» Key Corporate Features
» General Information
» Company Information
» Compliance
» Other Tax Planning Entities
» Information
Downloads
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Type
of entity: |
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Resident
LLC |
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Type
of law: |
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Common |
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Shelf
company availability: |
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Yes |
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Our
time to establish a new company: |
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1
– 5 days |
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Minimum
government fees : |
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Nil |
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Corporate
taxation: |
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Fiscally
Transparent |
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Double
taxation treaty access: |
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No |
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Standard
currency: |
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Not Applicable |
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Permitted
currencies: |
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Not Applicable |
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Minimum
paid up: |
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Not Applicable |
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Usual
authorised : |
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Not Applicable |
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Minimum
number : |
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1 |
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Local
required : |
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No |
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Publicly accessible records : |
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Yes |
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Location
of meetings : |
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Anywhere |
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Minimum
number: |
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2 |
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Publicly
accessible records: |
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Yes |
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Location
of meetings: |
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Anywhere |
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Required: |
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Not Applicable |
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Required: |
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Yes |
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Local Required: |
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Yes |
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Requirement
to prepare: |
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Yes |
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Audit
Requirements : |
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No |
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Requirement
to file accounts: |
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No,
but must be available for inspection in the Isle of Man |
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Publicly
accessible accounts: |
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No |
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Requirement
to file annual return: |
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Yes |
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Change
in domicile permitted: |
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Yes |
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General Information
The Isle of Man, situated in the centre of the
British Isles, is an internally self-governing dependent territory
of the British Crown which is not and never has been part of the
United Kingdom. It is however, part of the British Isles. Tynwald,
the Island's 1,000 year old Parliament, makes its own laws and
oversees all internal administration, fiscal and social policies.
External issues, such as foreign representation and defence, are
administered on the Island's behalf by the UK Government and the
Island makes an annual payment for these services. As a British
Crown dependency, the ultimate responsibility for the Island's
good government is vested in the Crown but by long standing convention,
the UK Government does not legislate for the Island except with
the specific consent of the Island's Government. More information
can be found at www.gov.im.
» Population
The population of the Isle of Man is approximately
75,000.
» Political
Structure
Tynwald (Parliament) legislates on all domestic matters including taxation. Tynwald consists of two branches, known as the Upper and Lower. The Legislative Council, (Upper) consists of ten Members and is elected by the lower house, Members include the President of Tynwald, the Lord Bishop of Sodor and Man, HM Attorney General and HM Queen Elizabeth II. The House of Keys, (Lower) has twenty-four Members who are elected and serve a five-year term. HM Queen Elizabeth II holds the title Lord of Man, and is ultimately responsible for the governance of the Island. All legislation passed by Tynwald has to have Royal Assent before being enacted.
» Infrastructure
and Economy
There are regular daily air and ferry services
to the UK and Ireland. The Isle of Man, confronted with a decline
in its two principal sources of income, agriculture and tourism,
now places greater reliance upon industrial investment and its
financial centre activities.
» Language
The official and spoken language is English.
» Currency
The Manx Pound, which is on par with the UK
Pound and freely exchangeable.
» Exchange
Control
None.
» Type of Law
Common Law, based on English Common Law.
» Principal
Corporate Legislation
- Limited Liability Companies Act 1996
Company Information
» Limited Liability Company for International Trade and Investment
The legislation is based on US LLC legislaton. Manx LLCs must have two members and appoint a local registered agent.
» Procedure to Incorporate
Filing of Articles of Organisation with the Registry.
» Restrictions on Trading
Limited Liability Companies are not permitted to:
- Undertake banking or insurance activities or any other activity that might suggest an association with same without a licence.
- Undertake investment business other than the investment of the company's own assets without a licence.
- Neither solicits funds from the public nor offer their shares
or membership to the public without a licence.
» Powers of Company
An Isle of Man company has all the powers of a natural person.
» Language of
Legislation and Corporate Documents
English.
» Registered Office Required
Yes, must be maintained in the Isle of Man
» Shelf Companies Available
Yes.
» Time to Incorporate
One to five days, subject to name approval.
» Name Restrictions - A name that is similar to or identical to an existing company. A name that is known to exist elsewhere. A name that implies illegal activities. A name that implies royal or government patronage.
- Many names require justification or high capitalisation to allow use. Words such as "International", "European" or other words indicating an international presence will only be approved if the Company is incorporated with an authorised capital of £100,000 which must be paid up. Exemptions can be made for LLCs.
- Use of the word "Group" will only be approved if the company can provide documentary evidence that the company owns a group of companies.
» Language of Name
Names can be expressed in any language using the Latin alphabet, if the Registrar of Companies is in receipt of an English translation and the name is not considered undesirable.
» Names Requiring
Consent or Licence
The following names or their derivatives require consent or a licence: bank, building society, savings, loans, insurance, assurance, reinsurance, co-operative, council, Chamber of Commerce, trust, municipal and finance or their foreign-language equivalents.
» Suffixes
Limited Liability company or LLC.
» Disclosure of Beneficial
Ownership to Authorities
The identity of the beneficial owners of the Isle of Man Limited Liability Company may remain confidential if corporate officers are engaged to act as the members 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.
Compliance
» Taxation
LLCs are fiscally transparent and taxed as a partnership, thus an LLC with no Isle of Man resident members or business in the Isle of Man is not taxed in the Isle of Man.
» VAT
Isle of Man companies may be registered for VAT purposes and the VAT prefix will be "GB", which is recognised in Europe.
» Double Taxation Agreements
Apart from a limited treaty with the United Kingdom, the Isle of Man is not party to any double tax treaties.
» Financial Statements Required
Whilst there is no requirement to file audited financial statements with the authorities, it is important to note that a Limited Liability Company is required to keep financial records, which reflect the financial position of a company.
If the accounting records are kept at a place outside the Isle of Man they must be sent to the company's registered office in the Isle of Man at not less than 6 month intervals
Failure to maintain accounts or make them available for inspection at a company's registered office is an offence punishable by imprisonment or a fine.
The Assessor of Income Tax reserves the right to call in the financial records for inspection.
» Managers
One manager - either a natural person or a corporate. They may be of any nationality or residence.
Not applicable.
» Members
The minimum number of members is two.
Other Tax Planning Entities
Other business entities used for international tax planning include:
- New Manx Vehicle Companies
- Private Limited Companies
- Hybrid Companies
- Partnerships
- Trusts
Further information on these alternative structures are available on request.
Information Downloads
Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. GTA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.
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