Low cost, easy to form, and simple to administer, with the ability to form in one (1) business day, setting up a Republic of the Marshall Islands (RMI) business entity is plain sailing. It is a choice that many have taken, not purely for the straightforward set-up and onboarding procedures, but for its incomparable benefits too.
From investors to international business professionals, the RMI Corporate Registry, which is provided administrative and technical support by International Registries, Inc. and its affiliates (IRI), is experienced in offering a full range of services for forming a company, including both Registrar and Registered Agent services. With modern, responsive laws and a customer-centric philosophy, the RMI is becoming the jurisdiction of choice for shipping companies and business professionals alike.
For an RMI non-resident business entity to form a corporation, it must first appoint a qualified intermediary (an individual obligated to perform due diligence). These individuals may include, but are not limited to: lawyers, accountants, corporate service companies, and qualified shipping companies. These legal and financial professionals may then start the incorporation process via an online form.
The first step is to choose a corporate name. Important for brand recognition and company identity, names may use any corporate suffix, and be in any language, as long as Roman characters are used. Two alternatives should be provided in the event the first choice is not available.
Then, share structure must be decided upon. Shares may be issued in registered or bearer form, or in a combination of both. They must be of par value (denominated in any currency) or no par value. A standard formation is 500 registered and/or bearer shares without par value, or up to 50,000 USD worth of par value stock. If the authorized share capital is above this, there is a one (1) time capitalization tax fee at the time of formation.
Finally, the incorporator will take part in select organizational activity, which may be taken at no extra cost. These usually consist of the election of directors (at least one (1)), the appointment of officers (each RMI corporation must have a Secretary), or the adoption of various bylaws.
Once incorporated, the company will have full access to the unique benefits offered by the RMI Corporate Registry; from the Trust Company of the Marshall Islands, Inc. (TCMI) as the Registered Agent, to ready-made shelf companies available to meet client’s immediate needs. Similarly, once incorporated, companies will have their details protected under RMI law. This means that a corporate search will only reveal publicly filed documents thus protecting the names of corporate officers, directors, and stakeholders not listed in the public domain. The RMI’s benefits are not just for those looking to create a company from the ground up. For existing entities looking to relocate their company to the RMI, redomiciliation is free of charge, and the original date of formation and company existence remains unaffected.
With a modern statutory environment and a future facing approach, the RMI Corporate Registry, supported by IRI, continues to lead the way.
For enquires or more information on setting up an RMI company, please click here.
