As the pandemic forced businesses to quickly switch to virtual workplaces, the Republic of the Marshall Islands (RMI) Company Registry was ready to help. With 27 offices around the world, each with decision-making power, decentralization and collaboration across time zones is nothing new to the RMI Corporate Registry. While internal operations continued smoothly, the Registry looked for new ways to streamline and simplify operations for clients.
In July 2020, the registry launched the Economic Substances Regulation (ESR) online reporting portal, which simplified compliance with ESR requirements, a particularly welcome development amid the pandemic. In June 2021, the registry increased the usefulness of the portal by launching the Consolidated ESR Portal, which allows parent entities to file a consolidated ESR report and include all wholly owned subsidiaries that file a consolidated income statement or make part of the consolidated financial statements and are one of the following: a shipping company, a holding company, a dormant company or a business entity that does not derive any income from a relevant activity. Both portals have proven to significantly reduce the time and costs involved in compliance reporting. You will find more information on the new consolidated ESR portal here.
As a politically and economically stable country, the RMI is attractive to a wide variety of business entities, especially in times of global instability. Aware of the difficult economic situation for many entities, the RMI offers free redomiciliation. Over the past year, the RMI Corporate team has seen an increase in the number of inquiries and direct debit requests. In addition, the corporate team, alongside RMI Certified Lawyers, has organized several virtual ESR seminars over the past year to respond to market interest, offering qualified intermediaries the opportunity not only to learn about the registry itself, but also to ask questions and hear the reflections of RMI certified lawyers on the subject.
“RMI is recognized as a reliable partner around the world, meeting international standards for corporate governance and taxation,” said Alison Wilson, Senior International Advisor, Office Manager, International Registries, Inc., based in the office of Long Beach. “Reliability, especially given the unprecedented global situation caused by COVID-19, is attractive to customers who want to know that their entities are not exposed to unnecessary risk,” she continued.
Despite being a small island country, 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 governance business and tax continue to be respected. Due to this commitment, the RMI remains unlisted in the October 2021 update of the EU list of non-cooperative jurisdictions for tax purposes, which lists jurisdictions that do not meet international standards for corporate governance and taxation.
Any of IRI’s 27 offices around the world can incorporate, issue a certificate of good standing, register a ship or yacht, including those under construction, or register a financial instrument. The Register also offers electronic annual billing, further streamlining the administrative operations of RMI legal entities.
With many benefits for investors, ship / yacht owners and international business entities, the RMI Corporate Registry is the jurisdiction of choice for international shipping companies and professionals. For more information on the professional business services offered by the RMI Registry, please visit: https://www.register-iri.com/corporate/.
Source: International Registers, Inc.