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Overview
Incorporation: 5 working days + delivery time for the courier
Minimum paid up capital: No minimum capital requirement
Overview
The Isle of Man is a self-governing British crown dependency, located in the Irish Sea at the geographical center of the British Isles. The Isle of Man legal system is based on the English common-law model. It is a full member of the European Union but it does have associate status which is very attractive.
The Isle of Man has strong banking, investment fund and captive insurance sectors, with a well-developed advisory and financial infrastructure and good transport links. Foreign Investors are attracted by the taxation structure; there are no capital gains taxes, turnover tax or capital transfer tax, no stamp duties and low rates of income tax.
Non-Resident Company is most popular offshore financial product.
Isle of Man’s Limited Company equivalent, referred to as an Isle of man Non-Resident Company.
A non-resident company is one which is registered in the Isle of Man and governed by its company law but managed and controlled in another jurisdiction.
A limited company is run by the directors. The main advantage to a Limited company is that it does have limited liability, this means that the wealth of the company is separate from the wealth of the owner and they will not be accountable for the company’s debts unless any wrong doing can be proven. Limited companies are will often benefit from the zero percent corporation tax in the Isle of Man. Income tax is only paid if the company pays you a salary so this has much more attractive tax appeal than Sole Traders or Partnerships, which is why it is the most popular choice for incorporation.
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Name Check |
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Company Incorporation |
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Local secretary |
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Government fees |
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Registered office for 1 year |
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Delivery of original documents |
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Apostilled documents |
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Nominee director and shareholder |
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Total amount: |
€6,200 |
€6,700 |
€7,900 |
Comprehensive Guide to Company Incorporation
General information
Company structure
- ▪ Only one shareholder (can also be a legal person, no nationality restriction or residency restrictions)
- ▪ Only one director (can also be a legal person, no nationality or residency restrictions)
Confidentiality
- ▪ Beneficial owners’ details – Not part of public record
- ▪ Shareholders’ details – are part of the public record, if you wish to avoid it then please request a nominee service
- ▪ Directors’ details – are part of the public record, if you wish to avoid it then please request a nominee service
Taxation
- ▪ Corporate income tax rate of 10% applies to the following sources of income only:
- ▪ income arising from banking business carried on by banks. Income arising from sources which do not constitute banking business is chargeable at the general 0% rate; and
- ▪ income derived from land and property in the Isle of Man (both rental income and profits derived from dealing in or developing land).
2006 Act Companies may be registered for VAT purposes with recognized in Europe “GB” prefix.
Other benefits
- ▪ The Companies Act 2006 require a Limited Company to hold an annual general meeting. A meeting of the members, directors and officials of the company can be held anywhere.
Accounting requirements
All Isle of Man registered companies require to keep reliable accounting record which:
- ▪ correctly explain the transactions of the company;
- ▪ enable the financial position of the company to be determined with reasonable accuracy at any time;
- ▪ allow financial statements to be prepared.
A 2006 Act company must also retain such invoices, contracts and other information as are necessary to allow the company to document.
Accounting records must be kept at the office of the registered agent in the Isle of Man such as to disclose with reasonable accuracy the financial position of the business in question at intervals not exceeding 6 months.
There is no requirement for the accounts of an Isle of Man Limited Company, formed under the Companies Act 2006, to be audited.
Secretary
The companies formed under the Companies Act 2006 are not required to have a company secretary.
Registered Agent
Required
Registered office
Required
Company name
- ▪ Language: Any
- ▪ Letters: From Roman alphabet
- ▪ Company name must end with such sufixes or their abbreviations: Incorporated, Corporation, Limited, Public Limited Company
- ▪ Restricted Words: Empire, Crown, Imperial, Windsor, Royal, Assurance, Bank, Building Society or any other words deemed sensitive or offensive
- ▪ Names Requiring Consent or a Licence: European, International
N.B.
- ▪ Restricted connections for company name: name of state, national or local government.
- ▪ Any name that implies illegal activity or implies royal or government patronage is restricted.
- ▪ Registrar may reject any name which it considers undesirable or contrary to the public interest.
- ▪ Company name is restricted to be identical or similar that of an existing company.
- ▪ In case when foreign language is used for company name the translation must be provided to Registrar which will ensure conformity to above listed restrictions.
Incorporation
- ▪ Name check and approval
- ▪ Drafting and filing of Memorandum and Articles of Association
- ▪ A standard set of original corporate documents
- ▪ Payment of the government fee
- ▪ Provision of local officers per annum (includes directors, registered agent or secretary)
- ▪ Provision of registered address for one year
Please provide us with the following documents and data:
Incorporation
- ▪ A notarized copy of valid passport (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
- ▪ A copy of proof of residential address (ex. utility bill of each Shareholder, Director, Beneficial Owner, Authorized Signatory that is not older than 3 months) in English
- ▪ Optional: A notarized copy of Bank reference (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
- ▪ Optional: CV (of each Director and Shareholder)
N.B.
- ▪ If Shareholders and/or directors are legal persons, then it is required to submit full set of apostilled company documents and if company is operating more than 1 year it is required to submit certificate of Good Standing.
- ▪ If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
Capital
- ▪ Amount of paid up capital
Company name
- ▪ Three company names in order of preference