Today, International Registries Inc. (“IRI”) on behalf of the Marshall Islands Register of Corporations announced the availability of a consolidated filing option on its economic substance reporting portal. A report on economic substance (an “ESR Report”) is an annual filing requirement that needs to be observed by every non-resident domestic entity (“NRDE”) and foreign maritime entity (“FME”) in compliance with the Marshall Islands economic substance regulations. For details of the Marshall Islands’ economic substance regulations, click here. Seward & Kissel LLP is pleased to have had the opportunity to assist IRI in the development of this important consolidated filing option.
The consolidated filing option allows a Marshall Islands NRDE parent (“MI Parent”), which collectively with its direct and indirect wholly-owned NRDE Marshall Islands subsidiaries (“MI Subsidiaries”) is engaged directly or indirectly as a group in the business of international shipping, to make a single consolidated ESR Report (a “Consolidated ESR Report”) with its MI Subsidiaries. A Consolidated ESR Report provides an invaluable streamlined option for a MI Parent to save countless hours of administrative time, effort and cost in satisfying its annual obligation, and the annual obligations of its MI Subsidiaries, to file an ESR Report.
Seward & Kissel LLP, a preeminent U.S. maritime law firm, has worked closely with IRI in developing and refining the contours of the Consolidated ESR Report and can assist any industry participant with ESR Reports and other Marshall Islands law issues.
If you have any questions, please contact your Seward & Kissel relationship partner.