Marshall Islands client case studies in 2021

• Annual economic substance reporting obligations met

  Background

  Our client, based in Canada, runs a pharmaceutical distribution company incorporated in the Marshall Islands. It was incorporated in 2012 and has been dormant and not generated any forms of income since.

  In the third quarter of 2021, our Client engaged Healy Consultants Group PLC for our Marshall Islands annual company renewal services, including i) economic substance 2021 report filing for a dormant entity to be submitted to the International Registries ii) company secretary and legal registered office and iii) the settlement of the annual corporation maintenance fee to the Trust Company of the Marshall Islands, Inc.

  Engagement Planning

  • In the third quarter of 2021 our Client settled our renewal fees.
  • Within a week, this engagement was assigned to Elmira, our in-house accounting and tax expert based in Singapore.
  • Elmira verified all economic substance reporting obligations for this Client and informed the Client about all upcoming deadlines, as well as the main milestones of this engagement to clearly define an action plan for the upcoming months and set Client expectations.

  Economic Substance Reporting Obligations

  • Firstly, Elmira verified and confirmed with our Client via email that the company was dormant during the financial period.
  • Upon confirmation of the dormancy, Elmira adjusted list of mandatory filings applicable for our Client’s business.
  • Thereafter, she prepared a draft economic substance reporting filing form, which was sent to our Client for their review and approval.
  • Within 24 hours of receipt of confirmation from the Client, Elmira submitted the economic substance filing to the International Registries on 1 October 2021 and sent confirmation of the same to the Client.
  • At the same time, Elmira settled the annual corporation renewal fee with the Marshall Islands Registrar.
  • On 2 October 2021, International Registries successfully issued the Certificate of Economic Substance Reporting Compliance to our Client and proof of annual corporation renewal fees payment.

  Engagement completion

  • Our team sent an email to our Client on 6 October 2021, summarizing all legal, compliance, and economic substance reporting obligations for the financial year end 2021, and confirming completion of the same. The email included proof of the economic substance filings from the government and proof of payment to the Trust Company of Marshall Islands, Inc., confirming completion of the same.
  • Healy Consultants Group PLC asked our Client for a online professional reference.

• Corporate Services in Marshall Islands

  The Marshall Islands is one of the leading ship registries in the world, as well as being a key offshore financial services centre. Healy Consultants was approached by the Marshall Islands government to promote their website and corporate services via a search engine marketing campaign.

  Healy Consultants achieved the following:

  1. Set up a ‘Pay Per Click’ campaign on Google AdWords for the Marshall Islands government website;
  2. Achieved first-page ‘Pay Per Click’ ranking for the keywords provided by the government;
  3. Managed the ‘Pay Per Click’ campaign on behalf of the Client.

  Based on the success of the above campaign, the Marshall Islands government then engaged Healy Consultants IT team to launch a search engine optimisation (SEO) campaign by:

  1. Optimising the Marshall Islands government website pages to achieve first-page ranking on non-sponsored listings on Google, Yahoo and MSN search engines for 10 approved keywords;
  2. Monitoring website traffic and preparing statistical reports for the Client.