Marshall Islands IBC with bearer shares

[Xerkki]

Hi.

I was wondering if its possible to use such a setup for holding purposes.
Its nearly impossible to open an bank account for this kind of company...i know.

Any experiences?

 

[Martin Everson]

A Marshall Islands holding company requires real economic substance on Marshall Islands for holding activities. See section 3 and 4 on pages 4 and 5 of below Marshall Islands Economic Substance Regulations 2018.

https://www.register-iri.com/wp-con...rations-through-29-August-2019-amendments.pdf
If you meet these requirements then next hurdle is finding a bank as you mention 😕

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[John Andrews]

TL;DR forget about it, find a different jurisdiction OP

btw someone mentioned Costa Rica still has bearer shares, you could look into it.

Last edited: Nov 27, 2019

 

[Joe Blasco]

Xerkki said:
Hi.

I was wondering if its possible to use such a setup for holding purposes.
Its nearly impossible to open an bank account for this kind of company...i know.

Any experiences?
Click to expand...

Forget bearer shares, I had, it will give you more trouble than confidentiality as you hope, not only in banks, but in what ever other "official" interaction with a state representative you are planning to have. Everybody asks for a state issued document regardinng director and shareholder(s). Just use nominees your mother, your father, your friend, whoever and forget anything else...

 

[James Turner]

Yes, as @Joe Blasco says, steer clear of Bearer Shares nowadays as nobody accepts them as being legitimate, whether that is a bank or someone carrying out due diligence in order to establish a relationship with you.

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[Xerkki]

Ok. Thank you for your answers.
There is a lot of different information that Costa Rica allow and not allow bearer shares, but because of all the problems maybe its better to use some more reputable jurisdiction with registered shares or LLC with nominee member(s).

 

[James Turner]

You could use both a Company with Registered Shares and utilise Nominees or an LLC with Nominee Members. You could also use an LLP (in some locations) and appoint partners that are offshore entities.

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