Isle of Man Company Formation

Isle of Man company formation
  • Secure jurisdiction and preserved reputation.
  • Time of Isle of Man company formation takes from 2 hours to 3 days.
  • Personal presence is not required.
  • Company types:
    • Resident LLC (Private Limited Company)
    • New Manx Vehicle (NMV) Limited Partnership
    • Hybrid Company (Private Limited by Guarantee and having a Share Capital)

Tax Rates in Isle of Man

Corporation Tax in Isle of Man: Standard rate for all resident and non-resident companies 0%, Retail business – profits above £500,000 -10%, Banking business income – 10%, Land and property income from Isle of Man sources – 20%

Income Tax in sale of Man: Standard rate – 10%, Non-resident rate – 20%

VAT Tax in Isle of Man: 20%

About Isle of Man

Capital: Douglas

Region: In the Irish Sea between England and Ireland

Language: English

Currency: Great British Pound (GBP)

Time Zones: GMT +0

Dial Code: +44

Abbreviations: IM

What we can do for your Company in Isle of Man

  • We do all paperwork on forming the company in Isle of Man
  • Formation is completely remote
  • Can act as Secretary or Treasury
  • Provide nominee Directors/Shareholders
  • Assist with opening a bank account
  • Registration for Taxes, VAT & EORI
  • Develop a website for your business
  • Create a logo of your brand
  • Provide with full company administration services
  • Arrange a mailing address for your business
  • Arrange a virtual office for your company
  • Telephone answering service
  • Book keeping, audit & reporting
  • Preparing and submitting VAT return
  • Dealing with local authority
  • Trademark registration

Isle of Man Company Formation. Isle of Man Offshore Company. Isle of Man LLC (Private Limited Company)

Main Characteristics and the basic rules of Company registration in Isle of Man

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 5th 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.

Isle of Man Company FormationFinancial Advantages
Taxation:0-10% (dependent on company time)
Double Taxation Treaty Access:Yes Treaty Access (UK)
Isle of Man Tax Information Exchange Agreements:Yes, Isle of Man signs Exchange Agreements
Account Filing Requirements:No accounting / reporting requirements (but need be attainable for inspection)
Annual Return Filing Requirements:Yes
Audit Requirements:No audit required.
Isle of Man Company FormationRegistration Requirements
Share Capital:GBP 2,000 Minimum paid up share capital GBP 1(does not apply for LLC and LP companies)
Classes of Share Available for Isle of Man company formation:formation: Shares with or without voting rights, redeemable shares, registered shares, preference shares(does not apply for LLC and LP companies)
Bearer Shares:Not Allowed
Registered Office Required:Yes required and must be maintained in Isle of Man
Shareholders:Minimum number is one(does not apply for LLC and LP companies, but min members is two)
Directors:Minimum number is one or two. (dependent on type of company) Can be any nationality and need not be resident in Isle of Mann. Corporate directors are allowed.
Your Company language:English
Name of your Company must be ended:“Limited Liability Company” or LLC (for a LLC) “Corporation”/ Corp., “Limited”/Ltd, “Incorporated”/Inc. (for a NMV)”LP” (for a LP)”Limited”/Ltd (for a PLC or PL)
Documents required for Isle of Man company formation:A certified copy of your passport or ID and proof of your residential address dated less than 3 months.
Isle of Man Company FormationRestrictions
For Isle of Man company formation you cannot use words in your company names without justification:“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.
Restrictions on Trading:None Not permitted without a licence: Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.
Not permitted without a licence:Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.
Isle of Man Company FormationConfidentiality and Security
Publicly Accessible Records:Yes, accessible
Nominee Shareholders and Nominee Directors:Yes, Allowed
Disclosure of Beneficial Ownership to Authorities:No
Meetings of Directors and Shareholders to be held:Anywhere
Stability:Secure jurisdiction and preserved reputation.
About Isle of ManIsle of Man Company Formation
Capital city:Douglas
Region:In the Irish Sea between England and Ireland
Political System:Parliamentary Democracy
Government:Constitutional Monarchy
Governing corporate legislation:The Limited Liability Companies Act 1996, The Companies Acts 1931 to 2004,The Companies Act 2006, The Partnership Act 1909,The Limited Partnership (Legal Personality) Act 2011
Type of Law:Common
Currency:Great British Pound (GBP)
Exchange Control:None.
Language of Legislation and Corporate Documents:English
Time Zone:GMT+0.

This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.

BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.

Our team of consultants are here to take you through the process.