Offshore Company Formation Isle of Man

General Information about the Isle of Man

The Isle of Man is located in the Irish Sea, between Britain and Ireland at 54 deg. N 4 deg. W. It has a land area of 572 sq. km. and a population of approximately 76,000 of which about half live in Douglas, the capital and financial centre. The Island is a dependency of the British Crown and recognises the monarch as Head of State in the capacity of descendant of the ancient Lords of Mann. It is not part of the United Kingdom.

Taxation

For companies, the Isle of Man operates a zero rate tax regime. There are provisions for preventing the avoidance of tax by residents through holding assets within companies they own. Certain finance sector companies operating on the Island pay tax at a rate of 10%. There is a double taxation treaty with the United Kingdom.

The European Savings Tax Directive applies in the Isle of Man and individuals resident in a country covered by the Directive and receiving savings interest from an Isle of Man source have the option of paying a withholding tax, failing which the income is reported to the tax authorities in their home country.

Regulation of the Financial Services Sector

The Isle of Man Financial Supervision Commission is an independent statutory body, established in 1983 and responsible for the licensing and supervision of banks, building societies, investment business, collective investment schemes and companies which provide company and trust administration services. It is also responsible for the Companies Registry.

Isle of Man Company Formation

Companies can be formed in the Isle of Man in one of two ways. The Companies' Act 2006 provides a modern, flexible legal framework and is designed to meet the requirements of international business. The old law, the Companies' Acts 1993-2004, remains in force and operates independently. It is not expected that the old law will continue to be used by international business and the information in this web site refers to the Companies' Act 2006.

Isle of Man offshore company regulations
Type of entity	Limited by shares, guarantee, hybrid and LLC
Type of law	Common
Corporate taxation	Zero rate
Double taxation treaties available	U.K. to a limited extent
Share Capital
Usual currency	British pound
Permitted currencies	Any
Minimum paid up	One share
Usual authorised	Not required
No par value shares permitted	Yes
Bearer shares permitted	No
Directors
Minimum number	1
Local resident required	No
Records publicly available	Yes
Location of Meetings	Anywhere
Shareholders / Members
Minimum number	1
Records publicly available	Yes - but only if particulars are filed, which is optional
Location of Meetings	Anywhere
Company Secretary
Required	No
Accounts
Accounting records required	Yes - must be available in the Isle of Man
Accounts Required	No
Audit required	No
Filing required	No
Publicly available	No
Other
Annual return required	Yes
Change of domicile permitted	Yes
Registered Agent required	Yes
Disclosure of beneficial ownership	No

Why not talk to us about forming an offshore company on the Isle of Man? Call +353 1 431 9663 or Click Here to contact us.

Offshore Company Formation Isle of Man

Share Capital

Directors

Shareholders / Members

Company Secretary

Accounts

Other