Register your Isle of Man company in the same day!
- Deliver your Company in the Isle of Man within 5 days
- Open a same day bank account with e-banking and credit card
- Secure you tax optimisation
- Offer value for money services with no hidden costs
- Prompt, professional and individual service at all times
- Full confidentiality
Parameters to Consider
- that the Isle of Man has an excellent reputation and business infrastructure
- Political and economic stability
- Long established legal system
- Sophisticated and extensive banking system
- 0% corporate income tax (dependant on certain circumstances for example companies engaged in banking or Isle of Man property transactions may be subject to a 10% tax rate)
- Dividends made to non-residents are taxed at 0%
- No withholding tax
- No capital gains tax
- No stamp duty
- No thin capitalisation rules
- Losses can be carried forward indefinitely provided a continuity of business test is satisfied. There are also provisions for loss relief within groups of companies
- Double tax relief is available for foreign tax paid
- No inheritance tax
There are two distinct and separate regimes regulating the formation and administration of companies in the Isle of Man. The Companies Act 2006 is a more modern regime which introduces a flexible system of company law similar to the corporate law offerings provided by many offshore jurisdictions. For many years companies in the Isle of the Man could only be registered under the Companies Act 1931. However, there have been a number of amendments but the main legislation is still contained in the Companies Act 1931 which itself was based on the UK Companies Act 1929. This Act allows for companies to be limited by shares or limited by guarantee, or both. Companies limited by both shares and guarantee are known as hybrid companies. The most common type are Companies limited by shares.
A company is formed by one or more subscribers who sign the Memorandum of Association and the Articles of Association. Both documents are lodged with the Companies Registry and are available for public review. The Memorandum of Association generally governs the company’s relationship with the outside world. The Articles of Association govern the relationship between the company and its shareholders.
The Memorandum of Association must show the following:
- the name of the company
- whether the company is private or public
- the division of share capital
- that the liability of members is limited
- that the filing requirements with respect to the formation of a company have been dealt with
All major banking organisations including private and investment banks. The Isle of Man banking sector is renowned for its customer service, image and reputation.
The minimum balance to open an account in the Isle of Man is £2000. VISA debit cards with Isle of Man accounts or VISA/MasterCard secured credit cards available which require a minimum £750 deposit offering 66% of the deposited amount as a credit limit.
The Isle of Man has long strived to introduce legislation which allows the island to offer as broad a range of corporate structures as possible in order to boost the Islands attractiveness.
The most common and three main choices when it comes to setting up an Isle of Man company are:
- Sole Trader
- Limited Company
- Business Partnership
The above have their own various advantages and disadvantages. The most popular type of Isle of Man company is a Limited company, which is very similar to a UK Limited Company, but with the benefit of zero taxation in most cases.
We implement Corporate and Fiduciary solutions that fulfil our client’s objectives. Generally speaking, these objectives may include wealth protection, tax reduction, global trade and investment and/or market entry, but there are a variety of reasons and benefits attached to utilising international corporate or fiduciary trust structures to arrange one’s affairs, and we can help you to identify these opportunities and to set up a solution that meets your specific agenda.
Submission of Memorandum and Articles of Association, together with “Form I” nominating the first directors and secretary, and advice of the situation of the Registered Office and the form giving name approval.
The minimum number of directors required is two; they may be of any nationality or residence. Corporate bodies may not be appointed as directors.
Hybrid Companies require a company secretary. The Company Secretary must be a natural person but may be of any nationality and reside anywhere in the world.
In the case of hybrid companies the minimum number of shareholders is one.
- An offshore company is required to file an annual return. It is the responsibility of the director(s) to prepare the annual return and the responsibility of the registered agent to file the return.
- Offshore companies accounts need not be prepared. However accounting records must be maintained at the address of the Isle of Man registered agent.
- An offshore company need not have its accounts audited if it meets two of the three following criteria:
- its average number of employees is 50 or fewer
- its annual turnover is GBP 5.6 million or less;
- its balance sheet total is GBP 2.8 million or less;
- Every offshore company tax return must be prepared and filed at the Isle of Man Treasury. All Isle of Man companies are now treated as resident companies. Resident companies are taxed at a rate of 0% on their trading and investment income. Income derived from land and property situated in the Isle of Man is taxed at a rate of 10%.
Note: Shelf Companies are always available for immediate use.
The main advantage of the Isle of Man companies is paying zero tax on trading and investment income. The Isle of Man has a customs and excise agreement with the UK. This means that for VAT, customs, and most excise duties, the two territories are treated as one. So it may be advisable to register an Isle of Man offshore company for VAT if it plans trading with the European Union.
There are numerous advantages when it comes to the registering of an Isle of Man Company. Such as its 0% corporate income tax, no withholding tax, no capital gains tax and no stamp duty along with a myriad of other attractive qualities. There is also double tax relief available for foreign tax paid through its double taxation agreements or its various tax information exchange agreements.
- Certificate of Incorporation
- Memorandum & Articles of Association
- Appointment of First Directors
- Consent Actions of the Board of Directors
- Share Certificates
- Register of Directors and Members
- Company Seal