Marshall Islands Executive
Summary
The
Marshall Islands
are situated nearly midway between Indonesia
and Hawaii,
and are the easternmost island group in Micronesia.
British
naval officer John Marshall gave his name to the
islands in the 1700s. The Marshall
Islands were
under the control of Spain
from 1500 to the late 1800s, Germany
from 1885 to World War I, and Japan
from 1917 to 1944. After the Second World War,
the Marshall Islands
became a United Nations Trust Territory of the
Pacific Islands under United
States administration.
The Republic of the
Marshall Islands
gained its independence in 1986, after signing
the Compact of Free Association with the United
States. The Republic
became a full member of the United Nations in
1991.
The
Constitution, signed in 1979, is a blend of American
and British models of government and the official
language is English. The Marshall
Islands has enjoyed
political stability since its independence as
a nation.
The
jurisdiction maintains a democratically elected
parliamentary system of government. Under the
Marshall Islands’
parliamentary system, the legislature known as
the Nitijela, elects a President from among its
members. In turn, the President nominates a Cabinet
of 6 to 10 members. The legal system consists
of local courts whose judges are appointed by
the Cabinet. The court system consists of local
Courts of First Instance, a Traditional Rights
Court with jurisdiction over real property matters
and a High Court with maritime jurisdiction. Appeals
may be brought before the Supreme Court in all
cases.
Agriculture
and tourism are the mainstays of the economy.
The principal trading partners are the United
States,
Japan and
Australia . Air
transportation is facilitated by two international
airports, plus airstrips scattered throughout
the larger islands. There are twelve deepwater
docks for large ocean-going ships. Excellent international
communications are provided by satellite links
for telephone, fax and e-mail. Banking services
are provided by the Bank of Guam
(which is FDIC insured) and the Bank of the Marshall
Islands.
International Registries, Inc. (IRI) and its affiliates,
with over 55 years of experience, are the Maritime
and Corporate Administrators of the Republic of
the Marshall Islands
. With the adoption of a new Maritime Act in 1990,
and subsequent amendments thereto, the maritime
laws of the Republic are in line with the many
changes in ship registration, financing and licensing
that have occurred over the years in the shipping
industry.
The
Marshall Islands
registry is now the fifth largest and fastest
growing open registry in the world. Vessels and
yachts may be registered if owned by a
Marshall Islands
corporation, limited or general partnership, limited
liability company or a foreign maritime entity
qualified in the Marshall
Islands.
First enacted in 1990, the
corporate law is one of the most modern in the
world. Although based on
US corporate
law, the Marshall
Islands law contains
unique provisions enabling the use of British-style
corporate management. The
Marshall Islands
is a zero tax jurisdiction that statutorily exempts
non-resident domestic corporations from taxation
on their income and assets. Entity formation is
simple and corporate documents can be issued in
one day. The Marshall
Islands also
permits corporate redomiciliation both into and
out of the jurisdiction.
The Marshall Islands Maritime and Corporate Programs
offer many unique advantages for the investor,
shipowner, and international businessperson.
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