Isle of Man Company Dissolution
If you find that your company is no longer needed and you wish to remove it from the company register, we can provide assistance with a Isle of Man Company Dissolution.
Our dissolution service ensures that the company is struck off at Companies Registry in full accordance with the Isle of Man Companies Act.
Once the company is removed from the Register, it ceases to exist as a legal entity and cannot continue trading.
Please note that if the company has outstanding liabilities, it must apply for voluntary liquidation rather than company dissolution.
| Isle of Man Company Dissolution fees | |
|---|---|
| Isle of Man Dissolution | £800 |
| Company Search for inspection | £60 |
| Isle of Man Dissolution | £85 |
| Due Diligence – per primary Director & Shareholder | £120 |
| Publication Gazette Notice confirming Dissolution | £200 |
| Certified Company Registry document confirming Dissolution | £80 |
The advantages of voluntarily dissolving your Isle of Man company, rather than having it struck off by Isle of Man Companies Registry, are as follows:
- It is a straightforward process compared to company liquidation.
- It avoids formal investigations into the conduct of the directors, as required in liquidation or receivership.
- It helps maintain the reputation of the company’s directors and shareholders for future business ventures.
- It avoids the costs associated with liquidation, fees, and expenses.
Requirements for Isle of Man Company Dissolution
We can assist with Isle of Man company dissolution under the Isle of Man Companies Act 2006, provided the company meets the following requirements:
- It has not engaged in any trading activities in the last 3 months.
- It has not changed its company name in the last 3 months.
- It is not subject to any ongoing or proposed legal proceedings.
- It has not made any disposals of property or rights for value.
- It has not been involved in any activity except those necessary for making a striking-off application, settling the company’s affairs, or meeting statutory requirements. However, a company can apply if it has settled trading or business debts in the previous three months.
Once Companies Registry confirms that the company is not carrying on business and is not in operation, its name may be struck off the register and dissolved without going through liquidation.
Information we require from you
To proceed with your company dissolution, we need the following information:
- Does the company have a bank account?
- Is the company VAT registered?
- Has the company ever filed tax returns with HMRC?
- Does the company have any outstanding liabilities?
- Have all the shareholders been informed of and are in agreement with the dissolution?
Once you provide the above details, we can apply to Companies Registry on your behalf to have the company voluntarily struck off and cease trading.
Process to Dissolve an IoM Company
An application can be made by a director, secretary or member of a company and must be accompanied by a Statutory Declaration, that the company has ceased to operate, that it has discharged all its debts and that there are no documents outstanding that should have been filed under the Companies Acts.
Before making an application, the applicant must have sent a notice to each director, secretary and member of the company stating that the applicant proposes to apply to the Department for Enterprise for
a Declaration of Dissolution and that, unless written objection is made to the Department within one month of the date the notice was posted, the Department may dissolve the company.
When the application has been accepted, the Companies Registry will publish in one local newspaper, on its website a notice to the effect that an application has been received. One month’s notice will be given for any person to lodge an objection to the dissolution.
When the notice has been published in all three places, the Companies Registry will send a letter to the Assessor of Income Tax, the Collector of Customs and Excise and the Attorney General. They will be
similarly advised of the receipt of the application, and that they have one month in which to give written notice that they have no objection to the dissolution.
If no objection has been received by the end of the period for objections, and if the Assessor of Income Tax, the Collector of Customs & Excise and the Attorney General have confirmed that they have no objection to the dissolution, the Companies Registry will send a letter to the company, at its registered office, stating that the company is entitled to distribute its surplus assets, and that it may do so.
Dissolving the Company
When the company receives the letter, it must distribute any surplus assets and reply to the Companies Registry that it has either distributed its surplus assets or that it cannot do so and state why, and if no reply is received, the company will not be dissolved.
To start the process and to enable us to give a precise quote we require copies of the company documents, please upload: Company Documents
We will then inspect the company file at the Companies Registry in the Isle of Man.