Isle of Man Company Formation

Isle of Man Company Formation

Isle of Man Company. Isle of Man Company Formation.

KGN specializes in Company registration in Isle of Man and opening bank accounts.

General Information about Isle of Man Company

Principal Corporate Legislation

The Limited Liability Companies Act 1996, The Companies Acts 1931 to 2004,

The Companies Act 2006, The Partnership Act 1909,

The Limited Partnership (Legal Personality) Act 2011

Type of Law

Common.

Language of Legislation and Corporate Documents

English.

Currency

None.

Exchange Control

None.

Isle of Man Companies: Key Aspects

Principal Corporate Legislation

• Resident LLC
• Private Limited Company
• New Manx Vehicle (NMV)
• Limited Partnership
• Hybrid Company (Private Limited by Guarantee and having a Share Capital)

Resident LLC
Private Limited Company
New Manx Vehicle (NMV)
Limited Partnership
Hybrid Company
Resident LLC

Isle of Man Resident LLC

Share Capital

Not Applicable.

Classes of Share Available

Not Applicable.

Restrictions on Trading

Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Office Required

Each Isle of Man Company must have a Registered Office in the Isle of Man, provided by a licenced service provider.

Managers

The minimum number of manager is one. Manager can be of any nationality and need not be resident in the Isle of Man. Corporate managers are permitted.

Members

The minimum number of members is two.

Publicly Accessible Records

Yes.

Nominee Shareholders and Nominee Directors

Allowed.

Location of Meetings of Managers and members

Anywhere.

Personal Presence Required

No.

Taxation

Fiscally Transparent.

Double Taxation Treaty Access

None.

Requirements to File Accounts

No, but must be available for inspection.

Requirement to File Annual Return

None.

Audit Requirements

None.

Language of Name

Latin alphabet.

Restricted Words

Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.

Name of a Company

The words “Limited Liability Company” or LLC must be part of the name of every Isle of Man LLC.

Time to Incorporate

Two weeks, subject to name approval.

Private Limited Company

Isle of Man Private Limited Company

Share Capital

Standard authorised share capital is GBP 2000. Minimum paid up share capital is GBP 1.

Classes of Share Available

Registered shares, preference shares, redeemable shares and shares with or without voting rights.

Bearer Shares

Not permitted.

Restrictions on Trading

Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Office Required

Each Isle of Man Company must have a Registered Office in the Isle of Man, provided by a licenced service provider.

Directors

The minimum number of directors is two. Director can be of any nationality and need not be resident in the Isle of Man. Corporate directors are permitted.

Shareholders

The minimum number of shareholders is one.

Publicly Accessible Records

Yes.

Nominee Shareholders and Nominee Directors

Allowed.

Location of Meetings of Directors and Shareholders

Anywhere.

Personal Presence Required

No.

Taxation

0%-10%.

Double Taxation Treaty Access

UK only.

Requirements to File Accounts

No, but must be available for inspection.

Requirement to File Annual Return

Yes.

Audit Requirements

Yes, but small company exceptions.

Language of Name

English.

Restricted Words

Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.

Name of a Company

The words “Limited” or “Ltd” must be part of the name of every Isle of Man Private Limited Company.

Time to Incorporate

Two weeks, subject to name approval.

New Manx Vehicle (NMV)

Isle of Man – New Manx Vehicle (NMV)

A New Manx Vehicle can be incorporate as:

• a company limited by shares
• a company limited by guarantee
• a company limited by shares and by guarantee
• an unlimited company without shares
• an unlimited company with shares

Share Capital

Standard authorised share capital is GBP 2000. Minimum paid up share capital is GBP 1.

Classes of Share Available

Registered shares, preference shares, redeemable shares and shares with or without voting rights.

Bearer Shares

Not permitted.

Restrictions on Trading

Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Office Required

Each Isle of Man Company must have a Registered Office in the Isle of Man, provided by a licenced service provider.

Directors

The minimum number of directors is one. Director can be of any nationality and need not be resident in the Isle of Man. Corporate directors are permitted.

Shareholders

The minimum number of shareholders is one.

Publicly Accessible Records

Yes.

Nominee Shareholders and Nominee Directors

Allowed.

Location of Meetings of Directors and Shareholders

Anywhere.

Personal Presence Required

No.

Taxation

0%-10%.

Double Taxation Treaty Access

UK only.

Requirements to File Accounts

No, but must be available for inspection.

Requirement to File Annual Return

Yes.

Audit Requirements

Yes, but small company exceptions.

Language of Name

English.

Restricted Words

Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.

Name of a Company

The words “Limited”, “Corporation”, “Incorporated” or Ltd, Corp., Inc. must be part of the name of every company.

Time to Incorporate

Two weeks, subject to name approval.

Limited Partnership

Isle of Man Limited Partnership

Share Capital

Not Applicable.

Classes of Share Available

Not Applicable.

Restrictions on Trading

Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Office Required

Each Isle of Man Company must have a Registered Office in the Isle of Man, provided by a licenced service provider.

Partners

The minimum number of members is one.

Publicly Accessible Records

Yes.

Nominee Partners

Allowed.

Location of Meetings of Managers and members

Anywhere.

Personal Presence Required

No.

Taxation

Fiscally Transparent.

Double Taxation Treaty Access

None.

Requirements to File Accounts

No, but must be available for inspection.

Requirement to File Annual Return

None.

Audit Requirements

None.

Language of Name

Latin alphabet.

Restricted Words

Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.

Name of a Company

The word “LP” must be part of the name of every Isle of Man Limited Partnership.

Time to Incorporate

Two weeks, subject to name approval.

Hybrid Company

Isle of Man Hybrid Company (Private Limited by Guarantee and having a Share Capital)

Share Capital

Standard authorised share capital is GBP 2000. Minimum paid up share capital is GBP 1.

Classes of Share Available

Registered shares, preference shares, redeemable shares and shares with or without voting rights.

Bearer Shares

Not permitted.

Restrictions on Trading

Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Office Required

Each Isle of Man Company must have a Registered Office in the Isle of Man, provided by a licenced service provider.

Directors

The minimum number of directors is two. Director can be of any nationality and need not be resident in the Isle of Man.

Shareholders

The minimum number of shareholders is one.

Publicly Accessible Records

Yes.

Nominee Shareholders and Nominee Directors

Allowed.

Location of Meetings of Directors and Shareholders

Anywhere.

Personal Presence Required

No.

Taxation

0%-10%.

Double Taxation Treaty Access

UK only.

Requirements to File Accounts

No, but must be available for inspection.

Requirement to File Annual Return

Yes.

Audit Requirements

Yes, but small company exceptions.

Language of Name

English.

Restricted Words

Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. will require justification.

Name of a Company

The words “Limited” or Ltd. must be part of the name of every Isle of Man Hybrid Company.

Time to Incorporate

Two weeks, subject to name approval.

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Services related Isle of Man Company Formation

KGN provides the following services related Isle of Man Company Formation:

Isle of Man Company Formation

Registered Office and Agent Services

Isle of Man Company Secretarial Services

Nominee Shareholder / Nominee Director

Opening of Bank Accounts in Isle of Man

Full Isle of Man Company Administration Services

Mailing Address in the Isle of Man

Virtual Office in the Isle of Man

Trademark Registration

Yacht Registration