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Company registration on the Isle of Man in 2020
Doing business in this jurisdiction has several advantages:
- Developed economy;
- Favorable territorial location;
- No currency control;
- High level of confidentiality;
- Information about the owners of the company is closed;
- The ability to enter the UK and EU markets.
Business registration on the Isle of Man – from 2 100 €
Company registration period – from 2 daysDetailed information
* The information about the owners of the company is closed. A director information is available for £2
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 offshore zone 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.
Offshore business on the island is developing very actively, which is fully facilitated by the economic, a social, a political and the legal situation.
IQ Decision lawyers 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. To open a company on the Isle of Man is also possible as an onshore company. Such an enterprise does not enjoy tax benefits and pays a 20% income tax.
You can also register a company on the Isle of Man as the EU, a tax-free foreign company. If it has a secretary and at least one director - residents, it will be considered resident, while - it does not pay income tax, but only pays a fee of 300 British pounds.
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.
IQ Decision specialists note, the form and the type of the enterprise are reflected in its name without fail, and the registrar strictly observes this.
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 IQ Decision specialists will provide, if you intend to register a company on the Isle of Man, will be the opportunity to open a bank account on the Isle of Man.
Incidentally, opening a banking business on the Isle of Man is extremely difficult.
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 pounds of a tax annually. But there is no tax on capital gains.
Lawyers of IQ Decision warn, that business on the island can be more difficult with the double taxation. However, there are ways to avoid this - for example, the formal payment of tax on dividends made by shareholders of the enterprise.
IQ Decision professionals will help you to register a business in the Isle of Man and to open a bank account in the Isle of Man. We will also help you to buy a turnkey company in the Isle of Man.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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