Focused on streamlining compliance with regulatory requirements, the Republic of the Marshall Islands (RMI) Registrar of Non-resident Domestic Corporations (the “Registrar”) launched an Economic Substance Regulations (ESR) Reporting Portal in July 2020. The digital portal facilitates the filing of annual reports to the Registrar, part of the ESR requirements the RMI passed in 2018.
The ESRs are applicable to all non-resident domestic companies and foreign maritime entities formed in the RMI. The ESRs require that relevant entities performing relevant activities have economic substance in the RMI as defined in the regulation.
The legislation was enacted as part of the RMI’s commitment to adhere to global corporate governance and tax standards. These global standards are applied worldwide and are accepted as the international standard for taxation.
ESR Reporting Portal
The ESR Reporting Portal allows entities to submit all reports electronically, simplifying and streamlining the reporting process for clients Entities receive a digital certificate of reporting compliance upon a completed submission. This is the first time that the Registrar has automatically issued an electronic certificate with an electronic apostille, permissible under the international apostille convention, and reflects the Registrar’s commitment to modern business practices and customer service.
International Registries, Inc. and its affiliates, which provide administrative and technical support to the RMI maritime and corporate registries, has a dedicated ESR team available to assist clients with questions and portal related inquiries. User guides, guidance, and additional resources are available at www.register-iri.com/corporate/esr/.