Marshall Islands
|
Capital:
Majuro
|
|
|
Population:
57,000 (est. 2003)
|
|
Languages:
English/Marshallese (official), Japanese
|
|
Area: 181
sq. km (land area)
|
|
Currency:
United States dollar (USD)
|
|
Fiscal year:
1 October - 30 September
|
|
Independence
status: 21/10/1986 (from US Admin.
UN Trustee)
|
| |
BACKGROUND (
資本稅率列表)
REPUBLIC OF THE MARSHALL ISLANDS ("RMI")
is a nation of more than 50,000 living on 29
coral atolls and 5 small low-lying islands in
the central Pacific, mid-way between Hawaii
and Australia. The RMI adopted its constitution
in 1979, and signed the Compact of Free Association
with the United States in 1986. The Marshall
Islands became a member of the United Nations
in 1991. The natural beauty and rich culture
of the Marshall Islands attracts tourists from
around the world. Pristine coral reefs teeming
with marine life make the Marshalls a premiere
dive destination. Most Marshallese are Protestants,
and as a whole they are very religious. While
the largest church in the nation is the United
Church of Christ, there are many other Protestant
denominations represented, like Assembly of
God, Baptist, Seventh Day Adventists. The Catholic
Church also has established a strong presence
in the islands.
Legal System
Marshall Islands' legal system is based on adapted
Trust Territory laws, acts of the legislature,
municipal, common, and customary laws. As stated
in the Compact of Free Association, national
defense is primarily the responsibility of the
United States. Executive power rests with the
president and the cabinet. The president is
both head of state and head of government, elected
by parliament for a four-year term. The president
appoints the cabinet from members of the Nitijela
(parliament).
Currency
The currency used in the Islands is United States
dollar (USD).
Confidentiality
Under Marshall Islands law, there is no requirement
that the names of corporate officers, directors
or shareholders be filed in any public registry.
Such information, therefore, remains confidential.
NO annual return is required to be filed. Bearer
share is allowed, but most clients use nominee
shareholder approach instead.
Taxation
Non-resident domestic corporations are "statutorily"
exempt from Marshall Islands taxes.
Legislations
The country is a beneficiary of various trade
agreements which allow preferential access to
major markets for its exports. The Compact of
Free Association gives access to US markets
as does the Generalised System of Preferences
(GSP) which covers markets in Canada, Japan
and non-western European countries. The South
Pacific Regional Trade and Economic Cooperation
Agreement (SPARTECA) provides access to the
markets of Australia and New Zealand. Currently,
the Marshall Islands is not a party to any international
agreements/codes regarding foreign investment,
although there are plans to become party to
some. As note above, the Marshall Islands is
party to various preferential trade agreements
with a number of countries.
