News: Registration of Company on the Isle of Man old style

Company registration on the Isle of Man

The Isle of Man is situated in Western Europe between the UK and Ireland, in the Irish Sea. The area of the isle equals to 572 km2, and the population is approximately 75 thousand people.

Douglas is the capital of the isle. English is the official language.

The pound sterling is the monetary unit of the island.

According to its state structure, Man is a parliamentary democracy.

The basis of the legal system is English common law. In addition, separate laws and legislative acts of the isle of Man also apply. The state is a party to the Hague Convention.

The most profitable items of the isle's budget are the following sectors of the economy, namely: banking services, manufacturing industry and tourism.

Flexible tax policy allowed the isle of Man to become jurisdiction in which many entrepreneurs seek to register offshore company.

Business registration on the Isle of Man: Advantages

- simplicity of the procedure of obtaining tax benefits;

- confidentiality for business;

- there is no currency control;

- the status of the exempt company;

- income tax, tax on funds obtained outside the jurisdiction, and tax on dividends are not levied;

- there is no need in submitting annual report;

- it is possible to appoint representatives of directors without filing of notification concerned to the authorities of the isle;

- the company's office should not necessarily be located on the island.

The legislative framework of the Isle of Man

• Law on Limited Liability Companies (1996);
• Law on Companies (1931, as amended in 2004, 2006);
• Law on Partnerships (1909), etc.

When is it profitable to register or buy company on the Isle of Man?

The procedure makes sense if you intend to be engaged in trade or investment activities within the European Union.

Company registration on the Isle of Man: Peculiarities

• The citizenship of the founders does not matter;
• The company should consist of at least one shareholder and one director;
• The residency of the director does not matter;
• The company name on the Isle of Man should be unique. Such words as Bank, Insurance, Chartered, Trust can not be included in the name;
• Information about beneficial owners (real owners) is not published;
• Minimum authorized capital is not determined. It can be contributed in any currency;
• The minimum issued share capital shall consist in one share with or without par value;
• Only registered shares are allowed to be issued.

Bookkeeping on the Isle of Man

The company should not submit tax and financial statements.

Taxes on the Isle of Man

Non-resident (offshore) companies on the Isle of Man are completely exempt from taxes. This provision applies to all types of income.

It is now possible to register company on the Isle of Man quickly. Registration of company or exempt company on the Isle of Man can mark the beginning of your successful business at the international level. Registration of companies, offshore companies in different countries of the world is one of the main directions of our activity.