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Marshall Islands Has Launched Webpage for Economic Substance Reporting and Guidance

The Marshall Islands has launched a webpage under the heading of " Economic Substance Reporting and Guidance" to provide various guidance and an online portal for the requirement to file an annual report on economic substance under the Economic Substance Regulations, 2018 (ESR).

The ESR came into force on 1 January 2019, and require all non-resident domestic entities (NRDEs) that are tax residents in the Marshall Island and foreign maritime entities (FMEs) that are centrally managed and controlled in the Marshal Islands to file an annual report to demonstrate that they satisfy an economic substance test.

Entities can satisfy the three-part economic substance test by:

  • Being directed and managed in the Marshall Islands with regard to their "relevant activities" (by holding board meetings attended by a quorum of persons physically present in the Marshall Islands with adequate frequency);
  • Having an adequate number of employees and an adequate physical presence; and
  • Carrying out the Core Income Generating Activities (CIGA) in the Marshall Islands.

"Relevant activities" refer to the following types of business activity:

  • Distribution and service center business;
  • Financing and leasing business;
  • Fund management business;
  • Headquarters business;
  • Holding company business;
  • Intellectual property business;
  • Shipping business;
  • Banking business; and
  • Insurance business.

Entities have 12 months from their next anniversary date after 1 July 2020 to complete the first ESR report. Each subsequent year, the deadline will be 12 months from the entity's anniversary date.

All reports are required to be filed through a secure online portal (ESR Reporting Portal), and entities that fail to meet the filing deadline may be subject to penalties or annulment.

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