Special Offer: Upgrade Your Offshore Company to Marshall Islands and Receive a Free Offshore Bank Account!
Updated 21/05/2020: this free Marshall Islands offer has been going great guns and we expect it to close soon. Read on to find out how you can get upgrade your offshore company to the prestigious Marshall Islands jurisdiction and get a FREE OFFSHORE BANK ACCOUNT.
This week, the Marshall Islands Corporate Registry sent us a wonderful new limited time offer to share with our clients: FREE REDOMICILIATION of offshore companies from other jurisdictions. Here at Offshore Pro, we decided to brighten your day in these difficult times by adding something of our own to the offer: a FREE OFFSHORE BANK ACCOUNT! Read on to find out how to claim this extremely special offer!
Yes – it may surprise you that modern, successful and streamlined offshore jurisdictions, that manage to keep up with OECD and EU requirements, do exist! The Republic of the Marshall Islands (Marshall Islands) is one, and possibly the only one.
As regular readers of this blog will know, Marshall Islands is one of our favourite jurisdictions for incorporation of tax-free companies. In many ways, the classic Marshall Islands Business Corporation is like a great old fashioned offshore company in the tradition of the BVI, Belize etc – no tax whatsoever, and no requirement to file annual accounts.
But, there is a twist. The Marshall Islands Registry is operated by a proactive private company that has a vested interest in the success of the jurisdiction – not least because they operate the second largest shipping registry in the world. This is serious business!
Unfortunately, not to name names, but we have found many offshore island governments have taken a ‘mañana’ approach, bogged down in internal politics and corruption – and now literally ‘locked down’ and dysfunctional. Others, like the British territories and the Channel Islands, have been taken over by legions of lawyers – who deliberately make things more and more complicated so that they can justify charging higher and higher fees, driving out all but those with the deepest pockets.
Over the past decade, the Marshall Islands has been quietly but confidently developing its offshore financial centre into the perfect business-friendly, outward looking and globally compliant jurisdiction.
Probably the Marshall Islands’s most impressive achievement recently is to join the whitelist of the European Union on 14 November 2019, meaning that companies and banks in the European Union can easily do business with Marshall Islands companies. By comparison, Panama was added to the said blacklist in February 2020. (To be fair to Panama, it has other advantages, such as residence, banking and being a liveable cosmopolitan city – see Offshore Pro Group’s Panama portal.)
Significantly, Marshall Islands was also removed from the French blacklist on 7 January 2020, while Panama remains on the blacklist, and the Bahamas and the BVI have now been added to the blacklist. France is known to be one of the most aggressive of the OECD powers when it comes to cracking down on tax havens, so this stamp of approval from the Elysee is very significant.
Also worth bearing in mind: all non-resident domestic business entities registered in the Marshall Islands are governed by the Marshall Islands Associations Law. The Marshall Islands Associations Law is primarily modeled on the corporate laws of the State of Delaware, USA. This also helps smooth the way for Marshall Islands Business Corporations seeking to do business internationally.
Here’s a quote from what the official press release said:
As the political and regulatory environments are evolving faster than ever, the Republic of the Marshall Islands (RMI) Corporate Registry recognizes that this may present practical challenges to doing business. Some jurisdictions have become impractical to use. Jurisdictions that were once favored for business now have less than satisfactory ratings with international regulatory bodies and some are not politically stable. In recognition of these challenges, the Marshall Islands is currently offering free redomiciliation. Choosing the Marshall Islands for redomiciliation (domestication) allows business entities to retain any existing assets and liabilities while transferring to a jurisdiction that is stable and rated favorably with international regulatory bodies….
… With 36 business entities listed on either the New York Stock Exchange (NYSE) or the National Association of Securities Dealers Automated Quotations (NASDAQ), the Marshall Islands has become the jurisdiction of choice for many multinational entities.
All applications for redomiciliation should be submitted through a Qualified Intermediary that works with the Marshall Islands Registry, of which Offshore Pro Group is one. Below you will find details of the relatively straightforward documentation requirements.
The pros from OP are standing by to help you take advantage of this unique free redomiciliation offer. This is the time to stop making excuses to yourself, and bring a new lease of life to your old offshore company by transferring it free of charge to a modern offshore jurisdiction!
In case you need them, here are three good reasons to take advantage of this FREE REDOMICILIATION offer.
- You are stuck with a slow, ineffective Registered Agent who takes weeks to get you the most basic documents. Marshall Islands has a network of worldwide offices that are functioning as normal and can typically produce apostilled certificates within 1-2 business days.
- You are stuck in a jurisdiction that is blacklisted, hampering your rightful freedom to open bank accounts and do business.
- You are stuck in a jurisdiction with unrealistic substance requirements and/or frustrating and inflexible “check the box” compliance rules that only go to demonstrate that your service providers do NOT understand your business as they are supposed to!
And, as we promised at the beginning, we are offering a FREE OFFSHORE BANK ACCOUNT if you complete your redomiciliation before the end of May 2020.
What are the conditions? There are two, that we think you will agree are very reasonable:
- There will be NO charge for the redomiciliation service. You should however pay up front the next year’s annual fee at our regular rates. Your Offshore Pro expert consultant will advise you.
- There will be NO charge from our side for opening the bank account if you choose our new and innovative Caribbean Connection Bank. You will pay the bank’s normal fee directly to the bank (EUR 2,500 for non-resident, non-EU corporate accounts). You only have to pay the bank after they approve your account. We will introduce you personally to the responsive private banker who will walk you through all the requirements.
