Over the last number of years for a variety of reasons there has been an increase of businesses establishing their offshore companies overseas. This has led to a number of suitable jurisdictions of which the Isle of Man has been one of the most popular for many years now. The Isle of Man is a self-governing British Crown dependency located in the Irish Sea between the United Kingdom and Ireland.
What makes the Island such a popular jurisdiction to form a Company is partly due to its long standing reputation, but also because it is a highly reputable international business and finance centre with zero-rate corporation tax, a low rate of personal income tax and the registration procedure to set up a company is extremely fast and efficient, in addition there is no requirement to visit the Isle of Man to form the company, which is an important factor for many customers. Its regulatory body is geared at refining its established regime which is designed to deal not only with the ever changes regulatory environment, but to also keep the customer in mind and provide top of the range services with ease of business, confidentiality and protection being of paramount importance. With these positive points being a major factor and the fact that the Island has a stable and secure economic environment it’s easy to see why people are choosing the Isle of Man over other jurisdictions to incorporate in.
It is straightforward to to set up an Isle of Man company and the two main choices of Companies which we work with the most in the Isle of Man is the 1931 Act Company and the 2006 Act Company, this can also be known as the New Manx Vehicle and here at Chesterfield Falcon Limited we are able to assist in setting up both of these types of companies and also provide the ongoing services such as Registered Office, Registered Agent, local Directors, local Secretary, local Shareholder, nominated officer and administrative services.
The older Act 1931 use to be the more popular choice with clients, many of our customers now incorporate with the newer Act which is the 2006 Act, there are a few reasons for this, but mainly because of the reduced paperwork the Act offers when incorporating and maintaining throughout the year and the flexibility it offers when it comes to administrating the Company.
Below we have listed some information on both companies:
1931 Act Company
Two individual directors required, no need to be local;
Company Secretary required, this can be an individual or corporate;
One Shareholder or more;
Local Registered Office;
Registry must be advised of shareholders and directors and any changes made;
Nominated officer required (regulated entity must provide);
Annual General Meeting to be held;
Accounts must be prepared but there is no audit requirement.
2006 Act Company
One director required, this can be an individual or corporate.
Secretary is not required;
One Shareholder or more, no need to be local;
Local Registered Office;
Local Registered Agent;
There are no requirements to hold an Annual General Meeting;
Reduced filing requirements in relation to changes of directors and shareholders;
Nominated officer required (regulated entity must provide);
Accounts must be prepared but there is no audit requirement.
For further information and a full list of costs, compliance requirements and services please contact our offices which are fully licensed with the Financial Services Authority in the Isle of Man and are based in central Douglas, Isle of Man on telephone number 01624 699500 or please click here to send your enquiry. Please note that all professional fees are tailored to individual needs and therefore are quoted on a case-by-case basis depending on services which are required for your company.
For further detailed information on Isle of Man Companies, please click here.