:
registration of legal entity

Cost of registration The cost of the second year Number of Directors Corporate tax rates Payment of Charter Capital Financial statements
2325.00 USD 1875.00 USD 1 0.00% 1.00 Yes

Company registration on the Isle of Man

ostrov_men_0.jpgThe Isle of Man is a jurisdiction located in the Irish Sea and controlled by the United Kingdom. The legislative system of the Isle of Man is attractive for international investors according to such criteria:

  • there is no corporate sanctions and penalties;
  • there are no specific requirements for residency;
  • favourable environment for the registration of aircraft, airlines, ships/vessels and yachts.

Corporate law regulates offshore structures with the following enacted bills:

  • The Limited Partnership (Legal Personality) 2011;
  • The Companies 2006;
  • The Partnership 1909;
  • The Limited Liability Companies 1996;
  • The Companies Acts 1931 to 2004.

Since July 1, 2017, the Central Register of Beneficial owners is effectively operating in the jurisdiction, thus, information about the founders of companies is generally available.

Types of ownership available for incorporation

 

Limited Partnership:

  • there are no requirements to the authorized capital;
  • partners can be legal and natural persons in the number from 1 to 20;
  • there is no taxation for organizations that do not have resident partners and do not operate within the island;
  • there is no need for periodic submission of reporting, but there is necessity for its conducting. Reporting data should be in the office and presented at the request of the relevant authorities;
  • the name must end with the phrase Limited Partn. (LP).

Resident LLC:

  • Initial capital is not regulated;
  • minimum 2 participants and 1 manager are required;
  • nominee participation is approved;
  • taxation principles duplicate those of LP;
  • the end of the name is Limited Liability Company (LP).

LLC:

  • recommended (not required) authorized capital is 2000 pounds;
  • 1 shareholder, 2 directors (nominee participation is possible), 1 secretary;
  • tax is levied in the amount of 10% of net income from offshore territory.

New Manx Vehicle (NMV):

  • it is incorporated in 1 of 4 forms of limitation of liability - shares, guarantees, guarantees and shares, unlimited;
  • recommended (not required) statutory capital is 2000 pounds;
  • 1 director (nominee one is allowed);
  • profits are taxed at 10%;
  • The name ends with - Limited. Corporation, Incorporated, Public Limited Company.

Hybrid Company:

  • 2 directors are required (nominee ones are allowed), 1 secretary;
  • profits earned as a result of operation in the territory of the Isle of Man are taxed at the rate of 10%.

 

In case of recorded discrepancies in the data of the Central Register of Beneficial owners and Bank Accounts, the latter may be blocked. To avoid the foregoing, it is recommended to practice trust institutions - trusts and foundations. There is a chance to achieve anonymity in relation to the founders of such structures(special status of "No persons with significant control").

In the context of worldwide implementation of the policy of transparent business relations, economic security and anonymity can be preservedusing deep knowledge in the legislative field.

A comprehensive analysis of the company and its spheres of influence will allow to reveal the most beneficial conditions for its registration. Proper application of legal instruments will save your money and create a reliable foundation for further development on the international market.

If you care about stability and legitimacy of your business both nowadays and with the future perspective, it is recommended to apply for legal advice and assistance to professionals.

 

Contact the lawyers of Law&Trust International for more detailed information and assistance in registering a business on the Isle of Man.

Set of documents
   
  • Check with managers
Nominee director and shareholder
   
  • Check with managers

General information
Square572.00
Population85 421.00
CapitalDouglas
Unemployment7.20
State polityParliamentary democracy
Telephone code441 624
locationWestern Europe, island in the Irish Sea, between Great Britain and Ireland
ClimateTemperate; cool summers and mild winters; overcast about a third of the time; avg. maximum temperature (August) +22°; avg. minimum temperature (February) +5°
Ethnic groupsManx (Norse-Celtic descent), Britons
National currencyIsle of Man pound
USD exchange rate0.63
GDP per capita36
Official languageEnglish, Manx Gaelic
Credit ratingAAA
The judiciaryThe highest court of the island - two higher judge (deemster)
Executive authorityHead of government: Chief Minister. Government: The Council of Ministers
Legislative authoritiesbicameral parliament - Tynwald: Legislative Council (11 seats), the House of Keys (24 seats)
Corporate information
Opportunity to purchase ready-made companiesНет
Legal systemCommon Law
The use of the Cyrillic alphabet in the nameНет
Local registered officeДа
Organizational and Legal FormsPRIVATE COMPANY LIMITED BY SHARES COMPANY LIMITED BY GUARANTEE EXEMPT PRIVATE COMPANY (не регистрируются с 2006) PUBLIC COMPANY LIMITED BY SHARES LIMITED LIABILITY COMPANY INTERNATIONAL COMPANY(не регистрируются с 2006) Branch NON RESIDENT COMPANY (не регистрируются с 2006) GENERAL PARTNERSHIP LIMITED PARTNERSHIP INTERNATIONAL LIMITED PARTNERSHIP Sole Proprietorship TRUSTS
Indication of BPA in the nameLimited or Ltd
Local registered agentДа
Shares and share capital
Standard currencyIsle of Man pound
The minimum amount of paid-in capital, nat. currency1
The minimum amount of the issued capital1
Bearer sharesНет
The usual size of the authorized capital2,000
Possibility to issue shares without par valueНет
Taxation
VATНет
Basic corporate tax rate0.00%
Capital gains taxНет
Currency controlНет
Corporate tax rates detailsStandard income tax rate for companies is 0%. Income received by licensed banks from deposit-taking business and Isle of Man retail profits when annual taxable profit exceeds GBP 500,000 taxed at 10% rate. Profits from Isle of Man land and property taxed at 20% rate.
Stamp dutyНет
Director and Secretary
Minimum number of directors1
The requirement for residency directorsНет
Director of legal entities are allowedДа
The data reveals to the local agentНет
Data field to the public registryНет
The requirement for the presence of the SecretaryНет
Requirement to the residense of the SecretaryНет
Requirements to qualification of the SecretaryНет
Legal entity as the SecretaryНет
Shareholder and beneficiary
Minimum number of shareholders1
Data is entered in the public registerДа
Shareholders residency requirementНет
Information about the beneficiary is disclosedНет
Information may be disclosed to the local agentНет
Shareholders-legal entities are acceptableДа
Reporting
The requirement for filing reportsНет
Open access to reportsНет
Statutory auditНет
The requirement for filing Annual ReturnНет
Open access to the Annual ReturnНет
The requirement for reportsНет
Treaty on avoidance of double taxation (States which signed)12
Membership in the OECDНет
Is it offshore according to Russian legislationДа
Trademark Registration
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