Marshall Islands Banking Licence

Marshall Islands Offshore Banking Licence

The Bank of the Marshall Islands is supervised under RMI law, and its depositors do not benefit from US Federal Depository Insurance Corporation (FDIC) cover. Nevertheless it has the biggest share of deposits in the RMI, and its supervision presents the RMI authorities with an awkward responsibility.

The Banking Act of 1987 provides the legal framework for the conduct of banking and established the Office of the Banking Commissioner. The act envisages the establishment of prudential banking standards through regulations and policy directives; the codification of rules for accounting and reporting; promotion of understandings in relation to credit risk appraisal; licensing of banks; analysis of the financial condition of banking institutions; and formal procedures for inspection of banks and enforcement actions.

Marshall Islands Offshore Banking Licence Key Features

1. Marshall Islands offshore banks must appoint a resident agent
2. A Marshall Island offshore bank may be required to maintain accounts, records, minutes and other documents
3. May offer trust services and act as a fiduciary
4. Unimpaired issued capital stock of $250,000 originally paid-up in cash
5. May only do banking business
6. May not do offshore banking business with local residents of Marshall Islands
7. Subject to annual licence fees
8. Subject to other fees and obligations as may be prescribed Branch
9. A bank office which does its own banking business and keeps its own records Domestic Bank
10. Minimum unimpaired issued capital stock of $1,000,000 originally paid up in cash

Marshall Islands Offshore Banking Licence Legal Requirement

Marshall Islands Banking Licence	Description
General
Corporate  vehicle permitted	Marshall Islands IBC
Local physical office required	Yes
Share capital or equivalent
Minimum paid up capital	US$250,000
Directors
Minimum number	2
Corporate directorship allowed	Yes
Local director required	Yes
Shareholders
Minimum number	2
Corporate shareholders allowed	Yes
Local  shareholders required	No
Service Providers Required
Company Secretary	No

Marshall Islands Banking Licence Tax Treatment

The Marshall Islands statutorily exempts all non-resident income from taxes.

Marshall Islands Banking Licence Duration to Set Up

3 months

Marshall Islands Banking Licence Distinctive Benefits

• No requirement for residency of Directors or Shareholders, and there is no obligation for an annual meeting to be held in the Marshall Islands
• High level of confidentiality and in terms of potential risk of information disclosure to foreign Governments, the Marshall Islands is probably one of the most secure and confidential offshore jurisdictions.

Why US (Key Strengths)

1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
3. We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
4. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
5. We have a full in-house compliance support for all compliance requirements with the regulator and service providers