The Marshall Islands adopted Economic Substance Regulations applicable from the 1st January 2019. However it is interesting to note that:

• it applies strictly to relevant activities (distribution and service center business, negosyo sa pagpopondo at pagpapaupa, negosyo ng punong-tanggapan, may hawak na negosyo ng kumpanya, negosyo sa intelektwal na ari-arian, negosyo sa pagpapadala, negosyo sa pagbabangko, at negosyo ng insurance)
• holding company business is defined as pure equity holding company
• a pure equity holding company is subject to a reduced economic substance test
• the entities must provide the relevant information if requested by the Registrar
• it seems to apply to Master Series LLC only (and not each Series)
• an entity does not have to satisfy the economic substance requirement if the entity can claim tax residence elsewhere.