Republic of the Marshall Islands Has Been Moved to EU White List
The Republic of Marshall Islands has imposed Economic Substance Regulations. These new requirements have been imposed by EU and after accepting the mentioned requirements RMI has been white-listed by EU and largely complied by OECD.
At the European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting in Brussels on 18th of February 2020, it was announced that the Republic of the Marshall Islands (RMI) is considered “white-listed” by the ECOFIN. The RMI moved to the white list after receiving a largely compliant ratingfollowing adoption of the RMI’s second round Peer Review Report on Exchange of Information on Request from the Organisation for Economic Co-operation and Development’s (OECD's) Global Forum on Transparency and Exchange of Information for Tax Purposes.
“The Marshall Islands welcomes the ECOFIN’s decision, which recognizes the hard work we have done and will continue to exert all efforts to remain compliant with the EU and OECD requirements,” said RMI Minister of Finance, Alfred Alfred, Jr. “The white listing and largely compliant rating truly reflect the Marshall Islands’ commitment to international corporate governance and taxation standards,” concluded Minister Alfred.
“We were happy with the outcome of the meeting today and know the Marshall Islands will continue its cooperation with the EU and other international institutions, such as the OECD,” concluded James Myazoe, RMI Deputy Registrar of Corporations.
The obligation for businesses registered in RMI is to report yearly through a secure web portal which is live from July 2021 and onwards. As soon as report is submitted, after 72 hours, the company will receive the certificate of compliance on economic substance.
This certificate comes with apostille and can be used/printed as many times as business owner wishes.
