Population: 57,000 (est. 2003)
Area: 181 sq. km (land area)
Currency: United States dollar
Fiscal year: 1 October - 30
Independence status: 21/10/1986
(from US Admin. UN Trustee)
REPUBLIC OF THE MARSHALL ISLANDS ("RMI") is a nation of
more than 50,000 living on 29 coral atolls and 5 small low-lying
islands in the central Pacific, mid-way between Hawaii and Australia.
The RMI adopted its constitution in 1979, and signed the Compact
of Free Association with the United States in 1986. The Marshall
Islands became a member of the United Nations in 1991. The natural
beauty and rich culture of the Marshall Islands attracts tourists
from around the world. Pristine coral reefs teeming with marine
life make the Marshalls a premiere dive destination. Most Marshallese
are Protestants, and as a whole they are very religious. While the
largest church in the nation is the United Church of Christ, there
are many other Protestant denominations represented, like Assembly
of God, Baptist, Seventh Day Adventists. The Catholic Church also
has established a strong presence in the islands.
Marshall Islands' legal system is based on adapted Trust Territory
laws, acts of the legislature, municipal, common, and customary
laws. As stated in the Compact of Free Association, national defense
is primarily the responsibility of the United States. Executive
power rests with the president and the cabinet. The president is
both head of state and head of government, elected by parliament
for a four-year term. The president appoints the cabinet from members
of the Nitijela (parliament).
The currency used in the Islands is United States dollar (USD).
Under Marshall Islands law, there is no requirement that the names
of corporate officers, directors or shareholders be filed in any
public registry. Such information, therefore, remains confidential.
NO annual return is required to be filed. Bearer share is allowed,
but most clients use nominee shareholder approach instead.
Non-resident domestic corporations are "statutorily" exempt
from Marshall Islands taxes.
The country is a beneficiary of various trade agreements which allow
preferential access to major markets for its exports. The Compact
of Free Association gives access to US markets as does the Generalised
System of Preferences (GSP) which covers markets in Canada, Japan
and non-western European countries. The South Pacific Regional Trade
and Economic Cooperation Agreement (SPARTECA) provides access to
the markets of Australia and New Zealand. Currently, the Marshall
Islands is not a party to any international agreements/codes regarding
foreign investment, although there are plans to become party to
some. As note above, the Marshall Islands is party to various preferential
trade agreements with a number of countries.
Order your company
! or contact us
for any queries. If you have other requirements for the incorporation,
please let us know and our staff will try to solve it or find alternatives
You tell... we tailor