Form a Marshall Islands company
Marshall Islands banking, 2026

Marshall Islands company bank account: where it really banks

Updated 13 November 2026FDIC rule of 22 April 2026About 8 minutes to read
The short answer

A Marshall Islands company owned from abroad almost always banks outside the islands: with a bank in a financial centre or a payment firm that accepts the jurisdiction.

The registry is fast and the tax exemption is in the statute. The bank account is the slow part, so plan it from day one with owners, business and source of money on paper.

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Banks in the country 2 commercial banks in the whole Republic, both in Majuro One is locally owned; the other is a branch of a US bank. Neither is set up to serve offshore companies at scale.

Ship owners and investment funds have used the Marshall Islands for decades, and almost none of them bank in Majuro. The company lives in the islands' registry; its money lives in the banks its business already uses. Here's how that works for a smaller company owned by one person abroad.

Key takeaways

  • The country has two commercial banks; non-resident companies normally bank abroad.
  • Every US dollar payment to the islands runs through a US correspondent bank, which is why banks there are cautious.
  • Since 22 April 2026 the FDIC insures deposits at branches of US banks in the Marshall Islands.
  • A non-resident company may not act as a crypto service provider; holding or being paid in crypto is a different matter.
  • Banks abroad want the usual file plus a clear reason for the jurisdiction.
  • We prepare the application with you in year one, inside the yearly price.
Chapter 1

Can a Marshall Islands company bank in Majuro?

Non-resident company, owner abroad2026
Local account requiredNo
Commercial banks in the country2
Currency of the islandsUS dollar
Usual routeBank abroad
The account is reported to the country where you live. Yours: pick it

The 2024 anti money laundering evaluation of the Republic describes a small banking sector of two domestic banks, supervised by the Banking Commission (APG mutual evaluation, 2024).

The locally owned bank

Owned by
Local owners
Serves
Residents, government, local business across the atolls
Deposit cover
No FDIC cover
For your company
Not a realistic first choice

The US bank branch

Owned by
A US insured bank
Serves
Residents and businesses on the islands
Deposit cover
FDIC, under the rule effective 22 April 2026
For your company
Not built for non-resident companies

Formation providers disagree on whether a non-resident company can bank locally at all. In practice it doesn't matter much: nothing requires a local account, and the companies the registry serves bank where their business is.

1
Key takeaway

Majuro's two banks serve the islands; your company banks where its money moves.

Chapter 2

The dollar chain: why correspondent banks shape every account

The Marshall Islands uses the US dollar, but a small island bank can't settle dollars on its own. It needs an account at a bank in the United States, its correspondent. That link is the weakest point in the whole system.

Your clientanywhere US correspondentchecks every payment Bank in Majuroyour account? link open

This is not theory. In 2016 the Marshall Islands Journal reported that the local bank's US correspondent had given notice to end the relationship, after earlier exits in 2005 and 2006, and the Banking Commissioner warned that US payment services to the islands could stop (Marshall Islands Journal, February 2016). The IMF later named the loss of the last US dollar correspondent as a key risk for the country (IMF, 2018).

For you, the lesson is simple. A bank whose dollar access hangs on one correspondent can't take risks with offshore companies, and banks elsewhere look at the same chain when they see "Marshall Islands" on a form.

2
Key takeaway

Dollar access runs through US banks, so banks everywhere ask more about the jurisdiction.

Chapter 3

Where your Marshall Islands company should bank

The company
Clients pay by
3
Key takeaway

Choose the bank by your clients and your payment method, not by the registry.

Chapter 4

Marshall Islands company bank account requirements

Directors and shareholders don't appear on the public file, and the registry keeps owner details for the authorities. The bank still identifies everyone itself.

The company is a
The owner on record is
The bank is

Your file

    4
    Key takeaway

    Registry privacy stops at the bank: it names the real owner either way.

    Chapter 5

    Crypto and a non-resident company: the line the law draws

    B

    Since December 2020 a non-resident domestic corporation or LLC may not operate as a virtual asset service provider, and may not carry on banking, insurance or trust services either (Associations Law updates). Banks know this rule, and it frames their questions.

