Detailed Guide to Setting Up a Company in the Marshall Islands
Detailed Guide to Setting Up a Company in the Marshall Islands for Vietnamese Entrepreneurs
Establishing a company in the Marshall Islands is an attractive option for Vietnamese entrepreneurs, offering benefits like tax exemptions, high privacy, and simplified procedures. Here’s a detailed guide to the steps involved:
1. Choose the Type of Company:
The Marshall Islands primarily offers two common types of companies:
- International Business Company (IBC): Suitable for international business, investment, and asset management.
- Limited Liability Company (LLC): Suitable for small and medium-sized businesses with a flexible structure.
2. Prepare Information and Documents:
- Company Name: Select a unique name that does not duplicate any existing company in the Marshall Islands.
- Shareholder and Director Information: Provide details on shareholders and directors, including names, addresses, and nationalities.
- Capital: There is no minimum capital requirement; however, the standard authorized share capital is 500 shares with no par value or up to $50,000 with par value.
3. Select a Support Service:
To simplify the process, you may opt to use services from companies specializing in business formation in the Marshall Islands. They assist with:
- Name checking and registration.
- Preparing and submitting registration documents.
- Providing a registered address and company secretary services.
- Supporting international bank account opening.
4. Incorporation Process:
- Step 1: Contact a support service for consultation on the appropriate type of company and confirm the proposed company name.
- Step 2: Provide necessary information about shareholders, directors, and capital.
- Step 3: Pay the service fee and government fees.
- Step 4: The support service will handle company registration with the relevant authorities in the Marshall Islands.
- Step 5: Upon completion, you will receive a company package including the Certificate of Incorporation, company bylaws, and related documents.
5. Time and Cost:
- Time: The incorporation process typically takes around 6 business days.
- Cost: The service fee for setting up a company in the Marshall Islands starts from $699, depending on the services selected.
6. Important Notes:
- Tax: Companies in the Marshall Islands are exempt from corporate tax, real estate tax, inheritance tax, and gift tax.
- Privacy: Information on shareholders and directors is not publicly disclosed, ensuring a high level of confidentiality.
- Financial Reporting: There is no requirement for annual financial reporting, reducing administrative burdens.
Establishing a company in the Marshall Islands offers significant tax and privacy benefits. However, consulting with experts or a reputable advisory service is recommended to ensure legal compliance and maximize business advantages.
