Located between the UK and Ireland, the Isle of Man has developed a reputation as an ideal place to register an overseas company. The island maintains a business-friendly tax policy such as Zero-rate corporation tax, low rate of personal income tax. UK accounting standards, an advanced corporate and common law framework, a fast and efficient registration service, and a stable, secure economic environment also work towards putting the Island at the forefront of similar jurisdictions for company formation. Isle of Man companies are an appealing way for international business people to minimise their international tax liabilities. The Isle of Man is a secure and stable offshore jurisdiction, with strong confidentiality laws and an attractive tax regime.
The Isle of Man has a well-developed offshore company regime, which allows the registration of the following types of companies: Companies formed under the Companies Acts 1931 to 2004; Companies formed under the Companies Act 2006; Limited Liability Companies and Protected Cell Companies
Main Key Features-Isle of Man Companies:
- Minimum of one Shareholder;
- Minimum of two Directors;
- No nominal share capital is required.
- The company must have a Registered Agent holding the appropriate licence in the Isle of Man;
- Companies are subject to income tax and not a separate corporate tax. The rate of income tax, is in most cases, 0%. If companies are engaged in earning profits from Isle of Man land then the rate of tax is 10%. There are no inheritance or capital gains taxes in the Island.
- Whilst there is no requirement to prepare regular financial statements, a Company must keep reliable accounting records which correctly explain the transactions, enable the financial position to be determined and allow financial statements to be prepared.