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2017.07.26
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OFFSHORE COMPANY FORMATION
Isle of Man (Exempt)
Status: British dependent territory
Area, sq.km: 572
Population: 69 788
Capital: Douglas
Business language: English
Currency: GBP
Location: Island in the Irish Sea
Time zone: GMT - 1

 

INCORPORATION DATASHEET
Advantages: High respectability, Sophisticated infrastructure, European jurisdiction
Disadvantages: Expensive for non-trading operations, The incorporation process is quite bureaucratic
Company status: Exempt company
Corporate legislation source: UK Common Law, The Companies Acts 1931 to 2004
Company name: Must end 'Limited' or 'Ltd', 'Public Limited Company' or 'PLC'
Time required for incorporation: 3-5 weeks
Minimum number of directors: 2 of any nationality
Usual minimum capital: No minimum capital requirements
Are accounts required: Yes
Accounts must be prepared and filed. A company need not have its accounts audited if it meets two of the following three criteria:
  • Its annual turnover is GBP 5,6 million or less
  • Its balance sheet total is GBP 2,8 million or less
  • Its average number of employees is 50 or less
Minimum number of shareholders: 1
Type of shares: Registered
Taxation: A company registered in the Isle of Man should submit a tax return to the Isle of Man Treasury. These are not publicly available. All Isle of Man companies are now treated as resident companies. Resident companies are taxed at a rate of 0% on their trading and investment income.
Annual tax and duties: 250 GBP + 70 GBP stamp duty
VAT: For VAT purposes, the Isle of Man is considered as part of UK, instructed by EU directives. The Isle of Man has a Customs and Excise agreement with UK.
What information is available on the public file: Registered office, company secretary, Memorandum & Articles of Association, directors, shareholders
Non-public information: -
Registered Office: Local registered office is required by law
Registered Secretary/Agent: Company secretary is required by law

COMPULSORY COSTS (payable prior to incorporation)

FORMATION FEES
Incorporation fee: 790 GBP
Notarial certification: 195 GBP
International authentication (Apostille): 195 GBP
Legal expenses, filing fees and stamp duties: 190 GBP
Issuing of share certificates and initial minutes and forms: 90 GBP
Corporate seal: 50 GBP
Courier fees: 50 GBP
Subtotal: 1560 GBP
ANNUAL FEES *
Registered office and registered agent: 990 GBP
Annual tax and duties: 330 GBP
Due diligence checking fee:  100 USD
Subtotal: 1420 GBP
Total: 2980 GBP


* The annual fees for the first year of the company's existence are payable prior to incorporation. Subsequently the amount of 1420 GBP is payable annually beginning from the 1st of January of next year. Non-payment of the annual fees results in deletion from the Companies Registry.

The amount of 2980 GBP includes the following services: formation of the company, duties payable to the local authorities for the incorporation of the company, Certificate of Incorporation with Apostille, provision of Memorandum Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, Share Certificates, initial minutes, provision of registered office and registered agent for 1 year, annual tax for the 1st year, two company seals, luxury leather corporate kit, courier delivery to Laveco office. The price contains no hidden costs!

OPTIONAL COSTS
Nominee Director (2 private persons): 3200 GBP
Nominee Shareholder: 495 GBP
Notarial Certification: 195 GBP
Certificate of Good Standing: 395 GBP
Special Power of Attorney: 250 GBP
In cases where the total number of attorneys, shareholders and beneficiaries in a company is more than 5, a supplement of 100 USD will be payable for each additional person.
Related news:
IOM Now Has 42 Tax Agreements    30.12.2013
Guernsey, Jersey and Isle of Man signed FATCA agreement with US    18.12.2013
Isle Of Man Rated Tax Compliant By OECD    27.11.2013
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