Isle of Man Companies
Isle of Man company law has for a large part followed the English and Welsh company law equivalent and the numerous Companies Acts from 1931 to 2004 "1931-2004 Companies" have modelled themselves on this.
In order to compete in an expanding global marketplace, the Isle of Man Government introduced new corporate legislation in 2006 with the introduction of "2006 Act Companies", to complement the existing company legislation, with the legislation more tailored towards flexibility and simplicity.
Companies incorporated in the Isle of Man have to adhere to the Companies Acts and regulations in force which ensures that a good standard of governance is entrenched in the running of companies from the Island.
Isle of Man registered companies are the conventional form of business entity for the purposes of conducting local and international business from the Island and enjoy numerous benefits:
- Separate legal personality
- 0% corporate tax for Isle of Man resident companies with non-Island beneficial owners or lower tax rate of 10% for defined regulated business
- No capital gains tax, inheritance tax or stamp duties
- Ease of incorporating an Isle of Man company (usually within 2 working days subject to satisfactory due diligence)
- No requirement to specify a company's objects in the Memorandum of Association so a company is not restricted in its business activities
- Third parties take comfort from the similarities to English company law
- Nominee shareholders may be used to protect the identity of the owners
With the correct planning it may be possible for an individual or business to take advantage of these benefits through the utilisation of an Isle of Man corporate structure.
For more information please feel free to contact Lee or call 00 44 (0)1624 612888