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
