Isle of ManThe Isle of Man is a self-governing island in the Irish Sea. It became an established banking center some time back, and traditionally has low taxes, no stamp duty, estate duty or capital gains tax, It has an English common law background, and its own parliament. It has a good infrastructure and a desire to keep out suspect operations. The national language is English, and company documentation is and must be in English.
Offshore Companies:
The Island has existing and well proven legislation permitting companies to be rapidly and simply incorporated for the purposes of conducting offshore business operations in the form of a Non-Resident company, which is normally used for many forms of trade and investment activity.
Setting up a Non-Resident Company:
The company's memorandum of association and the articles of association must be filed with the company registry along with the submission of various forms relating to the directors, secretary, registered office, and company name.
Buying a Non-Resident Company:
NACS offers off the shelf companies upon request. Name changes can be accomplished rapidly.
Company name guidelines and restrictions:
The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. Names signifying an international operation may require a higher capitalization. It can end with an approved company designation or abbreviation (Limited, or Ltd.). Names implying or conveying an involvement in banking or insurance operations require consent.
Capital Requirements:
A normal level of UKPounds 2,000 exists; this corresponds with the minimum level of capital duty payable.
Local Registered Office Requirements:
A Non-Resident must always maintain a registered office in the Island, and must appoint and retain an Island resident as the company's registered agent. NACS provides these services for a fee via its international associates.
Annual Company License:
This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.
Director Requirements:
At least two directors must be appointed and maintained (who cannot be corporate directors). There is no residence or nationality requirement.
Shareholder Requirements:
There must be a minimum of one shareholder. A register of the Non-Resident Company's shareholders is maintained at the company registry.
Company Secretary Requirements:
A company secretary must be appointed for the Non-Resident company: either a person or corporate, no nationality or residence requirements. NACS normally will perform this function, for a fee.
Share Types Allowed:
Registered or bearer shares are permissible.
Taxation Requirements:
There is no taxation for a Non-Resident company's operations, assets, or profits. No tax treaties, except for a limited treaty with the UK. A fixed annual fee is payable to the Government.
Exchange Controls:
There are no exchange controls.
Reporting Requirements:
Company financial accounts and an annual report are required to be filed annually.
Secrecy:
No explicit secrecy legislation for Non-Resident companies; but English law places a clear and heavy responsibility on professionals to keep their client's affairs confidential.
Annual Tax/Filing Fee:
There is an annual license fee for Non-Resident Companies of UK Pounds 600.00.