Isle of Man Company Formation

A self-governing British Crown dependency, The Isle of Man is located between Ireland and the Islands of Great Britain. Interestingly, as per data from World Bank, Isle of Man is the 5^th richest country of the world, when it comes to GDP per capita. eGaming, banking and insurance are the most flourishing businesses in the nation. With wide opportunities of business in the nation, many companies and organizations are looking for expansion in the area. It is also great to see that the processes and procedures for Isle of Man company formation are quite simple and transparent. We, at BRIS Group extend our assistance to any business or organization, who are looking for offshore expansion in Isle of Man.

There are three different Companies Acts, which are there in Isle of Man. They are 1931 Act, 2006 Act and LLC Act. Majority of companies looking for offshore expansion will be incorporated under 2006 Act. There is more flexibility in administration in this Act and less reporting hassles in this Act when compared to other Acts in the country. We know in details about the 2006 Act and will prepare all documents and papers for Isle of Man company formation likewise so that there are no problems in company incorporation.

Though the documentation seems quite simple and straight forward, but there are internal company documents which need to be prepared for the incorporation as well. These require consent letters from the director/directors, share certificates, secretaries’/directors’ registers, an operating agreement, minutes of meetings etc.

Benefits of company formation in Isle of Man

The main benefit of Isle of Man company formation is regarding taxation. There is no need of paying wealth tax, capital gains tax, stamp duty or inheritance tax with a new company formation in Isle of Man. For most businesses, the rate of corporate tax is zero; and the highest income tax rate is 20%. There is no tax for dividends, which are paid to non-residents. Moreover, there is double tax relief for any kind of foreign paid taxes in Isle of Man. Our tax experts know these things in detail and hence they encourage setting up a company in Isle of Man when a business thinks of business expansion in a foreign land.

BRIS Group has highly trained, certified and experienced professionals and our main motto is helping our clients get the best services regarding company formation. Contact us today for appointment and consultation.