Effective Date: May 25, 2018
Corporate Options Limited is governed under Data Protection legislation of the Isle of Man. If you would like to see the legislation and guidance under which we operate in more detail we would refer you to the website of the Office of the Information Commissioner for the Isle of Man. Their website is www.inforights.im.
Corporate Options Limited
10-12 Prospect Hill
Isle of Man
Tel: +44 (0) 1624 612888
Fax: +44 (0) 1624 628523
When you begin to use our services or enquire about establishing a relationship, we will collect Personal Data as necessary to offer and fulfil the services you request and to meet our regulatory and legal obligations. Depending on the services you wish to use, we may require you to provide us with a range of personal information which will include (but is not limited to) your:
2.2 residential address
2.3 date of birth
2.5 telephone number(s)
2.6 email address
2.7 certified copies (or original) identification information e.g. copies of your passport and utility bills
2.8 personal tax references
2.9 banking details
2.11 employment details.
We may require you to provide us with additional Personal Data either directly or from third parties, as you continue to use our services.
We may obtain and hold information about you from third-party sources such as the internet and data collection/monitoring agencies, as part of our due diligence or as part of the services provided.
3. What Is The Legal Basis For Processing Date
We will rely on the following legal grounds to process personal information about you:
the processing is necessary to perform our contract with you;
where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests;
where we have a legal or regulatory obligation to use such personal information, and it is necessary to process your personal information to comply with such;
where the use is necessary to establish, exercise or defend our legal rights;
where you have provided your explicit consent to our use of your personal information.
4. IP Addresses & Cookies
If you communicate with us by computer, we may collect information about your computer, including where available your IP address, operating system and browser type, for system administration.
Our Website may place and access certain Cookies on your computer. A Cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. We do this to improve your experience of using the Website and to improve our range of services. These Cookies have been carefully chosen and we have taken steps to ensure your privacy is protected and respected at all times. Any Cookie we use will be in accordance with current UK and EU Cookie law.
5. What Do We Do With The Information We Collect?
Any information you give us will be retained by Corporate Options Limited.
The information we collect will be used to ensure we meet our legal and regulatory obligations, and so that we can provide the appropriate services to you and your entity.
We will use your data to provide the best possible service and experience when dealing with Corporate Options Limited. We will use your Data as part of our internal record keeping, and that of your entity. We also aim to use your Data to aid in the improvement of our products and services.
6. Passing Of Information To A Third Party
We will not normally pass Personal Data to an external third party without your approval, unless obliged or permitted by law to do so. There are certain circumstances when we are required to provide information under regulatory, or legal duty. Isle of Man law requires disclosure of certain information to the Companies Registry and potentially to other Isle of Man governmental, tax authorities or regulatory agencies.
We may also be required to pass on Personal Data when opening financial accounts on behalf of your entity with third parties, e.g. bank or investment accounts and any request to open such an account on behalf of you or your entity will be considered as consent.
Please note that we outsource the preparation of accounts, tax returns and related services to a third party. When you request that we undertake this service you will be considered as having given your consent to our sharing your information with the third party concerned.
Please note: Corporate Options Limited we cannot be held responsible for the confidentiality of the Personal Data once provided to a third party.
7. How Do We Store Your Data?
All Personal Data is stored securely in accordance with the principles of the Isle of Man Data Protection Act 2002.
Security of information is of great importance to Corporate Options Limited. We have put in place suitable physical, electronic and managerial procedures to safeguard and secure Personal Data stored physically in our office or electronically on our system. We also ensure the off-site backup of our electronic data is secure and appropriately protected. All of our external off-site back-ups are held within the EEA and comply with international standards.
Our data recovery plan is tested at least once each year, as required by our regulator, and any failings identified within the plan are remediated at once.
8. How Long Will We Retain Your Data?
We will hold your data for at least the minimum time necessary to fulfil our legal or regulatory obligations and for our business purposes. We may retain Personal Data for longer periods than required by law if it is in our legitimate business interests and not prohibited by law.
As a guide, if you are a Client of Corporate Options Limited we are normally required to keep your Personal Data for a minimum 6 years after the date of we cease to act on your behalf, or on behalf of any entity with which you have been linked. We may legally be required to continue to hold your Personal Data for significantly longer periods depending on circumstances.
9. Other Companies Within The Corporate Options Limited Family
As a client of Corporate Options Limited you give permission for us to share your information with any/all of our subsidiary companies necessary for us to provide our services.
Corporate Options Limited currently has four subsidiaries:
Chase Directors Limited
Chase Nominees Limited
Chase Secretaries Limited
Corporate Options (Trustees) Limited
We may also, as part of our services, hold information defined as 'Sensitive Personal Information'. Sensitive Personal Information is personal data which the GDPR says is more sensitive, and so needs more protection. We must have a lawful basis for processing this information, and that will usually include obtaining consent from yourself. We will not usually request this information, except in specific circumstances. This information will only be passed on to third parties with your explicit approval e.g. for the obtaining of health insurance.
