Focused on streamlining compliance with regulatory requirements, the Republic of the Marshall Islands (RMI) Registrar of Non-resident Domestic Corporations (the “Registrar”) launched an Economic Substance Regulations (ESR) Reporting Portal in July 2020. The digital portal facilitates the filing of annual reports to the Registrar, part of the ESR requirements the RMI passed in 2018.
The ESRs are applicable to all non-resident domestic companies and foreign maritime entities formed in the RMI. The ESRs require that relevant entities performing relevant activities have economic substance in the RMI as defined in the regulation.
The legislation was enacted as part of the RMI’s commitment to adhere to global corporate governance and tax standards. These global standards are applied worldwide and are accepted as the international standard for taxation.
News Source：【International Registries 2020/09/04】