Article
3 min read
Author
Anja Simic
Published
August 12, 2021
Last Update
July 08, 2024
Table of Contents
Establishing a sole proprietorship in the Marshall Islands
Requirements for registering as a sole trader
The Marshall Islands is a country in the Pacific Ocean, close to the Equator. It comprises 1,156 islands, and 98% of its territory is water - the largest portion for any sovereign state in the world. It is home to 58,000 people, and the official language is English. The capital of the Marshall Islands and the country’s financial and business center is Majuro.
The Republic of Marshall Islands has recorded steady growth in GDP over the last two years and has special benefits and tax exemptions for foreign investors establishing businesses in the country.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
The first and foremost benefit of registering as a sole trader is that you own the entire company. This means that you get all the profits from the company but that you are also personally liable for any debts acquired by the company. A sole proprietorship is the simplest form of doing business; however, all legal entities will still need to be registered with the Chamber of Commerce.
What are the benefits of being a sole trader in the Marshall Islands:
Here is the required documentation that should be prepared before registering your sole proprietorship:
NOTE: All sole proprietorships on the Marshall Islands need to be opened by registered citizens of the islands. Foreign citizens cannot establish this form of business in the Marshall Islands.
All documents in a foreign language must be translated into English and certified by a qualified translator.
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