4 Quick Facts About Doing Business In The Isle of Man
4 min read
A tiny island in the Irish Sea, the Isle of Man is a hotbed for investors. Despite following UK laws and regulations, it is an independent territory. The strong connection to the UK creates a conducive investment potential in online gaming, insurance, and finance industries. The World Bank ranked the Isle of Man as the 5th richest territory across the world for its gross domestic product per capita.
Available companies in the Isle of Man
The Companies Act allows setting up a limited liability company or partnership. Other laws exist regarding trusts and foundations for essential tax planning. An offshore company is suitable in the Isle of Man regulated by the 1994 International Business Act. you can select the type of company or request assistance from professional agents to guide you through the corporate incorporation process.
Three company incorporations exist with a difference in time for completing the registration. Standard incorporation happens in 48 hours and will cost you 100 £. Another option is the two-hour incorporation if you submitted your registration paperwork before 2:30 on a business day. Lastly, fast track incorporation where you wait for the process to be completed. However, this will cost you a bit more and you must have submitted your paperwork before 4 pm during a working day.
Company formation on the Isle of Man
A company director doesn’t have to be a resident but must have a registered agent. The ideal offshore company providers in Isle of Man should be licensed by the local financial supervision commission. The company needs a registered office on the island. There’s a need to appoint at least one company director although a company secretary is not important. Additionally, you also need at least one registered shareholder.
There’s a need to file annual tax returns at a small fee and to hold company meetings. The company director can be absent as long as there’s communication with other directors. Resident companies enjoy not paying corporation tax with dividends, not prone to withholding tax. Value Added Tax (VAT) is at a standard rate of 20 percent for registered companies.
Legal assistance for Isle of Man company incorporation
You need a team with extensive corporate experience and a solid understanding of the accounting and legal requirements of local authorities. The ideal offshore company service providers should act on your behalf during the incorporation of a new company or make an existing one match local jurisdictions. The service providers should have a commercial focus to ensure a robust corporate frame for protecting your interests.
You need a reliable partner who will give you the flexibility to grow your business. The right company will help you avoid difficulties including unambiguous agreements. This helps avoid legal action or make it easier to find an amicable solution. The company’s legal team will review all your needs to allow identifying areas in your corporate structure that need strengthening. Apart from company incorporation, the ideal service providers should offer complimentary assistance for:
- company restructuring
- corporate dispute resolution
- listing on the stock exchange
- mergers
Benefits of establishing a company in the Isle of Man
Extensive internet cover
Despite its location in the Irish Sea, the Isle of Man has a wide coverage of broadband and various wi-fi hotspots. Every resident and business benefits from internet connectivity. About 97 percent of the population could access about 4Mbps internet in 1996 according to Q2 Akamai State of the Internet Report.
Served by multiple airlines
The Isle of Man is served by various airlines to stay well connected. Apart from the ferries from the Steam Packet Company that sail from the UK two times daily, various airlines fly regularly to the island including:
- Easyjet
- Flybe
- Aer Lingus
- British Airways
Endless opportunities
The island is a financial and professional services hub with immense development in sectors including e-commerce and e-gaming. About 200 manufacturing industries in sectors including food and drinks, precision engineering, aerospace, and blacksmiths exist on the island. The Isle of Man is a recognised business centre with innovations that diversify the economy. Emerging industries and traditional industries co-exist.
Enjoy work-life balance
Another significant benefit to inspire you to invest in the Isle of Man is the endless opportunities to enjoy a work-life balance. The island has an exceptional quality of life to boost creativity and enhance production capacity. There are various natural landscape features for recreational purposes including:
- open moorland
- wooded glens
- rolling mountains
- beautiful beaches
The country’s small size allows short commutes while enjoying its beauty. Local schools and healthcare are world standard with close-knit communities that create a safe environment.
When looking for an investment destination, the Isle of Man should not be underlooked. Forming a company is a seamless process with assistance from a professional service provider. This will allow reaping from the endless opportunities including working while looking forward to enjoying the natural beauty of this nation at the end of the day.
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