The island, located in the Irish Sea, has a legal system based on common English law; there is no currency exchange control down there, and the pound sterling is used as the official currency. Non-residents are entitled to run a business in any of the legally permitted areas, the main office does not have to be placed in the jurisdiction. Registering a company in the Isle of Man is convenient for fiscal preferences to legal entities that do not run a business in the jurisdiction. Funds received from external transactions and dividends are not taxed.
Opening a company in the Isle of Man is justified for other reasons too:
- there are no requirements for annual audit and detailed reporting – it is needed, but is provided upon the tax authorities request;
- the nominal service use is allowed – this solves the issue of the public register of shareholders, the directorate and the public availability of information in it;
- information about the true beneficiaries is not published – the beneficiaries remain confidential;
- citizenship of business founders and the directorate residency do not matter;
- the lower threshold of the authorized capital for convenient forms of business is not defined, there are no requirements for its currency;
- the legal system is familiar, transparent and well-controlled;
- The jurisdiction is respectable, western partners cooperate with companies based on the island willingly.
Conditions of establishing a company on the island
Isle of Man is offshore, which is suitable to perform operations in the EU, the UK, it is in particular beneficial for trade, investment, online gambling. Companies established in the jurisdiction are an effective tool for asset protection, tax, and transnational planning. They are established as LLC, NMV, Limited Partnership, private or hybrid companies.
The differences relate to the amount of the proposed capital (even if it is, the authorities do not require its paying), the number of founders that are sufficient for registration, and the conditions for employees. For example, two directors and a secretary – a private person are required in private companies. Therefore, non-residents, as a rule, register a business as an LLC. There is no declared capital, two founders are enough; you can store documentation and hold meetings of owners outside the island. Registrars do not require a personal presence of the founders, but they will have to:
- choose a unique name without the words “trust”, “bank”, etc.;
- hire one top manager;
- receive separate permission if the business is licensed.
If the documentation package is complete, correctly compiled, a company on the Isle of Man is registered within one to two weeks. During operation, the company must keep records and store it at the registration office, but it is not necessary to submit it regularly.
Easy establishing of companies in the Isle of Man
To simplify and speed up the formalities when registering a business in a promising jurisdiction, please contact “Prifinance” experts. They will constitute an action strategy, select the appropriate business form, structure and tax model. A package for the company registration will be collected, checked and submitted to the authorities in “Prifinance” and the certificate receipt will be monitored therein. We offer services for:
- company registration, licensing of activities and opening of bank accounts;
- tax planning and selection of “operational” holding models;
- organizational support in bureaucratic formalities performing;
- legal, financial, international consulting.
Call us or contact using the site forms and we will provide detailed information on the services.