For certain services we may be required to obtain and hold information on children. We undertake that personal data in respect of children will only be held where there is a legitimate interest or ground for processing.
Where it has been deemed necessary to hold information in respect of children we will not undertake any marketing, creating personality profiles or offer any services to such child without the express permission of the holder of parental responsibility.
For the purposes of Corporate Options Limited and this Policy a child is deemed to be an individual who has not yet attained 16 years.
12. Accessing Your Own Data
You have the right to ask for a copy of any of your Personal Data held by Corporate Options Limited. We do not charge for this.
We are required to ensure that all Personal Data we hold is accurate, complete and up to date. If you become aware of anything which is not accurate, or is incomplete or out of date in the Personal Data we hold you should notify us and we will rectify it.
14. Right To Erasure
You have the right to make a request to have your Personal Data erased, where, for example, there is no legitimate reason for us retaining that data. Corporate Options Limited have the right to retain all Personal Data where we still have a legitimate reason for doing so.
15. Right To Object
In certain circumstances you may have a right to object to the processing of your Personal Data. If you wish to object to our processing your Personal Data at any time you should in the first instance contact our Data Protection Officer whose details are set out below. Corporate Options Limited have the right to process any Personal Data where we can demonstrate we have a legitimate reason for doing so.
16. Automated Decision Making
Corporate Options Limited will not use automated decision making or profiling based on the information you provide.
17. Selling or Buying Personal Data
Corporate Options Limited will not sell your Personal Data to any third party, nor will it buy in Personal Data on other persons.
18. Request for Transmission
You may request some or all of your Personal Data to be transmitted to another organisation. Should you require this undertaking you should contact the Data Protection Officer.
19. Breaches of Security
A Personal Data Breach is an incident defined as "accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to personal data transmitted, stored or otherwise processed".
If we suffer a breach we are required to notify the breach to the supervisory authority without undue delay.
If the breach is likely to result in a high risk to your rights and/or freedoms we will also communicate details to you.
20. Right To Lodge A Complaint and Compensation
You may make a complaint to the Isle of Man Information Commissioner if you believe that you have been directly affected by any processing of your personal data by a business or organisation in the Isle of Man.
The Commissioner cannot award compensation, but if you think that you have suffered damage, or damage and distress, you have a right to take an action for compensation against the data controller via the court.
21. Data Protection Officer
Corporate Options Limited has appointed Lee Murphy to be our Data Protection Officer. Lee can be contacted at:
Corporate Options Limited
10-12 Prospect Hill
Isle of Man
Tel: +44 (0) 1624 612888
Fax: +44 (0) 1624 628523
22. Changes To This Policy
Corporate Options reserves the right to change this Policy as we may deem necessary from time to time or as may be required by law.
- Corporate Options to Move to New Offices from 1st March 2018
- Corporate Options Welcomes New Staff
- Changes to the Status of UK Resident Non-Domiciles
- Proposed New Regulatory Regime for Equity and Loan Crowdfunding
- Corporate Options Moves to New Premises
- Corporate Options Approved to Provide Trustee Services
- Standard and Poor Affirm Isle of Man AA+ Rating
- Isle of Man Economy Grows for the 28th Consecutive Year
- Isle of Man Signs Tax Co-operation Agreements with Singapore and Turkey
- Corporate Options Sponsors Million Step Challenge
- Report highlights the Isle of Man's influential AIM representation
- EU confirms Isle of Man tax compliance
- Introducing - Isle of Man Foundations
- Incorporated Cell Companies
- Corporate Options Limited Granted New Class 4 Licence
- Isle of Man Signs DTA with Bahrain and TIEA with India
- Equal Status For Protected Cell Companies
- Isle of Man Signs Tax Information Agreement with Canada
- New Office for Corporate Options
- Isle of Man Private Companies Now Able To Dispense With AGMs
- 26th Successive Year of Growth for Manx Economy
- Ratification of Tax Co-Operation Agreement with Germany
- Isle of Man Signs Tax Co-Operation Agreement with Portugal
- Isle of Man Budget 2010
- Foot Report of the Independent Review of British Offshore Financial Centres
- Double Tax Treaty concluded with Malta
- Standard & Poor Report on the Isle of Man Financial Position
- VAT Sharing Arrangement Amendment
- Isle of Man Space Registry
- IMF Report on the Isle of Man
- Isle of Man Companies (Amendment) Act 2009
- Corporate Options Launch Event
- Relocation Services Announcement - Introducing Relocation Options
- UK Treasury Recognition of Progress by Isle of Man on Tax Information Exchange Agreements
- Corporate Options Features in Money Media
- Isle of Man Secures 'White List' Confirmation
- Isle of Man Budget 2009
- Isle of Man Rebuts "Offshore Tax Haven" Image