Isle of Man Company Formation

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Capital: Douglas

Official languages: Manx, English

Currency: Pound sterling, Manx pound

Company formation in Isle of Man is fairly popular all over Europe because of a set of advantages involving the possibility to register for VAT for Isle of Man offshore companies and a zero tax rate on trading and investment income.

Further to a customs agreement with the UK, Isle of Man corporations are allowed to register and trade with the EU countries as long as a local place of business is maintained, therefore the set up of a trading company may be profitable for those investors who intend to import and export goods into and out of the EU while taking advantage of a favourable tax regime. Isle of Man offshore companies can also be used for holding investment and UK commercial property as non taxed activities as well as holding intellectual property.

Isle of Man company registration

Isle of Man companies can be registered under the 1931 Act Companies or the 2006 Act Companies; the types available are:

• Limited by shares
• Limited by guarantee
• Limited by guarantee and having a share capital (1931 Act Companies)
• Limited by shares and by guarantee (2006 Act Companies)
• Having a share capital with unlimited liability (1931 Act Companies)
• Unlimited with or without shares (2006 Act Companies)

To incorporate a company are required a minimum of one director and one shareholder who need not be resident. An annual return must be prepared by the director, filed and submitted to the Companies Registry by a local registered agent who will also be in charge of maintaining the accounting records although accounts need not be prepared.
Moreover there is a threshold for accounts to be audited that most start-ups are unlikely to exceed in terms of annual turnover and number of employees.

Our Isle of Man Services

GR Morgan Formations offers assistance with your Isle of Man company registration under the two main separate Acts that regulate the formation process; we have designed different packages that will suit your needs. Get in touch with our multilingual team to find out more.