OUR OFFICES: LONDON, UK Office | +44 20 3769 1690  –  CORK CITY, Ireland Office | +353 21 202 8069  –  Contact Monday to Friday: 9 am to 6 pm GMT time  –  Skype: CALL | CHAT

OUR OFFICES:
LONDON, UK Office | +44 20 3769 1690
CORK CITY, Ireland Office | +353 21 202 8069
Contact Monday to Friday: 9 am to 6 pm GMT time 
Skype: CALL | CHAT

SET UP YOUR BUSINESS IN
ISLE OF MAN

We support all worldwide
Investors & Entrepreneurs
Setting up their Business overseas

Eurofinanzza Tax Legal Law Center
Corporate Tax & Legal Consultors
Since 1998

Isle of Man
Company Formation Services

The Isle of Man is a prime location to operate a business offering 0% corporate tax, no withholding taxes or taxes on trading or investment income. Additionally, Isle of Man companies are not required to register for VAT until the registration threshold is not met; VAT taxable turnover more than £85,000 in the next 30-day period.

An Isle of Man company formation is an attractive option for international entrepreneurs seeking ways to reduce taxes and overhead expenses. Key benefits include:

  • Only one director is required, and he/she does not need to be resident;
  • A single shareholder is required;
  • As little as one share with no minimum value.

The Isle of Man does not belong to the UK or the EU but is rather classified as a British crown dependency. Under the 1979 Customs and Excise Agreement, the Isle of Man is treated as part of the UK for VAT purposes and customs duties are not applicable. Under European Union law, the Isle of Man is currently free from any trade restrictions and free trade between the United Kingdom and the British crown dependency status is set to continue after Brexit.

TBA & Associates can assist with a full range of Isle of Man company formation services including registered office, bank account and ongoing compliance. For more information, please contact our team on + 44 203 2827159 or email enquiries@ireland-lsc-partners.com.

Key Corporate Features

General
Type of Company – Private Limited
Type of Law – Common
Shelf company availability – Yes
Our time to establish a new company – 1 – 6 days
Corporate Taxation – 0% – 10%
Double Taxation Treaty Access – Only IOM

Share capital or equivalent
Standard currency – GBP
Permitted currencies – Any
Minimum paid up – £1
Usual authorised – 2,000

Directors
Minimum number – Two
Local required – No
Publicly accessible records – Yes
Location of meetings – Anywhere

Shareholders
Minimum number – One
Publicly accessible records – Yes
Location of meetings – Anywhere

Company Secretary
Required – Yes

Accounts
Requirements to prepare – Yes
Audit requirements – Yes, but with some exceptions
Requirements to file accounts – Yes
Publicly accessible accounts – No

Other
Requirement to file annual return – Yes
Change in domicile permitted – Yes

General Information
The Isle of Man, situated in the centre of the British Isles, is an internally self-governing dependent territory of the British Crown which is not and never has been part of the IOM. It is, however, part of the British Isles. Tynwald, the Island’s 1,000-year-old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. External issues, such as foreign representation and defence, are administered on the Island’s behalf by the IOM Government and the Island makes an annual payment for these services.
Infrastructure and Economy
The economy is in its 26th year of growth the key sectors being financial services and professional services, Banking generates around one quarter of the Island’s gross domestic product.

In the last few years new economic activities have been developed, such as aircraft registration and most significantly, e-gaming and other areas of e-commerce due to an infrastructure of world-class telecommunications and services which cater for the full range of modern corporate voice and data communication requirements.

The Isle of Man has been awarded Triple “A” Ratings from Standard and Poor and Moody’s.

Isle of Man
General Company Information

Type of Company for International Trade and Investment
The Private Limited Company must have two directors who must be natural persons but may reside anywhere in the world.
Procedure to Incorporate
Submission of Memorandum and Articles of Association, together with “Form I” nominating the first directors and secretary and advise of the situation of the Registered Office and the form giving name approval.
Restrictions on Trading

Private Limited Companies are not permitted to:

  • Undertake banking or insurance activities or any other activity that might suggest an association with same, without a license.
  • Undertake investment business other than the investment of the company’s own assets without a license.
  • Neither solicits funds from the public nor offer their shares or membership to the public without a license.
Registered Office Required
Companies must maintain a registered office in the Isle of Man.
Shelf Companies Available
Yes.
Time to Incorporate
One to five days, subject to name approval.
Disclosure of Beneficial Ownership to Government Authorities
The identity of the beneficial owners of the Isle of Man Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity.

Compliance

Authorised and Issued Share Capital
Private Limited Companies have a minimum authorised share capital of £2000 or its currency equivalent, this being the maximum for the minimum capital duty payable upon incorporation. The minimum issued capital is one share of the par value.
Classes of Shares Permitted
Private limited Companies may have registered shares, preference shares, redeemable shares and shares with or without voting rights.
Taxation
Private Limited Companies normally pay income tax at 0% and there is no withholding tax on payments of dividends to shareholders.

Companies that are in the business of banking, insurance or are connected with the business of Isle of Man property pay corporation tax at a rate of 10% and a withholding tax at the same rate is imposed if the dividend is paid to a non-resident individual or corporate body.

All Private Limited Companies pay an annual charge of £380.

VAT
Isle of Man Companies may be registered for VAT purposes and the VAT prefix will be “GB”, which is recognised in Europe. Foreign companies may be registered on the “F” register in the Isle of Man and then apply for VAT registration.
Double Taxation Agreements
Apart from a limited treaty with the IOM, the Isle of Man is not party to any double tax treaties.
Financial Statements Required
Whilst there is no requirement to file audited financial statements with the authorities, it is important to note that a company is required to keep financial records, which reflects the financial position of a company. If accounting records are kept at a place outside the Isle of Man, they must be sent to the company’s registered office in the Isle of Man at no less than 6 months intervals.

Failure to maintain accounts or make them available for inspection at a company’s registered office is an offence punishable by imprisonment or a fine.

The Assessor of Income Tax reserves the right to call in the financial records for inspection.

Directors
A 2006 Act Company requires only a single director; they may be of any nationality or residence. Bodies corporate may be appointed as directors.

A body corporate is only eligible to act as a corporate director if it, or another body corporate of which it is a subsidiary, is:

  • the holder of an appropriate license issued by the Isle of Man Financial Supervision Commission under the Financial Services Acts 2008; or
  • permitted to act as a corporate director by regulations made pursuant to the Act.
Company Secretary
A company secretary is required and must be a natural person but may be of any nationality and reside anywhere in the world.
Shareholders
The minimum number of shareholders is one.

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