All sustainability provisions, including both environmental and social targets, are consistent across the facilities.
The Marshall Islands and the Solomon Islands have recently proposed that the International Maritime Organization (“IMO”) impose a levy on carbon emissions by ships.
All Marshall Islands entities must annually report activities to comply with the economic substance regulations.
The Marshall Islands has adopted a regulation permitting shareholders to participate remotely in annual shareholder meetings.
US persons, including corporations, who own or control more than 10% of a foreign entity must make a filing with the United States Bureau of Economic Analysis.
Marshall Islands removed from EU blacklist; economic substance guidelines forthcoming11 October 2019
On October 10, 2019, the Marshall Islands was removed from the European Union’s blacklist of non-cooperative jurisdictions for tax purposes.
Dinos Konstantinos will work closely with our New York colleagues, Partners John Benson and Steve Hollander, who practise Marshall Islands law to provide advice of the highest quality to our clients.
Traditional “offshore” shipping jurisdictions have introduced “economic substance” rules. Read here to find out more.
This briefing highlights an urgent obligation applicable to the holders and beneficial owners of bearer certificates of Marshall Islands corporations.
The penalty for failing to comply is a fine or dissolution.