The Marshall Islands, following the lead of other offshore jurisdictions such as Bermuda, the British Virgin Islands and the Cayman Islands, has introduced an economic substance regime effective 1 January 2019 in response to the work of the OECD and the European Union on fair taxation. The legislation has since been twice amended and supplemented by guidelines which were last updated in January 2020.
The guidelines provide some clarity to the international business community in interpreting the regulations, especially for shipping and pure holding companies, with further clarification provided on the launch of the reporting portal on 1 July 2020. We have provided an updated overview.Read More
Marshall Islands OVERVIEW Marshall Islands non-resident domestic corporations are exempt from any corporate tax, income tax, corporate profit tax, withholding tax, asset tax, stamp duty or exchange controls. The Marshall Islands Business Corporations Act (BCA) is modelled on the corporate laws of Delaware and New York. Currently, there are 45 Marshall Islands business entities publicly trading on…Read More