| JURISDICTIONS & FEES |
| Isle of Man |
| UTRUST Rating | ***
| | General | | Type
of Company | Exempt | | Political
Stability | Good | | Standard
Authorised Capital | No | | Tax
on Offshore Profits | Nil | | Corporate Requirements |
| Local Registered Office and Registered Agent Required | Yes
| | Minimum Number of Directors/Managers | 2 |
| Local Directors Required | Yes
(Min. One) | | Corporate Directors Permitted | No
| | Minimum Number of Shareholders/Members | 1 |
| Local Shareholders Required | No
| | Corporate Shareholders Permitted | Yes
| | Company Secretary Required | Yes,
Local | | Bearer Shares Allowed | No
| | Annual Requirements |
| Filing of Annual Return | Yes |
| Submit Audited Accounts | No |
| Min. Annual Tax / Licence Fees | £430
| | Shelf Companies Available | No
| | GENERAL
INFORMATION
INTRODUCTION
The Isle of Man is located
in the Irish Sea between England and Ireland. Its total area is 588 sq. km. And
its population is approximately 70,000 resulting. The Isle of Man is not part
of the United Kingdom. A third of the population live in the capital, Douglas,
and its suburbs. It is a British Crown dependency and the ultimate responsibility
for the Island's good government is vested in the Crown but by long standing convention,
the UK Government does not legislate for the Island except with the specific consent
of the Island's Government.
The Island has a special relationship with
the European Community: whilst it is associated with the EC the Isle of Man is
excluded from the Community's fiscal harmonisation policy. The Island is a part
of the UK VAT area and does impose VAT on goods and services. As such, an Isle
of Man company may be registered for VAT and may therefore prove a suitable vehicle
for international trade with other member states of the European Union.
LANGUAGE
The
official language is English although Gaelic is also spoken.
TYPE OF
LAW
English Common Law
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
The Limited
Exempt Company and the Limited Liability Company.
TIME TO INCORPORATE
Three
Days, but allow ten working days for receipt of documentation.
RESTRICTIONS
ON NAME AND ACTIVITY
The following words cannot be used without further
approval; bank, assurance, casualty, guarantee, indemnity, insurance, re-insurance,
surety, underwriting, bank, trust, trustee, holdings, international, group, global,
worldwide, European, finance, securities, etc.
Limited Exempt companies
must use Limited or Ltd as a suffix
CLASSES OF SHARES PERMITTED
Registered
shares, preference shares, redeemable shares and shares with or without voting
rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Exempt companies pay an annual licence fee of £600
per year.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no
requirement to file annual audited accounts with the authorities, a company is
required to keep financial records, which reflect the financial position of a
company.
Whilst every effort has been made to ensure that the details
contained herein are correct and up-to-date, it does not constitute legal or other
professional advice. We do not accept any responsibility, legal or otherwise,
for any error or omission. | |
