In the Maritime Act, the Republic of the Marshall Islands (“RMI”) has adopted the “non-statutory general maritime law of the United States” as the general maritime law of the Republic. That creates an important measure of predictability and stability for many marine financing transactions and other matters governed by RMI law, but it is important […]
Category Archives: News
Redomiciliation of an Existing Entity into the Republic of the Marshall Islands
A party interested in forming a corporate entity in the Republic of the Marshall Islands (RMI) has an option to redomicile an existing entity into RMI. The Corporate Registry of RMI continues to offer free redomiciliation (domestication) into RMI. Redomiciliation generally means that the corporate entity originally incorporated in another jurisdiction becomes an entity of […]
Republic of the Marshall Islands Announces Consolidated Filing Option for Economic Substance Report
Today, International Registries Inc. (“IRI”) on behalf of the Marshall Islands Register of Corporations announced the availability of a consolidated filing option on its economic substance reporting portal. A report on economic substance (an “ESR Report”) is an annual filing requirement that needs to be observed by every non-resident domestic entity (“NRDE”) and foreign maritime […]
Economic Substance Reporting and Guidance
All non-resident domestic entities (NRDEs) and foreign maritime entities (FMEs) are required to file an annual report on economic substance in accordance with the Republic of the Marshall Islands (RMI) Economic Substance Regulations, 2018, which came into force on January 1, 2019. Reports must be submitted within 12 months of the anniversary date of the NRDE […]
Emergency Measures Available to Marshall Islands Shipowners in Light of COVID-19
COVID-19 has upended the ways in which business is conducted around the world, and the Republic of the Marshall Islands (and other prominent flag jurisdictions) have made necessary changes to accommodate those transactions that traditionally required production of originals or in-person interaction. Pursuant to the Guideline promulgated by the Republic in April 2020: For the […]