The Companies Act 2006 Act reduced the accounting and reporting requirements associated with a company in the Isle of Man, further changes have been made with the objective of easing both the incorporation process of new companies.
The 2006 Act introduced a new form of company which is a modern, flexible and simplified without many of the traditional company law formalities, including the concept of authorised share capital, the requirement to maintain capital, the requirement to hold an annual general meeting and no distinction between public and private companies.
Incorporating a company in the Isle of man, once all documents are received the process can take as little as two days.
To incorporate a Isle of Man company the following is required for the Financial Supervision Commission:
As of the 2006 Companies act there is no distinction in many ways between a public and private company, no restrictions on offering shares to the public and no restrictions on the transfer of shares.
A company limited by shares is equivalent to a UK Private Limited Company and therefore is the most popular method of structuring a new incorporation in the Isle of Man.
There is no minimum share capital requirements for a company in the Isle of Man, but the minimum issued number of shares is two. The minimum payable duty is valid up to £2,000, share capital over this amount are required to pay additional duty charges.
Only one shareholder is required for a company incorporated in the Isle of Man, with no restrictions placed on nationality or residency.
Shares can be issued as standard registered shares or as bearer shares - bearer shares offer high levels of confidentiality to the shareholder(s). Further confidentiality and public anonymity of the shareholders may be obtained by the employment of nominee shareholders.
Only one director is required for a company incorporated in the Isle of Man, with no restrictions on nationality or residency.
At least one professionally qualified company secretary is required, who must be resident in the Isle of Man.
Company names must be submitted to and approved by the Financial Supervision Commission and must bear the suffix "Limited" or "Ltd" after the name.
We check that your Isle of Man company name is acceptable and is not already incorporated with the Financial Supervision Commission.
Once incorporated we provide a set of corporate documents for your Isle of Man company which, includes the Certificate of Incorporation, Memorandum of Association the Articles of Association and share certificates. Copies of the company incorporation documents are sent via email and the originals from the companies registry are sent to you in a corporate folder. A receipt from the Isle of Man Government will also be provided which is evidence of all company registration and licence fee payments.
A registered office in the Isle of Man is mandatory, and hold an license issued by the Isle of Man Financial Supervision Commission. The purpose of a registered office is to maintain the company and provide a physical location where documents may be legally served - we can provide your company a registered office in the Isle of Man.
As of the 2006 Act, there is no obligation to hold annual general meetings, but such meetings may be held as if management deems appropriate.