The Isle of Man lies in the Irish Sea, \nbetween Great Britain and Ireland and is a unique self- governing \nkingdom; a British Crown dependency which does not belong either to the \nUK or the European Union.<\/p>\n\n\n\n
The legal system is based on English \ncommon law and Manx statute and as such there are recognisable business \ntypes namely: the Private Company Limited by shares, Company Limited by \nGuarantee, Public Company Limited by shares, General and Limited \nPartnerships and Sole Proprietor and Trusts. In addition there are \nuseful formations for offshore operations namely: the Exempt Private \nCompany which provides exemption from income tax to a private owned by \nnon residents; the international company, which is very similar to the \nexempt private company in structure but company may be useful where it \nis necessary to show that a certain minimum level of tax has been paid \nin order to gain relief from taxation in another country.<\/p>\n\n\n\n
The International Limited Partnership, \nthe non resident Limited Liability Company and the Trust are also \nvehicles used by the overseas investor.<\/p>\n\n\n\n
ISLE OF MAN COMPANIES INCORPORATED UNDER COMPANIES ACT 2006<\/strong><\/p>\n\n\n\n The Isle of Man Companies Act 2006 (the \nAct) came into force on 1 November 2006, providing a simplified \ncorporate vehicle. Companies incorporated under this Act follow the \nfamiliar international business company model found in many offshore \njurisdictions. The Act holds no surprises, but dispenses with a number \nof the traditional company law formalities.<\/p>\n\n\n\n Largely, the Act is a stand alone piece \nof legislation and 2006 Act companies co-exist with companies \nincorporated under the Isle of Man Companies Act 1931 to 2004 (1931 Act \nof Companies).<\/p>\n\n\n\n Some key features of 2006 Act companies include:<\/strong><\/p>\n\n\n\n (a) Types of company available<\/strong> A 2006 Act Company can be incorporated, registered or continued under the Act as:<\/p>\n\n\n\n (b) Incorporation of 2006 Act companies<\/strong> The registered agent must hold an \nappropriate fiduciary licence granted by the Isle of Man Financial \nSupervision Commission. This requirement ensures that there is a \nlicenced professional on the Isle of Man, overseeing the administration\n of the Company. Only registered agents are permitted to incorporate \n2006 Act companies by submitting to the Registrar of Companies (the \n\u201cRegistrar\u201d ) the proposed Memorandum of Association (Articles of \nAssociation are only required to be submitted to the Registrar if they \ndiffer from the prescribed model articles). On receipt, the Registrar \nwill register the company documents, allot a registration number and \nissue a certificate of incorporation.<\/p>\n\n\n\n If a 2006 Act company is formed as a \ncompany limited shares or by guarantee, or by shares and guarantee, it \ncan have \u201cIncorporated\u201d, \u201cInc\u201d, \u201cCorporation\u201d or \u201cCorp\u201d as the last word\n of its name in addition to the traditional \u201cLimited\u201d or \u201cPublic Limited\n Company\u201d (\u201cPLC\u201d). In addition, foreign character names are permitted \nunder the Act.<\/p>\n\n\n\n (c) Directors<\/strong> (d) Shareholders<\/strong> (e) Accounting Records<\/strong> The Isle of Man lies in the Irish Sea, between Great Britain and Ireland and is a unique self- governing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":119,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-160","page","type-page","status-publish","hentry"],"yoast_head":"\n
\nA 2006 Act Company is a legal entity in its own right, separate from its\n members and continues in existence until it is dissolved, in much the \nsame way as a 1931 Act company.<\/p>\n\n\n\n
\nEvery 2006 Act company is required to have a registered office address and a registered agent in the Isle of Man.<\/p>\n\n\n\n
\nUnlike a 1931 Act Company, a 2006 Act Company is permitted to have a \nsingle director which may be an individual or a corporate entity. A body\n corporate is only eligible to act as a corporate director if it (or \nanother corporate entity of which it is a subsidiary) is:<\/p>\n\n\n\n
\nThe Act permits single member companies<\/p>\n\n\n\n
\nThe Act simply requires a company to keep reliable accounting records.<\/p>\n","protected":false},"excerpt":{"rendered":"