Set Up Banking for Your Marshall Islands Company

The process usually takes 2 to 6 weeks, depending on the banking jurisdiction, document readiness, and the bank's compliance review. Some banks may complete the process faster with well-prepared applications.

Many banks in major financial centres offer remote onboarding for Marshall Islands corporations through video verification and digital document submission. Some institutions may still require a face-to-face meeting.

Initial deposits range from $1,000 for standard corporate accounts to $100,000+ for premium banking. Since the Marshall Islands uses USD as its official currency, dollar-denominated accounts are the natural starting point.

Yes, all banks require evidence of legitimate business operations. This commonly includes a business plan, client contracts, invoices, or other materials that demonstrate the company's commercial purpose.

Most banks require apostilled or legalised corporate documents and notarised personal identification. We ensure all documents are properly authenticated before submission.

Corporate documents should generally be no older than 6 months. The Certificate of Good Standing is typically required within 30 to 90 days of the application. We check each bank's precise dating rules.

Many banks will review scanned copies initially, but original certified documents are normally needed for final approval. We confirm each bank's documentation format requirements at the outset.

Documents in languages other than English need certified translations. Since Marshall Islands corporate documents are issued in English, this typically only applies to ancillary supporting materials.

Banks require disclosure of individuals with 25% or more ownership. Full identification documents, proof of address, and a clear organisational chart or structure explanation are standard requirements.

While the Marshall Islands does not have a formal economic substance regime like some other jurisdictions, banks may still ask about the nature and location of your business operations as part of their due diligence.

Certain banks decline accounts for activities considered high-risk, such as cryptocurrency exchanges, gambling, or unregulated financial services. We steer you toward banks whose policies accommodate your business model.

Keep corporate records and ownership information current, respond to bank review requests in a timely fashion, report any material changes to the bank, and comply with all applicable regulatory requirements.

Standard fees include monthly account maintenance ($50–$500+), international transfer charges ($15–$50+ per transaction), sub-minimum balance penalties, and currency conversion fees. We compare fees across your shortlisted banks.

Most corporate accounts carry minimum balance requirements, typically from $5,000 to $500,000+ depending on the bank and account level. Additional charges may apply if the balance drops below the required threshold.

Yes, many banks provide business debit cards, and credit cards may be available subject to the company's financial standing. Card options and spending limits vary by banking institution.

Banks offer secure digital platforms allowing you to monitor balances, initiate transfers, manage beneficiaries, and download statements. Many institutions also provide mobile apps for account management on the go.

Banks can close accounts for compliance, policy, or business reasons. We advise maintaining more than one banking relationship and can help you secure alternative banking promptly if a closure occurs.