The Isle of Man is rightfully considered one of the safest offshore, which is, also, a territory, belonging to the protectorate of the British Crown, as are the islands of Guernsey and Jersey. However, the tax policy of the island is sufficiently independent and especially loyal to foreign investors.
Request for personal advice on details on registering a company on the Isle of Man from YB Case team, who will familiarize you in detail with all nuances of local tax regulation.
In addition, a sufficiently comprehensive information is made available to the public for general study. So, if your goal is to register a company on the Isle of Man - you can familiarize yourself with local rules and requirements in detail. We will also provide assistance in buying an offshore in the Isle of Man.
The stability and benefits of working with this jurisdiction is also confirmed by the fact, that the London Stock Exchange registers companies, established here, and this is a serious argument in favor of registering a company on the Isle of Man and opening a bank account on the Isle of Man. Some activities here require licensing, but, having the intention to open a business on the Isle of Man, you enter for this in one of the best and most convenient offshore niches in the world. This is indicated by indicators of a number of leading rating agencies.
Having resorted to the help of professional experts of YB Case on opening offshore companies on the Isle of Man, do not forget to consult on the legal forms of enterprises in this jurisdiction, that differ from one another, mainly, by the criteria of responsibility:
- the company of shareholders, a liability is limited, as in LLC;
- a company of shareholders, a liability is limited by available shares;
- an enterprise of shareholders with the unlimited liability (the issue of shares is possible);
- a firm of shareholders, a liability is unlimited (a share issue is not possible);
- a standard LLC.
When planning to open a company on the Isle of Man, you need to know, that a local law, also, provides for the creation of trusts.
It is possible, of course, to open a bank on the Isle of Man, but it will be very difficult to do this, since the island issues the necessary permission for financial activity only and exclusively to branches of existing banks.
The Commission shall recognize:
- countries, where parent banking institutions are reliable in terms of licensing;
- the bank’s work is efficient over the last 5-year period;
- a reputation of owners and managers of the bank.
However, in this option, the bank has every chance to fall into the category of “managed” (working on international operations on the island with the help of a local bank).
YB Case help: Today there are 60 banking institutions on the island. Of these, non-British/Irish - only 3: Bermuda, Canadian and Dutch origin.
Thus, the decision to register an offshore in the Isle of Man, which implies the need to open an account in the Isle of Man, is once again reinforced by the reliability of the local financial system.
Registering a company on the Isle of Man can be accomplished by an individual or legal entity, but the registration address of its founder does not matter. There are also no specific requirements for the size and necessity of paying the charter fee.
Having made the final decision to start a business on the Isle of Man, you must remember the local requirement for the presence of both a non-resident and a resident licensed agent.
Speaking of taxes, registering an offshore on the Isle of Man will save you from taxes on:
- the increase in funds;
- the negotiable upon import;
- a capital transfer;
- a property;
- the inheritance;
- a giving.
An income (from banking activities and/or leasing) tax is 10% for firms and 18% for trusts.
YB Case specialists inform you, that information about the beneficiary is, also, required here during the registration process, but a nominal service on the Isle of Man is not provided.
And the last one: the audit here is carried out by joint-stock companies, however, the registrar may demand at any time financial statements and the information about the structure of your company. The annual financial report will not be required from you.
For all questions on how to open a company on the Isle of Man, including how to register a company on the Isle of Man remotely, you can check with our professionals.