Isle of Man

Isle of Man

The Isle of Man is located between Britain and Ireland, located in the Irish Sea in the center of the British Archipelago. The Isle of Man is a fully self-governing administrative unit under the protectorate of the British Crown. The monetary unit on the island is the British pound. It is profitable to register a company on the Isle of Man in the European space.

A business on the island is developing very actively, which is fully facilitated by the economic, a social, a political and the legal situation.

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YB Case experts draw the attention of their clients, that there is no currency control on the island, and the Financial Supervision Commission operating on its territory is more conducive to doing business, than it oversees it.

Opening an offshore on the Isle of Man can be attractive in terms of increased privacy requirements. Data on foreign beneficiaries on the island is a trade secret. You can also establish an international firm on the Isle of Man, but unlike the previous type of company, such a firm will be incorporated as an open joint-stock company. It pays 20% of the income tax.

You can also register a company on the Isle of Man as the EU, a tax-free foreign company. You may also register a tax-free foreign company in the Isle of Man. If such a firm has a secretary and at least one director (a resident), the company will be exempted from paying income tax, and will pay only £300.

You can also establish an international firm on the Isle of Man, but unlike the previous one, it is possible to set up an open joint stock company on the Isle of Man. She is a payer of 20% income tax.

YB Case specialists note, the type of the enterprise are reflected in its name without fail, and the registrar strictly observes this.

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If you decide to open a business on the Isle of Man, you should be aware, that the paperwork is made with all its directors, their citizenship, and the amount contributed to the authorized capital. By the way, on the island there are no requirements for its size and its timing of making. Moreover, the amount of the fee upon registration of your company directly depends on the amount paid.

One of the services, that YB Case specialists will provide, if you intend to register a company on the Isle of Man, will be professional advice on opening a bank account on the Isle of Man.

Incidentally, opening a banking business on the Isle of Man is extremely difficult.

YB Case ADVICE:

The law allows foreign non-resident companies to issue shares of their choice in any version of the world currency. However, a prerequisite is to indicate their face value. In addition, if you decide to register a company on the Isle of Man or to open a non-resident company on the Isle of Man, you will have to pay £900 of a tax annually. But there is no tax on capital gains.

YB Case experts warn, that business on the island may be more difficult with double taxation. However, there are ways to avoid this, such as the formal payment of a tax on dividends made by the shareholders of the enterprise.

YB Case qualified specialists will assist you in registering a business in the Isle of Man and will provide professional advice on opening a bank account in the Isle of Man.

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