ISLE OF MAN OFFSHORE INFORMATION

For trading companies, a popular choice with good infrastructure and respectability. All companies are resident in the Isle of Man for tax purposes but those with income arising outside the jurisdiction are taxed at 0%. An Isle of Man company can register for VAT and can obtain a certificate of tax residence. There is no requirement to disclose the name of the beneficial owner to the Isle of Man authorities.

ADVANTAGES	Zero Corporation tax regime. Good infrastructure and respectability. No stamp or estate duty or capital gains tax. Company may register for VAT purposes. Good regulatory infrastructure.
DISADVANTAGES	Can be expensive for non-trading operations. Full compliance with local obligations are required together with preparing annual financial statements.
CORPORATE LEGISLATION SOURCE	The Companies Acts 1931 to 2004.
COMPANY STATUS	Resident - Taxed at 0% for non Isle of Man income.
USUAL MINIMUM CAPITAL	£2,000
COMPANY NAME	Prior approval required. Many words sensitive eg International, Bank, Royal, Trust, Holdings, Group etc. Must end 'Limited'
TIME TAKEN TO INCORPORATE	5 - 7 days
ARE SHELF COMPANIES AVAILABLE	Yes.
CAPITAL DUTY	£15 per £1,000 of capital, or part thereof.
MINIMUM NUMBER OF SHAREHOLDERS	One.
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	Yes, provided they are held by a custodian such as Fiduciary Trust Limited / No.
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	Two / No / Any location.
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	Yes / Yes / No restriction.
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	Yes / Yes.
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	None, other than for Banking, Insurance, Investment Business and other licensable activities.
INFORMATION AVAILABLE ON PUBLIC FILE	Directors, Shareholders, Registered Office, Secretary, Mem & Arts, Annual Return, Mortgages & Charges (if any).
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	Register of Directors / Members / Secretaries / Mortgages & Charges/Annual financial statements.
CORPORATE BOOKS AND SEAL	Both required, usually retained at the Registered Office.
ACCOUNTS REQUIRED / FILED	Yes Filed at the registered office.
ANNUAL RETURN REQUIRED	Yes.
WHERE ARE MEETINGS TO BE HELD	No restriction.
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	Corporate registration fee £250 plus £70 Annual Return filing fee. Payable on filing the annual return on the anniversary of incorporation.
ARE THERE ANY EXCHANGE CONTROLS	None.
DOUBLE TAX TREATIES	UK only.
GOVERNMENT DUTIES PAYABLE	As shown above.