Legislation – The Companies Acts 1931 to 1993, The International Business Act 1994 and Limited Liability Companies Act 1996.
Company name – Must end with the word ‘Limited Liability Company‘.
Time-scale for incorporation – 5 to 7days.
Disclosure of beneficial owners prior to incorporation is NOT required.
Double tax treaties - None, except from a limited treaty with the United Kingdom.
Ready-made companies are available.
Money laundering legislation is in existence.
Local Requirements
Registered Office and Registered Agent must be maintained.
Company Secretary is NOT required, however is recommended to appoint one.
Public recording of shareholders and directors are required, but anonymity is retained through nominees.
Accounts and Audit requirements are NOT required for public filing, but keeping of accounting and book records is required, as these may be requested by the Assessor of Income Tax.
Corporate Requirements
Minimum number of shareholders – Two (2). May be natural persons or bodies corporate and can be of any nationality or residency.
Minimum number of directors – One (1). May be a natural person or body corporate and can be of any nationality or residency.
Minimum capital requirement – None
Standard Authorised Capital – GBP£2,000
Bearer shares are NOT permitted
Corporate Directors are permitted.
Annual Requirements
Annual return and annual statutory meetings are required, together with an Annual Return filing fee of GBP£60.
Statutory accounting is required.
Annual Government Exempt fee of GBP£450 is required.
Taxation – Totally exempt from income tax in respect of income from sources outside Isle of Man.
