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Marshall Islands: Country and Foreign Investment

Business Environment

Financial services include the Bank of Guam and the Bank of Hawaii, in addition to local banks. The major islands have their own power plants and water systems.

Telecommunications services include telex, cellular, internet, international calling, caller ID, and leased data circuits. Majuro Atoll and Ebeye and Kwajalein islands have regular, seven-digit, direct-dial telephones; other islands interconnected by shortwave radiotelephone (used mostly for government purposes). The international country code is 692.

In 2010, main telephone lines in use were estimated at 4,400, and cell phones at 1,000.

2009 figures suggested that there were around 2,200 internet users in the jurisdiction.

Local governments issue business licenses for businesses operating in their areas of jurisdiction. Each local government determines its own rates and administration procedures.

There are no foreign exchange controls in the Marshall Islands. However, the Government requires all banks in the Republic of the Marshall Islands to report transfers of funds from the country over a 24-hour period that are in excess of US$10,000. This requirement is a result of the Government's international money laundering commitments. The Banking Commission monitors this information and has the authority to investigate the financial records of individuals or businesses, as it considers necessary.

 

 

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