Open bank account for
Marshall Islands company
Banking in Marshall Islands
The Republic of Marshall Islands (RMI) is a Micronesian nation located in the middle of the Pacific Ocean. The country uses the United States dollar as local currency and doesn’t have its own monetary authority. RMI depends heavily on US financial aids, which approximates 20% annual GDP.
RMI banking sector is made up of only 3 commercial banks including one domestic financial institution - The Bank of Marshall Islands (BOMI), two foreign-owned banks: The First Hawaiian Bank (FHB), a subsidiary of BNP Paribas and The Bank of Guam.
Only two foreign-owned banks have access to the international financial market to facilitate their banking services. The BOMI has to lean on its only correspondent banking relationship with FHB to execute cross-border transactions. This longstanding relationship is now threatened to put to an end.
Marshall Islands is facing a huge risk of being isolated from the international financial market as the lack of supervisory capacity of local authorities and poor implementation of the anti-money laundering and combatting financing of terrorism framework.
There is no obligation for opening a Marshall Islands bank account for incorporated companies in this country. BBCIncorp can help you with offshore bank account for Marshall Islands!
Wonder which can be the best bank for your Marshall Islands company? Let's find out with our Banking Tool.
Banking Options for Marshall Islands Company
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Initial Deposit|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
- Account application forms
- Bank statements
- Bank reference letter
- Certified copies of passports, address proofs for all directors/shareholders
- Business plan
- Business proofs (sales/purchase orders, invoice, contract…)
- Certified copies of Marshall Islands company incorporation documents
- Government certification of company good standing status.
You had better contact BBCIncorp to know the exact documents needed for your case.