Exempt Company

Type of Company – Limited Exempt Company
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‘ or ‘Public Limited 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.

Registered Office and Registered Agent must be maintained.
Company Secretary must be a qualified natural person and must reside locally.
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.

Minimum number of shareholders – One (1). May be a natural person or body corporate and can be of any nationality or residency.
Minimum number of directors – Two (2). May be natural persons only and at least one local resident director is required.
Minimum capital requirement – GBP£1
Standard Authorised Capital – GBP£2,000
Bearer shares are permitted, but must be allotted in registered form – The Register of Members must state the name and address of the holder of bearer warrants.
Corporate Directors are NOT permitted.

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.