Economy of Marshall Islands

The economy of Marshall Islands is supported by the wage labours in the urban centres. The house hold is the fundamental unit of production, in this island. This unit is managed by a larger extended family unit or sections of a village or islets.

Economy of Marshall Island is subsistence economy. The fish and birds on the island are source of revenue, along with arrowroot, pandanus, coconuts and bread fruits. Taro also contributes in ideal circumstances.

Rice, flour and sugar have replaced the traditional staples in the island. It has added to the nutritional improvement of the local diet. The island benefits from Copra production, as the inhabitants have access to these staples and western clothes, because of the production of Copra.

Marshall Islands have critically traditional manufactured items such as Sailing canoes, pandanus mats, bark-cloth and woven coconut-frond clothing, pandanus or coconut-leaf baskets, coir and post-and-beam dwellings thatched with pandanus.

Currently, thatches are now being replaced by Plywood and Tin. This island is manufacturing outboard motor boats, which are made from Ply wood.

Marshall Island is now gradually stepping towards both wholesale and retail trade. Many industries, including, Copra processing, professional services, insurance and banking, construction work, repair service, restaurants and professional services, are currently active on this island.

The largest export product from this island is Copra cake and Copra oil. This island also has a Tuna loining plant, which is providing employment to more than 300 workers, on this island.

Marshall Island is rich in its marine resources. This island has tourism, agriculture, fishing and aquaculture, as the top priorities of the local government development programs.

One of the main sources of revenue of Marshall Islands is its selling fishing rights to other countries. Marshall Islands is also offering ship registrations under the flag of Marshall Islands.

The economy of Marshall Island is expected to grow with time.

Why form an offshore company in Marshall Islands?

Marshall Islands exempts all kinds of taxes for non-residential companies. There is no personal income tax for employees, directors or member shareholders. Tax rate for employees of residential company is between 8 and 12 percent. US $ is applicable in this region.

Form an Offshore Company in Marshall

Benefits of Forming an Offshore Company in Cayman’s Island

  1. You don’t need a local person.
  2. Only one shareholder and one director is required
  3. Zero income tax, zero corporation tax, zero capital gains tax, zero property related tax.
  4. Business can be run from anywhere in the world.
  5. Zero initial capital required to form a company
  6. Zero annual return filing fee
  7. No need to submit accounts or annual return
  8. No Double Taxation Treaty access
  9. All documents are in the official language of English