The Best International Tax Planning solutions since 1991 |
A A |
| HOME > Services > Company formation > Jurisdictions > | |
Isle of Man (Exempt)
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:
| |
| 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 |
| 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 |
| Subtotal: | 1320 GBP |
| Total: | 2880 GBP |
* The annual fees for the first year of the company's existence are payable prior to incorporation. Subsequently the amount of 1320 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 2880 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): | 3000 GBP |
| Nominee Shareholder: | 495 GBP |
| Notarial Certification: | 195 GBP |
| Certificate of Good Standing: | 395 GBP |
| Special Power of Attorney: | 250 GBP |