Having an offshore company registered in the Marshall Islands allows you to opt for the opening of an offshore bank account linked to the company. Taking advantage of the fact that the official currency is the US dollar, this jurisdiction offers a stable business climate.
Without adequate and accurate advice this process could take months to fully carry out, but with the help and advice of experts such as Foster Swiss they can be obtained in the shortest possible time.

The jurisdiction has no tax treaties with any other state, but under the Treaty of Free Association with the United States, it is established that American citizens can avoid paying taxes in the United States on income earned in the Marshall Islands as long as they have resided in the Islands for at least 193 days of the fiscal year.

Only two banks operate on the islands, Bank of Guam and bank of the Marshall Islands, these offer a full range of corporate banking services such as checking accounts, savings accounts, debit and credit cards, fixed-term deposits and wealth management services. 

The requirements for opening a corporate bank account at the Bank of the Marshall Islands are:
• Corporate documents including bylaws and certificates of incorporation
• Certificate of good conduct
• Power of attorney or extract from a commercial register
• Documents confirming the legality of the beneficiary
• Passport of directors or shareholders

All documents must be submitted in English or accompanied by a notarized translation into English, there is a possibility that apostilles may be required. A questionnaire about society, customers, billing, among others, must also be completed. 

Banks based in the Marshall Islands may give financing benefits to locally registered companies if they comply with these clauses:
• Have an excellent business plan
• Safety Availability
• Previous experience of owners in the field
• Audited financial statements of the last three years
• Road study and realistic feasibility
• Strengths and weaknesses through a SWOT analysis

For more information on this topic or any matter related to our services, you can contact us directly through info@fosterswiss.com