Opening a Payment Account for a Marshall Islands Company: Complete Guide

A Marshall Islands non-resident corporation is a popular vehicle for international trading, consulting and holding activities. It pays no tax in the Marshall Islands on non-resident income, keeps ownership records private and follows company law modelled on Delaware. But a company cannot invoice clients or pay suppliers without an account. This guide covers how to open a payment account for a Marshall Islands company: the steps, the documents, the compliance rules and where companies actually bank.

If you are still comparing account types, read types of payment accounts for Marshall Islands companies first.

Where Marshall Islands companies bank

Very few banks in the Marshall Islands serve non-resident companies, so in practice almost all Marshall Islands corporations hold their accounts abroad. The main options are:

• International banks. Strong for larger balances and established businesses, but slower and stricter with new non-resident companies.
• Electronic money institutions (EMIs). Online accounts with IBANs or local account details, multi-currency balances and cards. They are often the most realistic option for a newly formed company.
• Payment service providers (PSPs). For accepting card and online payments from customers, settled into your business account.

Not every institution accepts Marshall Islands companies, and acceptance can change. Applying to institutions that already onboard them saves weeks.

Step-by-step process to open a payment account

1. Incorporate the company and collect the documents. You need the certificate of incorporation, articles and bylaws, share certificates and details of directors and owners.
2. Prepare your business profile. Describe what the company does, its clients and suppliers, the countries involved and expected monthly volumes in and out.
3. Choose suitable institutions. Match your needs (currencies, card acceptance, transfer types) with institutions that accept Marshall Islands companies and your line of business.
4. Submit the application. Complete the forms, upload documents and pass online identity verification for each director and beneficial owner.
5. Answer compliance questions. Expect follow-up questions on source of funds, contracts or your website. Quick, consistent answers speed things up.
6. Activate the account. Once approved, sign the account agreement, set up users and make the first deposit if required.

With institutions WeForm works with, account opening is fully remote and typically takes 3-14 business days after a complete application.

Documents needed to open a payment account

Company documents

• Certificate of incorporation issued by the Marshall Islands registry;
• Articles of incorporation and bylaws;
• Register of directors and officers, and share certificates or register of shareholders;
• Register of beneficial owners;
• A certificate of incumbency or good standing, if the institution asks for it;
• Board resolution approving the account and authorised signatories.

Personal documents

• Passport for each director, signatory and beneficial owner;
• Proof of residential address, usually dated within the last three months;
• Information on source of funds and source of wealth.

Business documents

• A short business description or plan;
• Website, contracts, invoices or letters of intent with clients and suppliers;
• Any licence your activity requires.

Some institutions ask for certified or apostilled copies. Check before ordering them so you only pay once.

Legal and compliance requirements

Banks and EMIs apply international anti-money laundering (AML) and know-your-customer (KYC) rules to every Marshall Islands company. A few local rules also affect the account opening:

• Beneficial ownership. Bearer shares were abolished, and every non-resident entity must keep beneficial ownership information that its registered agent can provide to competent authorities. The registry publishes guidance on beneficial ownership requirements. This information is not public, but banks will ask for it.
• Economic substance. Under the Economic Substance Regulations 2018, non-resident entities file an annual declaration. Companies carrying out relevant activities, such as holding, financing, distribution or IP business, may need to meet a substance test.
• Tax residence. The company pays no Marshall Islands tax on non-resident income, but banks will ask where it is tax resident and where it is managed. Under the Common Reporting Standard, institutions may report the account to the tax authority of the beneficial owner's country.
• Restricted activities. Banking, insurance and other regulated activities need licences that an ordinary company does not have, and many institutions decline crypto, gambling or adult businesses.

Before you incorporate, it is worth reading about the risks and challenges of incorporating in the Marshall Islands, banking being one of them.

Benefits of a payment account for your Marshall Islands company

• International transactions: receive and send payments to clients and suppliers worldwide.
• Multi-currency balances: hold USD, EUR, GBP and other currencies without converting every payment. See our guide to multi-currency business accounts.
• Separation of funds: company and personal money stay apart, which protects limited liability and keeps accounting clean.
• Credibility: clients and partners expect to pay a company account in the company's name.
• Card acceptance and collections: with a PSP, accept card and online payments from customers.

Tips to get approved

• Apply to institutions that already accept Marshall Islands companies and your industry.
• Explain clearly why you chose the Marshall Islands and where the company is managed.
• Keep the ownership chain simple and fully documented up to the individuals.
• Make sure the company name, address and activities match across all documents and your website.
• Give realistic volume estimates. Activity far above what you declared can trigger reviews or account freezes.

Refusals are common in this market for reasons that have little to do with the applicant. Our article on the difficulties of opening a bank account explains why and how to prepare.

How WeForm helps

WeForm forms Marshall Islands non-resident corporations from USD 900, with incorporation typically in 2-3 business days. The package includes name reservation with the registry, articles and bylaws, certificate of incorporation, share certificates, a private register of beneficial owners, registered agent and office for 12 months and the first year's annual fee. It also includes payment account opening assistance: we introduce your company to supported banks, EMIs and PSPs that accept Marshall Islands companies. Approval is always the institution's decision. Learn more about our banking services or start your application.

FAQ

Can a Marshall Islands company open a bank account abroad?

Yes. Most Marshall Islands companies bank outside the Marshall Islands, with international banks, EMIs or payment institutions.

Do I need to travel to open the account?

No. The institutions we introduce clients to onboard companies remotely with online identity verification.

How long does it take?

Typically 3-14 business days once all documents are submitted, depending on the institution and the complexity of the business.

Can a newly incorporated Marshall Islands company get an account?

Yes. Many EMIs onboard new companies if the business model, ownership and source of funds are clear.