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  Professional offshore incorporations and offshore banking services since 1996

Company Incorporation
Isle of Man

Offshore Company Incorporation     Offshore Company Incorporation

Prestigious Jurisdiction, specially suitable for those who need VAT registration to trade with EU.

Bank accounts in IOM available, and Bank Account NOMINEE SIGNATORY service, for full privacy protection.

The Isle of Man is in the "common purse" with the UK for Customs and Excise. The standard rate of VAT is therefore in line with the UK at 17.5%. The rate of income tax applicable to Isle of Man companies not engaged in banking or local real estate business is 0%.

The Isle of Man is an established international business and finance centre, with a secure base built on political stability, low taxation and a firmly established fiscal and regulatory environment independent of the UK. 
 
The Isle of Man is an internally self-governing dependent territory of the British Crown. It is not and has never been part of the United Kingdom but is within the British Isles. It is technically a Crown Dependency and is independent in all matters except foreign affairs and defence, both of which are the responsibility of the United Kingdom Government and for which the Isle of Man pays an annual contribution. 
 
The Manx exercise their extensive political and legislative independence through their ancient parliament, Tynwald, which is the oldest legislature in the world in continuous existence. 
 
Types of Company 
 
Incorporated under the Companies Acts 1931- 2004 
 
Companies may be:  

  • Limited by shares 
  • Limited by guarantee 
  • Limited by guarantee and having a share capital 
  • Having a share capital with unlimited liability.
All companies are designated as either private or public companies. Private companies are not permitted to offer their shares or securities to the general public and are not required to file annual audited accounts at the Companies Registry. 
 
Established under the Limited Liability Company (LLC) Act 1996 
 
The Isle of Man adopted the Wyoming legislation as its model and enacted the Limited Liability Companies Act 1996. A LLC is a hybrid structure composing attributes of both a company and a partnership. Further specific information is available on request. 
 
Company Tax 
 
Previously the Isle of Man operated a company income tax system that permitted non-resident tax status, tax exemption and international tax status. To comply with commitments made to the EU and the OECD the Isle of Man adopted a strategy to change its corporate tax system and to remove these, so called “harmful tax practices”.  
 
From the 6 April 2006, the general rate of corporate income tax in the Isle of Man is 0%.  A 10% tax rate still applies in very limited circumstances, for companies engaged in banking business and IOM property transactions. An annual corporate charge of 250 is payable by every company. 
 
Distributions made to non-residents of the Isle of Man from companies taxed at 0% are subject to withholding tax at the rate of 0%.  
 
VAT Registration and EU Trading 
 
Although the Isle of Man is not a member of the EU, it has the distinct advantage of being part of the customs territory of the EU under Protocol 3.  A company can register for VAT in the Isle of Man if it maintains a place of business in the Isle of Man. It is therefore possible for Isle of Man and foreign companies to make advantage of the Isle of Man 0% corporate tax rate whilst obtaining the benefits of VAT registration for trade in the EU. 

ISLE OF MAN  INCORPORATION

  • We check the availability of your preferred corporate name and reserve it for you.

  • We prepare and file all necessary documentation for the formation of your new corporation.

  • We promptly forward the original company documents to you.

 Basic ESTABLISHMENT FEES (one time only fees)
GBP

Incorporation Fee
(includes expenses, filing fees and duty for standard authorised capital)

1620

 

 

Corporate Structuring and Due Diligence
(preparation of company documentation kit and the provision of a company seal)

300

Processing Application to open Isle of Man Corporate Bank Account
 

500

 Government Fees (was 430 now is 250)

250

 

 

Annual return Filing Fee

70

TOTAL FIRST YEAR:

2740

 ANNUAL RECURRING FEES

 

Corporate Domicile
(provision of registered office and if applicable registered agent, maintenance of statutory records, compliance, filing of Annual Return and any tax/licence declaration)

700

 Government Fees (was 430 now is 250)

250

 

 

Annual return Filing Fee

70

   

 

 

OTHER SERVICES

 

Professional Directors, Authorised Bank Nominee Signatories,
Company Secretary and Nominee Shareholders

1000

VAT registration

450

VAT administration (book-keeping, banking) 200 / quarter

Provision for Preparation of Statutory Financial Accounts

300

 

 

 

 

Trust and Private Foundations

 

Preparation of Trust/Foundation Deeds and Transfer of Assets

from 950

Annual Trustee Fees

from 1200

 

 

Notes: This Quotation excludes any VAT tax that may be applicable (17.5%)

Note: all professional nominee directors in the Isle of Man must be checked by the Government Financial Supervision Commission before they are permitted to appointment to a client company. The Government checks the police record, professional qualifications, knowledge of company law, work experience and financial standing.

To comply with local law, as in all jurisdictions, an Isle of Man licensed agent must act for the company, and a local director must be appointed.

This is in compliance with the Corporate Service Providers Act 2000.


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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.


Please go to our Uses of offshore Companies Page where you will find interesting information on the benefits of using offshore companies and trusts for business and personal use, links to information on other locations and details of our products and services.


 

 

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