As one of the largest fleets in the world, the Republic of the Marshall Islands (RMI) Registry actively engages with global stakeholders, from international regulatory bodies to port State control authorities and qualified intermediaries. The Trust Company of the Marshall Islands, Inc. (TCMI) plays a key role in this international engagement. Located in Majuro, TCMI is the RMI Registrar of Corporations and Registered Agent for Non-resident Domestic Entities and the RMI Maritime Administrator. James Myazoe, Vice President, TCMI and Baron Bigler, Senior Vice President, Government Relations work closely with the RMI Government. James, who is celebrating 25 years with the company this year, acts as a liaison regarding legislative inquiries and needs, and on-island requests from the RMI Registry’s maritime and corporate clients. Over the years his role has changed as the industry has modernized and progressed.
“Administrative and technical support for the RMI Registry was undergoing a significant transformation when I was hired,” said James. “At the same time, international standards were evolving. Senior leadership wanted to enhance operations and resources in Majuro to meet these evolving standards and increase on-island administrative and operational resources.”
Integral to its operations, TCMI maintains the physical archive of all filed and recorded business entity records. Although the files are accessible electronically, the offices in Majuro maintain the original copies.
“The world feels so digital these days, but it is really something special when a client comes to the Marshall Islands and I’m able to show them the original Articles of Incorporation they filed 20 years ago,” said James.
James, who joined TCMI in 2000, had been working with the College of the Marshall Islands coordinating career and readiness programs for high school students to help them move on to higher education. His open and friendly personality, coupled with his ability to manage multiple complex issues, has served him well over the last 25 years. As the industry has undergone significant transitions related to governance and compliance, James has helped both the RMI Government and the Registry navigate evolving standards.
“There’s been a trend toward increased transparency in corporate and financial transactions,” noted James. “The RMI Government is committed to international compliance. Together we’ve met the global standards for corporate governance, while continuing to provide benefits that serve the international business community.”
In his liaison and support role, James advises on international compliance and related issues stemming from regulatory bodies such as the Organisation for Economic Co-operation and Development (OECD), Financial Action Task Force (FATF), and European Union. He also works closely with legal and corporate department colleagues to support open dialogue with the RMI Government as it responds to changing and evolving standards.
“Compliance is increasingly complex and sometimes requires changes to national law,” noted James. “A few years ago, the government passed national legislation to comply with emerging international economic substance requirements. Attendance and participation in meetings and activities of various international bodies enables me to serve as a resource for TCMI as well as the Executive Branch and Nitijela to facilitate compliance with changing international requirements.”
As James continues to support the RMI Registry, Baron reflected on James’ impact over the last 25 years:
“There’s nothing here in Majuro that doesn’t have his fingerprints on it. From coordinating and supporting the RMI Government to connecting with RMI-qualified intermediaries and colleagues across the world James serves as a true liaison. He expertly navigates connections with stakeholders and negotiates solutions that meet the needs of all parties. He is a true asset to our team,” concluded Baron.
