Although we are based in the Cayman Islands, we are able to form companies in other jurisdictions.
Companies are deemed to be incorporated the same day as the paperwork is filed with the Registrar of Companies. Official copies of the Certificate of Incorporation and Memorandum & Articles of Association are usually available three days after filing.
Most jurisdictions require their companies to have a registered office or registered agent in the jurisdiction. Our associated company is licensed to provide these services, which it does at very competitive rates. At the time of writing, we provide such services for the Cayman Islands, the Marshall Islands and the British Virgin Islands.
For Marshall Islands companies, we can provide registered office/place of business services in the Cayman Islands. This can help establish that the business of the company is being conducted outside, for example, the US and that a claim is not subject to US court jurisdiction, even though the vessel may be in US waters. [This assumes that various other elements are also in place.] Where the place of business of the company is in the US [decisions are made there and/or company records kept there] then the risk of US jurisdiction is much greater. The same applies where the records are kept on the vessel and the vessel is in US inland waters. Once jurisdiction is established, then it opens up risks of US federal tax reporting, tax withholding on crew salaries, immigration violations for non-US crew, risk of deportation and a host of ancillary issues.
Similar issues arise for any non-US/non-EU company with a vessel operating in US/EU waters which is why it is so important to maintain a place of business in a tax-neutral jurisdiction that does not itself impose taxes, at which the business of the company is conducted.