It is a commonly asked question by those considering to set up a company in the UK or elsewhere in […]Read more
Open bank account in Marshall Islands for not-residents
Marshall Islands is a premiere location for incorporation of an international business company. International business companies are exempt from taxation in Marshall Islands. In the meantime, in order to enjoy tax and other benefits, a company cannot have an actual office or have a bank account in Marshall Islands. Still some non-resident companies and individuals consider this jurisdiction for opening a bank account.
The official currency of Marshall Islands is US dollar. There is no central bank in the country. Banks in Marshall Islands offer trust services and may act as fiduciary. Marshall Islands is committed to be compliant with anti-money laundering regulation. Cash transactions and transfers in excess of 10,000 USD are monitored by the Banking Commission which may investigate financial records. Nevertheless, there is no restriction on funds movement from or to the country.
There are two banks in Marshall Islands which primarily serve local business and retail sector.
How can I open a business bank account in the Marshall Islands?
Together with company formation in the Marshall Islands, clients think about opening a business bank account in the Marshall Islands. Opening a bank account in a local bank is a convenient way for doing business in the country, and for bookkeeping purposes. Please see the next section for document requirements.
Is it possible to open a bank account online for non-residents in Marshall Islands?
Marshall Islands are mostly popular by local businesses and foreign individuals who want to secure its assets. Compared to other jurisdictions, anti-money laundering verification procedure is rather simple, but requires a personal presence on account opening. This country has many professional advisors who are ready to help with account opening. They provide professional and reliable services and can represent clients (both individuals and corporations) based on a power of attorney.
What type of accounts is it possible to open in Marshall Islands?
The only two banks that operate in Marshall Islands offer private and banking accounts. Individuals may open saving and deposit accounts, pension accounts. The deposits in Bank of Guam up to 100,000 USD are protected by the Federal Deposit Insurance Corporation (US) which supervises operations of the bank. Bank of the Marshall Islands does not have such insurance.
Corporate clients may open saving and deposit accounts and use other banking services.
All accounts can be accessed via online banking.
What are the requirements for opening a bank account in Marshall Islands?
Personal meeting with a bank officer is often required which can be done by a power of attorney. Usually banks request the following documents:
- Passport or ID;
- Proof of residence, including utility bill, bank statement, driver’s license;
- Proof of origination of funds.
Corporate clients present the following documents:
- Corporate documents, including articles of association, incorporation certificate;
- Certificate of good standing;
- Power of attorney or extract from a commercial register;
- Documents confirming beneficial ownership;
- Passport or ID of directors and shareholders.
All documents should be in English or accompanied by notarized translation into English. Sometimes, apostille is also required.
Corporate clients shall also fill in questionnaire about its business, customers, annual turnover.
What are the major banks in Marshall Islands?
Marshall Islands have only two banks that are:
- Bank of Guam
- Bank of Marshall Islands.
How can I close an account in Marshall Islands?
If you want to close your account, it can be easily done online upon termination notice. You need to make sure that you paid all outstanding amounts to your bank and thereafter withdraw your funds or transfer them to other bank. Finally, your account is closed.