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Marshall Islands

Marshall Islands Flag

Country: Marshall Islands
Region: Pacific
Currency: US dollar (USD) (US$)
Languages: Marshallese, English
Time Zone: UTC +12

Phone Code: +692

Communications: Good

Formation Cost: 1100 - 1500 USD$
Formation Time: 3 - 4 days
Maintenance cost: 800 - 1000 USD$

Executive Summary: Micronesian island group the Marshall Islands have been independent since 1986, and have been a full member of the United Nations since 1991. Agriculture and tourism play a key role in the economy, although the shipping registry plays a large (and growing) part in attracting international interest and revenue; in December 2012, the authorities announced that the registry would target growth in the offshore drilling sector to build upon its position in this area. As at October 2012, gross tonnage surpassed 87 million gross tons, and there were 2,780 ships registered on the Islands. Corporate entities can be easily formed, and the process is generally quick. Limited liability companies and non-resident corporations can be created, and the latter are statutorily exempted from taxation on their income and assets. Personal income tax is imposed at a rate of 8% (although directors and employees of non-resident corporations are again exempted).

Suitable for: Shipping, Yachting
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Vehicle Types: Limited companies, general partnerships, limited partnerships and maritime entities

Capital primary business districts: Majuro

Good Relationships: Fiji, India, Japan, Philippines, Taiwan, United States

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business: Light

Tax Burden - Individual: Very Light

Headline tax rates: CIT 11.5%, PIT 8%-12%, VAT 2%-4%

Treaty Jurisdictions: None

TIEA Jurisdictions: Australia, Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Korea, Republic of, Netherlands, New Zealand, Norway, Sweden, United Kingdom, United States

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