Isle of Man
The Isle of Man is a small island in the Irish Sea, located between Great Britain and Ireland. It is a British Crown dependency but is not part of the United Kingdom or the European Union. The UK government are however constitutionally responsible for its defence and international representations. With a 0% corporate income tax, the Isle of Man is well regulated and has become a hub for offshore banking and manufacturing. Tourism is also a key sector of its economy. CompanyRegistrationsWorldwide.com can provide you with a professional company formation service, allowing you to quickly and easily incorporate a company in the Isle of Man.
Setting up a company in the Isle of Man – what are the main features/ requirements?
- The Isle of Man is not a full member of the European Union but has associate status.
- This allows free trade with the rest of the European community but traders have no liability for financial contributions or eligibility for EU grants
- The Isle of Man can be an ideal location to register a trading company that requires a genuine EU VAT number but which also wants full corporate tax exemption.
- The Isle of Man is a ‘Common Law’ jurisdiction
- The company needs only one director and one shareholder
- There is no requirement for resident directors or shareholders
- There is no minimum capital requirement
- There is no requirement for directors or shareholders to attend meetings in the Isle of Man.
- A registered address and agent based in the Isle of Man is needed for every Isle of Man company.
- Bank reference letters for the directors and shareholders may be required.
*The Isle of Man is a relativity heavily regulated jurisdiction, all due diligence requirements must be strictly met in order to proceed with a company formation in the Isle of Man. Contact us for a free due diligence review and consultation*
There are five types of company available:
Limited by Shares: The most popular type of trading company formed today with the liability of its members limited to the amount unpaid on shares they hold.
Limited by Guarantee: Companies limited by guarantee have no predetermined capital and thus no shares. Members’ liability is limited to the amount they have agreed to contribute to the company’s assets if it is wound up.
Limited by Guarantee and having a Share Capital: This type of company combines the features of both companies limited by shares and companies limited by guarantee.
Unlimited Liability Company : This form of company has a share capital in exactly the same way as a company limited by shares, but there is no limit to the liability of members.
A public limited company (PLC) may offer its shares or debentures for sale to the general public and must annually deliver audited accounts to the Companies Registry. A private company may not offer shares or debentures to the public and it is not required to deliver audited accounts to the Companies Registry.
Banking in the Isle of Man:
Banking in the Isle of Man is relatively easy and straightforward.
In order to open a corporate bank account for your Isle of Man company, a face to face meeting with the bank may be required. Some of the corporate account features include:
- Internet banking/remote access
- Multi currency accounts
- Debit/credit cards
- Low transaction fees
Speak with us today to see how we can open a Isle of Man bank account for your Isle of Man company.
Accounting in the Isle of Man:
Accounting and bookkeeping are an essential part of any new business. CompanyRegistrationsWorldwide.com can provide you with a tailor made accountancy/bookkeeping package to keep your Isle of Man company compliant and in good standing with the authorities. We will be happy to work out the best solution for your Isle of Man company. Contact us today to arrange a free consultation.
CompanyRegistrationsWorldwide.com can assist you in setting up a company in Isle of Man, as well as a whole range of professional services which include:
- Registered/virtual office services in Isle of Man
- bank account introduction
- Accounting/payroll services in Isle of Man
- Licencing requirements in Isle of Man
- Warehouse/premises identification in Isle of Man
Please contact us for more information on setting up a company with CompanyRegistrationsWorldwide.com, in the Isle of Man.