Advantages |
- Exempt tax legislation. Good infrastructure and respectability. No stamp or estate duty or capital gains tax. Company may register for VAT purposes
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Disadvantages |
- Can be expensive for non-trading operations
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Company Status |
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Resident - Taxed at 20% of profits.
Exempt - flat rate of £475 p.a.
International – Taxed at negotiated rate
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Corporate legislation |
The Companies Acts 1931 to 1993, International Business Act 1994
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Company Name |
Prior approval required. Sensitive words will include International, Bank, Royal, Trust, Holdings, Group etc. and can not be used. Must end 'Limited'
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Time taken to incorporate |
5 -7 Days
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Are shelf companies available? |
Yes, any application for exemption is to be made after the acquisition
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Usual minimum capital |
£2,000 (not applicable for International LLC)
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Capital Duty |
£14 per £1000 capital
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Minimum number of shareholders |
One
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Are bearer shares/shares of no par value possible? |
Yes, provided they are held by a custodian such as Fiduciary Trust Limited / No
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Directors: minimum number / corporate directors allowed / location |
Two / No / At least one resident director is required for the exempt company
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Secretary: mandatory / corporate secretary allowed / location |
Resident - Yes / Yes / No restriction.
Exempt - Yes / No / Must be resident & fully qualified
International LLC not require company secretary
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Is there a requirement for a Registered Office / Registered Agent? |
Yes / No
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Is any information required by the authorities prior to incorporation or prior to tax status being granted? |
None, with exceptions of Banking, Insurance and other licensed activities
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What information is available on the public file? |
Directors, Shareholders, Registered Office, Secretary, Memorandum & Articles of association, annual return, mortgages & charges (if any)
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What documents must be kept at the Registered Office? |
Members / Secretaries / Mortgages & Charges / Register of Directors / Annual financial statements
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Corporate books & seal |
Both required, usually retained at the Registered Office
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Are accounts required / filed? |
No but must be available for inspection in the Isle of Man (Limited resident company must file accounts).
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Is an annual return required? |
Yes
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Where are meetings to be held? |
No restriction
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Annual fees payable to the government: Tax / Annual Return Filing Fee |
Resident - 20% profits / £60.
Exempt - £450 / £60
IBC - £1200
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Are there any exchange controls? |
None
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