    Allowed, on our reading
    • Holding the company's own crypto as an investment
    • Being paid in crypto for services or goods
    • Converting through a regulated exchange in the company's name
    Not allowed for a non-resident company
    • Exchanging crypto for clients, for a fee or a spread
    • Holding or transferring crypto on behalf of others
    • Helping others issue or sell tokens

    A bank that sees crypto on the form will want wallet addresses, exchange statements and invoices that match each payment. If your plan crosses the line above, it needs a different structure, not a better bank.

    5
    Key takeaway

    Earning and holding crypto is open; serving others in crypto is not.

    Chapter 6

    Deposit cover: it depends on the bank, not the company

    In Majuro

    The FDIC adopted a final rule to insure deposits at all branches of US insured banks in the Marshall Islands, Micronesia and Palau, effective 22 April 2026 (Federal Register, 23 March 2026). The locally owned bank is not covered.

    Abroad

    Your company's account follows the scheme of the bank's own country. A payment firm keeps client money separate but offers no deposit insurance.

    Since the company will almost certainly bank abroad, ask each bank which scheme covers corporate deposits, and up to what amount, before you move large balances.

    6
    Key takeaway

    The bank's country sets your cover; the registry has nothing to do with it.

    Chapter 7

    How long it takes, and how we do it with you

    1. DaysCompany formedRegistered through the registered agent, with owner records filed.
    2. Same weekPapers for the bankCertificate, articles and registers, with an apostille when asked.
    3. DaysPayment accountAt firms that list the Marshall Islands as accepted.
    4. WeeksBank reviewLonger when the bank adds a jurisdiction review.
    5. YearlyStay currentAnnual fee, owner records and the substance report, which keep the company in good standing.
    YouTell us who pays the company, how, and in which currency.
    WeShortlist banks and payment firms that accept Marshall Islands companies for that business.
    WeBuild the file, including a short note on why the company is in the Marshall Islands.
    YouSign and take the call, with our help on the questions.
    WeFollow up until the account is open.
    ResultIt almost always goes through. If one says no, we move to the next that fits.

    The bank application is prepared with you in year one, inside US$699 a year, all in, with the government fee, registered agent and economic substance report. See the Marshall Islands company, Marshall Islands tax and annual fees pages.

    7
    Key takeaway

    Days for a payment account, weeks for a bank, one yearly price for the company.

    Chapter 8

    Marshall Islands company bank account questions

    ?
    Can a Marshall Islands company open a bank account?
    Yes, usually abroad: with a bank in a financial centre or a payment firm that accepts the jurisdiction. The bank decides after its own review.
    Can a non-resident company bank in the Marshall Islands?
    Rarely in practice. The country has two commercial banks that serve the islands, and no rule requires a local account.
    Why is banking harder for Marshall Islands companies?
    Banks see a small jurisdiction whose dollar access depends on US correspondent banks, and they check offshore companies closely. A complete file with a clear reason for the jurisdiction answers most of it.
    Are deposits in the Marshall Islands insured?
    Deposits at branches of US insured banks there are covered by the FDIC under a rule effective 22 April 2026. Abroad, the bank's own country sets the cover.
    Can a Marshall Islands company hold or be paid in crypto?
    Yes, on our reading. A non-resident company may not operate as a virtual asset service provider, so exchange, custody or transfers for others are off limits.
    What documents does a bank need?
    The certificate of incorporation or formation, articles, registers, the owners' passports and addresses, a business outline and proof of where the money comes from.
    Will the bank report the account?
    Yes. Wherever the account sits, the bank sends its details each year to the tax office of every person who controls the company, under the common reporting standard.
    Does Heirson open the account for me?
    Yes, as part of year one. A Marshall Islands company rarely banks at home, so we match it to a bank abroad or a payment firm that takes non-resident companies, build the file with you and stay on the application until it opens. It almost always goes through; the bank still makes the decision.

    Changelog

    • 13 November 2026: first published.
    Your Marshall Islands company

    A Marshall Islands company, banked where your business is.

    We form the company and prepare the account application with you in the first year.

    See the Marshall Islands company Marshall Islands tax