The Isle of Man is a self-governing British Crown Dependency that sits between Ireland and Great Britain. Popular with iGaming, IT and financial services businesses, it is also a popular offshore jurisdiction for company incorporation. If you are looking to incorporate a company, here is a guide to why the Isle of Man could be a good solution for you.
Benefits of incorporating in the Isle of Man
- There are no minimum capital requirements in order to open a company, or upon registration. Instead, founders are able to issue two shares, each with a value of GBP 1.
- You are required to have at least one director for your company but they do not need to be a resident of the Isle of Man.
- There is a high level of confidentiality for those incorporating in the Isle of Man as the public records held on the company can include nominee director’s, instead of the director’s names.
- There is no requirement to hold an annual general meeting for the company.
Incorporating in the Isle of Man
The process of incorporating in the Isle of Man is fast and can be done under what is called a “while you wait” regime which basically means in as little as two hours. To avail of this expedited service, the company documentation needs to be filed at the same time, and by a specific time, else the standard time is 48 hours.
It is worth noting that you need to be sure you know which type of company you will be incorporating and why as the use of the company should be established upon incorporation. This means that it should be clearly defined in the Articles of Association so as to avoid any issues at a later stage.
Some businesses will require additional permits and licenses depending on the sector that they intend to operate in but these are applied for after incorporation.
What you can use an Isle of Man company for
The most common use of an Isle of Man company is for asset protection, followed by international trade. The jurisdictions favourable tax regime along with a flexible business environment mean that offshore companies are popular for a variety of reasons.
- For trading- investors often set up companies in the Isle of Man for international trading purposes as tax savings can be very attractive.
- For international investment- Isle of Man companies can be used for international investments such as stocks, bonds, and other kinds of investment products.
- For holding companies- an offshore Isle of Man company is effective for holding shares in another company or entity, regardless of its jurisdiction.
- For asset management- an Isle of Man company can be used as the owner of property and land, allowing investors to benefit from its tax regime.
- For intellectual property holding- the Isle of Man company can also be used to hold trademarks, copyrights, software and other forms of intellectual property.
- For owning maritime vessels- offshore companies in the Isle of Man can be used for the purpose of holding boats, ships, yachts, and even aircraft.
The team at Fast Offshore provide a full package solution to anyone looking to incorporate a company in the Isle of Man, regardless of its use. We are able to provide comprehensive information and guidance, as well as take care of the process for you from start to finish. To find out more, contact us today.