Why to form in Isle of Man

The Isle of Man is an established international business and finance center, with a secure base built on political stability, low taxation and a firmly established fiscal and regulatory environment independent of the UK. 

The Isle of Man is an internally self-governing dependent territory of the British Crown. It is not and has never been part of the United Kingdom but is within the British Isles. It is technically a Crown Dependency and is independent in all matters except foreign affairs and defence, both of which are the responsibility of the United Kingdom Government and for which the Isle of Man pays an annual contribution. 

The main reason that people think of the Isle of Man when considering incorporating an offshore company is its unrivalled reputation in the sector. There are however numerous advantages when it comes to the registering of an Isle of Man Company. Such as its 0% corporate income tax, no withholding tax, no capital gains tax and no stamp duty along with a myriad of other attractive qualities.

There is also double tax relief available for foreign tax paid through its double taxation agreements or its various tax information exchange agreements.

The Advantages of Registering in the Isle of Man

Isle of Man Offshore Companies and their Tax Liability: A 0% corporation tax rate for most trading Isle of Man companies (except banks) came into force in 2006. This gives the Isle of Man the joint lowest corporate tax rate in Europe. Note that the 0% rate only applies to trading companies. Companies that are in the business of banking, insurance or are connected with the business of Isle of Man property or are non-trading, pay corporation tax at a rate of 10% and a withholding tax at the same rate is imposed if the dividend is paid to a non resident individual or corporate body. 

Isle of Man Offshore Company Anonymity and Disclosure: The identity of the beneficial owners of the Isle of Man Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity. Offshore Trade Services can supply the use of our corporate shareholders for this very purpose. Similarly, the register of Directors within the Isle of Man is also publicly accessible and so if anonymity is required, Offshore Trade Services can supply the use of Nominee Directors.

Companies and other forms of business organisation established under the law of the Isle of Man have been widely used internationally: It is no accident that business organisations established in the Isle of Man have become so widely used. It is arguable that the Isle of Man has the most sophisticated law relating to forms of business organisation of any center for ‘offshore’ work, and is among the leading jurisdictions of the world in this respect.

The Isle of Man is a ‘Common Law ’jurisdiction: The basis of Manx law is Manx customary law, itself derived from a combination of Gaelic Brehon law, Norse Udall law, and both being very heavily influenced by English Common Law over the centuries. Equity, as it developed in the English courts, has been applied identically in the Isle of Man since the seventeenth century. With a few exceptions, notably in Land law and Constitutional law, the Isle of Man closely follows English legal precedents and legislation.

Part of the success of the Isle of Man is its professional services industry: The Isle of Man legal profession is a fused profession practicing law to the highest standards. The Judiciary of the Isle of Man enjoys the highest international reputation and its judgments carry great weight internationally. The accountancy profession is well established, with all the major international firms represented from the Chartered, Certified and other branches of the profession. The Institute of Chartered Secretaries and Administrators is also represented, as is the banking profession through a thriving centre of the Chartered Institute of Bankers.

The Financial Services Industry is long established and well regulated: All aspects of the financial services industry are regulated by Government Agencies. The Financial Supervision Commission’s functions are described in the Financial Services Act 2008 and include the regulation and supervision of persons undertaking regulated activities (i.e. deposit-taking, investment business, services to collective investment schemes, fiduciary services, money transmission services) in or from the Isle of Man; whilst the Insurance & Pensions Authority has responsibility for the regulation of the insurance and pensions sector in the Isle of Man.

The Isle of Man has long had a reputation as a hub for corporate finances particularly offshore which makes it a much sought after jurisdiction when considering setting up an offshore company.

Global Company Formation UK Ltd 

Suit 6-Westward House

Glebeland Road Camberley

Surrey, GU15 3DB

Tel: 02079935929

E  :info@globalcompanyformation.co.uk

W :www.globalcompanyformation.co.uk

Welcome to Global Company Formation 

We offer formation advice to start up business globally. We advise you of the mode of start up like limited company, partnership, sole trader, trust and which is more suitable to your business. Our professional team consists of Lawyers, Chartered Accountants & Business Consultants in all major jurisdictions across the globe. We guide you to the country of formation on the basis your domicile status, double taxation agreement, international plan and repatriation rule of the each country. Now you can form your business anywhere in the world with us and we care your business.

Mathew Stephen FCA, AAIA, CeFA

Mathew Stephen is the founder Director of Global Accountancy Services. He is a qualified accountant from the Association of International Accountants in the UK and the Institute of Chartered Accountants of India. He is also one of the partners of international Chartered Accountants firm P. Parikh & Associates. He has 20 years’ experience in accounts, business consultancy, taxation & statutory audit. He is also a UK Independent Financial Advisor (IFA) and CeFA qualified at the IFS School of Finance.

He has won the Online Technology Award in two consecutive years, 2011 and 2012, from the Tenet Network. He specialises in Global Company Formation, International Taxation and also as Corporate Protection Advisor to the directors of Limited Companies.