Business Formation

Check the uniqueness of the proposed company name

Agency: Registrar of Corporations

The Registrar of Corporations performs a name search.

Time and cost: 1 day, USD 100

Have company charters and documents notarized

Agency: Notary

Notarization can be done at the Attorney General’s Office.

Time and cost: 2 days on average, USD 10

Register the company with the Registrar of Corporations

Agency: Registrar of Corporations

The Marshall Islands Rules of Civil Procedure Part IV provides the Law on Limited Liability Companies. LLCs file a certificate of formation and they have LLC agreements setting forth how the LLC will be operated, managed, and distributions divided.

Time and cost: 5 days, USD 250

Obtain the employer identification number at the Social Security Administration

Agency: Social Security Administration

The employer identification number is also the company’s tax identification number.

Time and cost: 2 days, USD 100

Apply for a business license

Agency: Municipality

The entrepreneur needs to file a company charter along with an application form for a business license. The local government issues the business license in about 7 business days.

Representative fee schedule for a business license (in Majuro):

  • Retail business license: USD 150
  • Banks: USD 5,000
  • Professional: USD 3,000
  • Hotels: USD 500

Time and cost: 7 days, USD 150, depending on numbers and types of licenses