Isle of Man Company Formation
Isle of Man Company. Isle of Man Company Formation.
KGN Services 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)
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.
Cost of Isle of Man LLC Formation
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.
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.
Cost of NMV Formation
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.
Cost of Isle of Man LP Formation
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.
Cost of Isle of Man Company Registration
Questions? Need Advice?
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Why Choose KGN Services?
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Incorporating your business is our focus
We make a complex process fast and easy
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Services related Isle of Man Company Formation
KGN Services provides the following services related Isle of Man Company Formation:
- Cayman Islands Company Formation
- Registered Office and Agent Services
- Cayman Islands Company Secretarial Services
- Nominee Shareholder / Nominee Director
- Opening of Bank Accounts in Cayman Islands
- Full Belize Company Administration Services
- Mailing Address in the Cayman Islands
- Virtual Office in the Cayman Islands
- Trademark Registration
- Yacht Registration
KGN Services | Isle of Man Company Formation
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