Open bank account for
Marshall Islands Company

One initial step to start your offshore business venture is to apply for a ​business bank account. This allows business owners to keep their business depositing and expenditure separate from personal accounts, meaning better limited liability protection and enhanced credibility for your business. As for Marshall Islands company, there are common application choices to open your business account:

Applying in a local bank 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.

Going for offshore bank accounts or fintech solutions

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!