible to order "express" company incorporation. The surcharge for express incorporation is 500 USD, and the process takes 72 hours.