Professional Corporate & Financial Services - Isle Of Man Information

1. Applicable Company legislation?
The Companies Act 1931 to 1993 International Business Act 1994

2. What types of Company are available in this jurisdiction?
Limited Liability Companies either limited by shares or by guarantee. Public Companies

3. What is the annual Government fee payable?
Non-Resident Companies pay UKP600 per annum Exempt Companies pay UKP300 per annum In both instances the Annual Filing fee is UKP42 per annum

4. Is a Registered Office required?
Yes - in the Isle of Man

5. Is it possible to reserve the name in the Company Registry?
Yes - formal application must be made to the Registrar of Companies

6. How long is needed to incorporate in a name of your choice?
Approximately 3 weeks

7. Are ready made companies usually available?
Yes - but normally clients prefer to choose their own name for incorporation

8. Where and when must board meetings be held?
An Annual General Meeting must be held, however in the case of a Non-Resident Company it can be held anywhere. For an Exempt Company an officer who is a resident of the Isle of Man must be appointed to administer the Company

9. Is an annual return required?
Yes - must give details of Directors, Shareholders and Secretary

10.Are audited accounts required by authorities, and if so is a copy kept on public record?
Not for private Non-Resident Companies or Exempt Companies, although financial records must be maintained

11.How many companies were on the Companies Register at the end of 1995?
36,015

12.Minimum number of subscribers?
One (since the Companies Act 1993)

13.Minimum subscribed capital requirements?
UKP 1

14.Standard authorised share capital?
UKP 2,000

15.Minimum number of shareholders?
One

16.Are the details of shareholders filed on public record?
Yes - they may be Corporate or Individual shareholder(s)

17.Are trustee shareholders permitted?
Yes

18.Is it possible to increase the authorised share capital?
Yes - by payment of additional duty to the Government

19.Is a Company Secretary required?
Yes - in the case of an Exempt Company the Company Secretary and one Director must be resident in the Isle of Man

20.Is a local registered/or resident agent required?
No

21.Minimum number of directors?
Two - must be individuals

22.Are the details of directors filed on public record?
Yes

23.Are nominee third party directors permitted?
Yes

24.What is the principle use for this type(s) of company?
International Trade, Holding Companies, Investment etc. Note: it is possible to register an Isle of Man Company for Value Added Tax purposes

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.