The Marshall Islands, an island nation located in the Pacific Ocean, is a popular offshore business destination due to its favorable tax laws and ease of doing business. The process of registering a business in the Marshall Islands is relatively straightforward, and this article will guide you through the necessary steps.
Table of Contents
Step 1: Choose a Business Structure
The first step in registering a business in the Marshall Islands is to choose a business structure. The most common business structures in the Marshall Islands are a corporation and a limited liability company (LLC). A corporation is a separate legal entity, while an LLC is a hybrid of a corporation and a partnership.
Step 2: Reserve Your Business Name
Before registering your business, you must ensure that your chosen business name is available. You can reserve your business name with the Registrar of Corporations, which is part of the Ministry of Finance. The reservation is valid for 30 days, during which time you must submit your application for registration.
Step 3: Obtain a Business License
All businesses operating in the Marshall Islands must obtain a business license. You can obtain a business license from the Marshall Islands Ministry of Finance, which will require you to provide information about your business, including your chosen business structure and the nature of your business activities.
Step 4: Register Your Business
To register your business in the Marshall Islands, you must file the necessary documents with the Registrar of Corporations. The documents required vary depending on your chosen business structure, but typically include the articles of incorporation or articles of organization, a copy of the business license, and a list of the initial directors or members.
Step 5: Pay the Registration Fees
Once you have filed the necessary documents, you must pay the registration fees. The fees vary depending on your chosen business structure and the amount of authorized capital.
Step 6: Obtain an Employer Identification Number (EIN)
If your business will have employees, you must obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) in the United States. The EIN is a unique identifier for your business that is used for tax purposes.
Step 7: Open a Bank Account
To operate your business in the Marshall Islands, you must have a bank account. You can open a bank account in the Marshall Islands or in another jurisdiction that has a correspondent bank in the Marshall Islands.
In conclusion, registering a business in the Marshall Islands is a straightforward process, but it is essential to ensure that you follow all the necessary steps to ensure compliance with local laws and regulations. Generis Global, our firm can help you with the legal part of your business journey in this country. Contact us today to learn more about how we can help you establish and grow your business in the Marshall Islands.