Business accounts: Marshall Islands

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Marshall Islands companies are among the world's most widely used for shipowning, holdings and international trade: the islands' maritime registry is one of the largest in the world. But the banking sector on the islands is tiny and serves mostly local residents. So an account for an islands-registered company is almost always opened abroad, in major financial centres in Asia, Europe or the Americas, and the bank looks at where the company actually does business. The islands' official currency is the US dollar, and there are no exchange controls.

A non-resident company: what matters to the bank

• Taxes. A non-resident company not doing business on the islands is not subject to income tax there.
• Economic substance. Under the 2018 economic substance rules, companies with certain activities, such as holding, finance or intellectual property, must show management and spending; every year all non-resident companies report to the registrar on compliance or exemption.
• Beneficial owners. Since November 2017 companies keep ultimate owner records and pass them to the registered agent; this data is released to authorities on request and under international exchange.
• Shipping. Companies owning vessels under the islands' flag are checked against the ship registry, charter and financing contracts.

Registration and annual obligations

• Registration goes through the registrar of corporations and a registered agent on the islands, usually within a few days.
• An annual fee is paid to the registrar to keep the company in good standing; without it the bank will not get a certificate of good standing.
• Financial statements are not filed on a public register by a non-resident company, but it keeps accounts and shows them to the bank.
• Decentralised organisations. Since 2022 the islands recognise them as limited liability companies, but banks check such structures especially strictly.

Where the account is opened

The account is opened where the company has clients, suppliers, management or financing. For shipowning companies this is often the banks financing the vessels; for trading companies, banks in counterparties' countries. In any case the bank will check why the company was set up on the islands and whether it is tax resident anywhere else.

What the bank checks

• certificate of incorporation, articles, certificate of good standing from the registrar;
• details of directors, shareholders and ultimate owners;
• the economic substance report;
• business description, contracts, payment countries and turnover;
• for shipowning companies, vessel and financing documents.

How opening works

1. Structure review: where management and clients are, whether substance must be shown.
2. Choosing a country and bank for the company's business.
3. Documents with apostille, a certificate of good standing and beneficial owner details.
4. Application and answers to the bank's questions.
5. Account opening in US dollars and other currencies, with online banking.

Why banks refuse

• A company with no clear business or link to the bank's country.
• Ultimate owners or origin of capital not disclosed.
• No economic substance report filed.
• Sanctions risk, especially for shipowning companies.
• The annual fee is unpaid and the company has lost good standing.
• The company is actually managed from a country where it pays no tax.

What we do

Murblz specialists review the structure, prepare the economic substance report and beneficial owner details, choose a country and bank for the company's business, prepare the document file and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property

FAQ