International offshore company formation

General
Type of Company	Exempt
Political Stability	Good
Standard Authorised Capital	No
Tax on Offshore Profits	Nil
Corporate Requirements
Local Registered Office and Registered Agent Required	Yes
Minimum Number of Directors/Managers	2
Local Directors Required	Yes (Min. One)
Corporate Directors Permitted	No
Minimum Number of Shareholders/Members	1
Local Shareholders Required	No
Corporate Shareholders Permitted	Yes
Company Secretary Required	Yes, Local
Bearer Shares Allowed	No
Annual Requirements
Filing of Annual Return	Yes
Submit Audited Accounts	No
Min. Annual Tax / Licence Fees	￡430
Shelf Companies Available	No

GENERAL INFORMATION

INTRODUCTION
The Isle of Man is located in the Irish Sea between England and Ireland. Its total area is 588 sq. km. And its population is approximately 70,000 resulting. The Isle of Man is not part of the United Kingdom. A third of the population live in the capital, Douglas, and its suburbs. It is a British Crown dependency and 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.

The Island has a special relationship with the European Community: whilst it is associated with the EC the Isle of Man is excluded from the Community's fiscal harmonisation policy. The Island is a part of the UK VAT area and does impose VAT on goods and services. As such, an Isle of Man company may be registered for VAT and may therefore prove a suitable vehicle for international trade with other member states of the European Union.

LANGUAGE
The official language is English although Gaelic is also spoken.

TYPE OF LAW
English Common Law

COMPANY INFORMATION

TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
The Limited Exempt Company and the Limited Liability Company.

TIME TO INCORPORATE
Three Days, but allow ten working days for receipt of documentation.

RESTRICTIONS ON NAME AND ACTIVITY
The following words cannot be used without further approval; bank, assurance, casualty, guarantee, indemnity, insurance, re-insurance, surety, underwriting, bank, trust, trustee, holdings, international, group, global, worldwide, European, finance, securities, etc.

Limited Exempt companies must use Limited or Ltd as a suffix

CLASSES OF SHARES PERMITTED
Registered shares, preference shares, redeemable shares and shares with or without voting rights.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.

LICENCE FEES
Exempt companies pay an annual licence fee of ￡600 per year.

FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.
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. We do not accept any responsibility, legal or otherwise, for any error or omission.