Thus, while the COVID-19 chaos continues, in a few short weeks you can potentially convert your existing company from a dysfunctional corporation that is costing you money, into a streamlined, modern corporation with a multi-currency offshore bank account and international payment card that can start making you money… under your direction, as it was always intended!
FAQ ON MARSHALL ISLANDS FREE REDOMICILIATION OFFER
What is redomiciliation?
Simply. redomiciliation happens when a foreign legal entity moves its registered office into the Marshall Islands from another country. The entity is changing corporate jurisdictions, but it remains the same entity. No new legal entity is created. The name and the date of incorporation will remain unchanged. However, the Marshall Islands Associations Law will govern the entity after redomiciliation. Think of it like an individual, whom we’ll call Mrs Robinson, who moves from the UK to the USA. She has “redomiciled” and she has to follow a new set of laws in her new home country, but she is still the same Mrs Robinson.
Redomiciliation is the common name in English worldwide for this procedure, but in Marshall Islands law it is known as “domestication” and in some juerisdictions it is known as “continuation”.
What exactly is required to get the free redomiciliation process started?
Normally you must present a Certificate of Good Standing from the jurisdiction you are exiting, that is not older than one month. You must also present a certified copy of the Articles of Incorporation of the previous jurisdiction. Finally, you must comply with all normal due diligence requirements of the Offshore Pro Group.
If due to the current COVID-19 crisis or for other reasons, the government issued Certificate of Good Standing cannot be obtained, the Registry may at its discretion accept certification of a lawyer of the jurisdiction, that to his/her knowledge, the entity has current legal existence.
You will also be required to sign a declaration that the transfer out is not expressly prohibited by the jurisdiction in which the corporation was domiciled immediately prior to the new action.
Offshore Pro Group will prepare the necessary documentation for signature by the person authorized to sign on behalf of the company.
Do I need a notary to complete the process?
No, it is not necessary. We are aware that notaries are currently not working in some countries, and that notaries in some countries refuse to certify documents in a foreign language. Marshall Islands legislation allows the person signing the redomiciliation instrument to do so alone, under penalty of perjury pursuant to section 5 of the Business Corporations Act.
Are there any limitations on the redomiciliation process?
Yes. The RMI Associations Law allows a foreign entity to redomicile to the Marshall Islsnds if the transfer of domicile is not expressly prohibited under the laws of the foreign jurisdiction. In other words, if the law of your current country of incorporation says redomiciliation is not allowed, then Marshall Islands law does not allow it either.
Can other entities such as LLCs, LPs etc also redomicile to the Marshall Islands?
Yes, in principle, any non-Marshall Islands business entity may redomicile to the Marshall Islands, including foreign corporations, partnerships, LPs, LLCs, or their foreign equivalents, provided it is not expressly prohibited by the foreign jurisdiction. Marshall Islands law specifically allows for LPs and LLCs but the costs may be slightly different. In the case of other business organizations that are not specifically recognized in the Marshall Islands, additional legal advice or opinions may be needed, but in principle the process should not be difficult. Simply contact Offshore Pro Group to discuss your personal requirements and we will work to find the necessary solutions.
Is it true that the Marshall Islands is really not considered “offshore” any more?
Well, yes and no. It’s still “offshore” in the good way. It’s business-friendly, streamlined, efficient and – of course – tax free. But the Marshall Islands is no longer considered a tax haven, because it has managed to extricate itself from the blacklists of the major world powers. Here at Offshore Pro, our name says it all – we are believers in the world of offshore banking and companies. Offshore is something positive.
Is it possible to Change the Name of a Company on Redomiciliation?
Yes, it is possible. There will be a small additional fee. You can contact us for a quotation.
Will I receive a new Certificate?
Yes, you will receive a new certificate, equivalent to the Certificate of Incorporation, confirming that the Company is now redomiciled under Marshall Islands law. If you need extra copies etc, these can be ordered. Note that if you require a “Certificate of Incumbency” this must be ordered separately.
Is Marshall Islands a signatory to the Hague (Apostille) Convention?
Yes it is. All documents issued by the Marshall Islands Registry can be apostilled without any problem, if required.
Is Redomiciliation Recognized Internationally?
Yes it is. Most modern corporate jurisdictions have established redomiciliation laws. Business and legal communities are therefore typically familiar with the concept of redomiciliation.
Are there any offshore banks in the Marshall Islands?
There are of course banks in the Marshall Islands but they only serve the domestic market. There is just one international capital bank in the Marshall Islands, engaged in very specific private banking activity related to the diamond industry. Marshall Islands companies are however well respected worldwide and have access to worldwide services banking worldwide including major financial centres such as Singapore, Europe, Caribbean and the USA.
Is Marshall Islands suitable for blockchain or crypto companies? Are there any restricted activities?
Unfortunately, while Marshall Islands is a modern jurisdiction, and has announced its own Marshall Islands cryptocurrency, it does not yet support financial businesses in the crypto space. Crypto tokens are not a valid form of uncertificated shares under the Marshall Islands Business Corporations Act and, therefore, are legally unavailable as a form of corporate finance. The Marshall Islands has denied other types of cryptocurrency-based businesses, including businesses seeking to mine, exchange, or otherwise deal in cryptocurrencies, as a matter of policy. This may change in the future. If you are looking for crypto currency business we suggest you consider offshore jurisdictions such as Panama and Nevis, or European jurisdictions such as Estonia and Serbia.
Are there any other restricted activities?
Other business activities not permitted include insurance, reassurance, banking, charity, foundations, colleges and schools, trusts, airlines and aviation.
Making the Next Move
Contact Offshore Pro today to arrange your FREE REDOMICILIATION to te Marshall Islands. Our experts are standing by and can be conveniently reached via live chat, WhatsApp or e-mail.