Understand the Jurisdictions Setup Requirement Before Proceed Your Isle of Man Company Registration
Registering a company in the Isle of Man is an appealing way to minimize the taxes that foreign investors have to pay for. It is an offshore jurisdiction that has confidentiality laws and an attractive tax scheme. The statutory body of the Isle of Man is called the Financial Supervision Commission (FSC) which takes care of company registry in their country. The Isle of Man possesses a customs agreement that facilitates UK trade but it is separated from the UK and EU. Therefore, companies formed in the Isle of Man have definite advantages when they hold investments or do trading.
The Main Features of Company Registration in the Isle of Man
- There should be at least 1 director who resides anywhere in the world or a corporate body
- At least 1 shareholder
- Dividends that non-residents make are non-taxable
- There is no corporate tax for almost any kind of company except insurance or banking
- There are no capital gains tax, inheritance tax, withholding tax, or stamp duty to pay
- Going to the Isle of Man is not required for company formation
Isle of Man Company Registration Requirements
- The company name
- Previous company name/s if any
- Company registration number or ID number
- Registration date/ date of incorporation
- Entity/company type – IOM company, limited liability company
- Name type – current
- Company status – live, dissolved
- The date the company was dissolved/ trading cessation if applicable
- Any liquidator or appointed receiver if applicable
- Registered office address
- Charges if there are any
- Documents filed with the IOM registry. These details are the type of document, description, and date it was received at the registry
Why Open a Business in the Isle of Man
The Isle of Man is considered as part of the Customs EU, VAT and excise purposes, but taxes are only applicable if they are outside the EU. This can give a surety for excise matters and customs while flexibility is allowed for others.
Opening a business in the Isle of Man lets you bring EU customers closer while reducing the EU supply chain length and provides the chance to enhance profits.
Since the business is located in the Isle of Man, it allows businesses to lessen the taxation footprint and give full access to the EU markets, while it stays outside the EU for the majority of the non-customs and excise regimes.
The customs and excise service are focused on giving quality service while helping business implement their custom procedures that are cost-effective and appropriate.
The Isle of Man has a legal system that is well-established, sophisticated banking system, exchange controls absence, political stability, and similar restrictions when it comes to financial transactions.
They have a customs and excise agreement in the UK under these territories. They are also treated as one territory for the sake of custom duties, excise duties, and VAT.
3E Accounting can help with your company registration and set up, taxation, financial planning, documentation, and how to start running your business. We will be with you every step of the way so your business succeeds.