As the pandemic required companies to quickly pivot to virtual workplaces, the Republic of the Marshall Islands (RMI) Corporate Registry was prepared to help. With 27 offices worldwide, each with decision-making authority, decentralization and cross time-zone collaboration are nothing new to the RMI Corporate Registry. While internal operations continued seamlessly, the Registry sought new ways to streamline and simplify operations for clients.
In July 2020, the Registry launched the online Economic Substance Regulations (ESR) Reporting Portal, which simplified compliance with ESR requirements, an especially welcome development in the midst of the pandemic. In June 2021, the Registry increased the utility of the portal, launching the Consolidated ESR Portal, which allows parent entities to file a Consolidated ESR Report and include any wholly owned subsidiaries that file a consolidated tax return or are a part of consolidated financial statements and are one of the following: a shipping business, holding company business, dormant company, or a business entity that has no income from a relevant activity. Both portals have proven to significantly decrease the time and cost involved in compliance reporting. More information on the new Consolidated ESR Portal can be found here.
As a politically and economically stable country, the RMI is attractive to a wide variety of business entities, especially during times of global instability. Recognizing the difficult economic situation for many entities, the RMI is offering free redomiciliation. In the last year, the RMI Corporate Team has seen an increase in the number of inquiries and domiciliation applications. Additionally, the Corporate Team, alongside RMI licensed attorneys, has held several virtual ESR seminars in the last year to meet the interest of the markets, providing qualified intermediaries with an opportunity to not only learn from the Registry itself, but also to ask questions and hear the thoughts of RMI licensed attorneys on the topic.
“The RMI is recognized as a reliable partner worldwide, meeting international standards of corporate governance and taxation,” said Alison Wilson, Senior International Counsel, Head of Office, International Registries, Inc, who is based in the Long Beach office. “Reliability, especially given the unprecedented global situation caused by COVID-19, is attractive to clients who want to know that their entities are not open to unnecessary risk,” she continued.
Although a small island nation, the RMI maintains its engagement with the European Union (EU) and other international institutions to ensure that, within its specific context and scale, international standards of corporate governance and taxation continue to be met. Due to this engagement, the RMI remains unlisted on the October 2021 update to the EU list of non-cooperative jurisdictions for tax purposes, which lists jurisdictions that do not meet international standards of corporate governance and taxation.
Each of IRI’s 27 worldwide offices can incorporate a company, issue a Certificate of Good Standing, register a vessel or yacht, including those under construction or record a financial instrument. The Registry also offers electronic annual invoicing, further streamlining administrative operations for RMI corporate entities.
With many advantages for investors, vessel/yacht owners, and international business entities, the RMI Corporate Registry is the jurisdiction of choice for international shipping companies and business professionals. For more information on the professional corporate services offered by the RMI Registry, please visit: https://www.register-iri.com/corporate/.