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Isle of Man Company Formations

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The Isle of Man is an island approx 50km long by 20km wide and is located halfway between Ireland and the UK. It has a population of 80,000 person, which is largely made up of Irish , English and those born on the island. Persons born on the island are known as Manx. The Isle of Man is most famous for the annual road motorcycling race known as  the TT ( TouristT rophy ) and during this period in late May/early June the population doubles in size for the two week festival.However the Isle of Man is also known for its financial services industry and is regulated by the Financial Supervision Commission
It is a British Crown dependency but is self governing.

The UK Government is responsible for its foreign affairs and defence. Its parliament ( Tynwald ) which legislates  on finance  including taxation sits in the House of Keys.  The currency is the Manx pound which is on par with the GBP and the language is English. The Isle of Man has a double taxation treaty with the UK.  Companies that can be formed in the Isle of Man are  NMV, Hybrid, Private Limited, and the LLC. The latter three have some different requirements than that of the NMV outlinedbelow.

Here are some ofthe features of the New Manx Vehicle (NMV) Act 2006

Minimum subscribed members    one
Minimum number of directors     one
Need for directors to be locally based     no, if natural person      
Company Secretary        no
Government fee  GBP 250
Corporation Tax   0%--10%
Accounts Required   yes
Requirement to file accounts    no
Audit Required    no
Annual Return  yes

                                                                          We at RoyalCompany Formations would be happy to assist you in all your Corporate needs inthe Isle of  Man

 
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