Isle of Man company.
Type of Company formation in Isle of Man:
- Private Company Limited By Shares
- Company Limited By Guarantees
- Exempt Private Company
- Public Company Limited By Shares
- International Company
- Non-Resident Company
- General Partnership
- Limited Partnership
- International Limited Partnership
- Sole Proprietorship
Despite this diversity, and the fact that the Isle of Man – offshore jurisdiction historically recognised entrepreneurs from around the world, this center has recently began to lose its attractiveness to foreign investors.
It is caused primarily by the fact that all businesses on the island should now have local directors and secretaries, which dramatically increases the cost of offshore instrument. Strict approach to the administration, relatively high annual fees and the cost of maintaining tax exempt status on the Isle of Man companies can raise here only those potential investors for whom the island has a specific interest.
Tax-exempt status of the Company on the Isle of Man suggests that it is not profiting within the territory of registration, and that the true (beneficial) owners of the company are non-residents of the Isle of Man.
Tax-exempt company may not be a publicly traded company, bank or insurance company.
Isle of Man Company – Important Information
Bearer shares are companies on the Isle of Man is forbidden.
The Isle of Man may have only one shareholder, and the company’s management consists of at least two directors (natural persons only) and one secretary (person or entity). Operating on the island by the law does not provide such notions as nominee director or nominee secretary. Any director or the secretary is responsible in accordance with the obligations laid down in the Isle of Man law and the charter of the company.
If you are going to do offshore business in the Isle of Man, you should know that any failure to comply with the prescribed terms of the Companies Act submission to the authorities of any term of these laws is punishable by a fine of documents without any leniency.
Lists of members and directors of the company, and its annual accounting reports, and minutes of general meetings and board meetings should be kept in proper form at the registered office of the company.
Annual Report must consist of the profit and loss account, balance sheet, audit report (only open to the public) and the report of directors.
Information about the directors and shareholders are open to the Isle of Man.
Companies with the Isle of Man can not be moved to another jurisdiction, regardless of the dismissed.
Common resident of the Isle of Man are taxed at 18% – 40% of the world’s income sources.
Exempt from taxes paid by businesses on the Isle of Man fixed annual fee in the amount of 450 to 830 pounds.
International companies are taxable profit from the worldwide income at a rate of 35%. However, given the fact that all the activity is conducted outside the Isle of Man, a company pays tax at a lower rate, but not less than 1,200 pounds per year.
The only agreement on the avoidance of double taxation concluded with Great Britain. The Isle of Man also supports the exchange of information agreements with the U.S. and other countries.