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Offshore in the Isle of Man

What’s important to know about offshore: the Isle of Man

Exceptional political stability, business-friendly taxation, and extensive opportunities for profitable business — all this makes the Isle of Man an attractive choice for entrepreneurs and investors. In essence, the Isle of Man is not part of the United Kingdom or the European Union, yet it provides business owners with numerous benefits. This is also due to the fact that the Isle of Man conducts its own tax policy, which is independent of the one currently in force in the UK.

If you are interested in the Isle of Man, you can open an offshore company here only by complying with certain requirements regarding local company structures. For example, under the latest legislative changes, a company must have at least one shareholder. The management must include at least two directors, who may only be natural persons. The company structure must also include a secretary, although this position may be held by a legal entity.

Please note that information about directors and shareholders is publicly available. This means third parties have free access to this data.

Steps

01

Choosing a name for the future company in the Isle of Man

The client must provide 3 name options for the company. We will check their availability for registration and suggest available alternatives for the final choice. If all three options are taken, we will ask for additional ones. Providing 3 names is not mandatory but will speed up the verification process.

02

Document preparation

The client must prepare personal documents for company registration. This can be done in parallel with stage one. The exact list of documents depends on the specifics of the future company. Usually, it includes a passport copy, proof of address, and letters of recommendation.

03

Preparation of registration forms

Based on the data provided by the client, a set of documents is prepared for submission to the Registry.

04

Submission of registration documents

The completed set of documents is submitted to the Registry. After that, the registrar processes the documents, and the company is entered into the Registry database.

05

Obtaining confirmation of company registration

After the company is entered into the Registry, its registration details can be viewed there, and, if necessary, paper versions of statutory documents can be ordered with or without certification. Our specialists can assist with all required certifications (notarization, apostille) and translations into other languages if needed.

Isle of Man: offshore zone and corporate taxation

All companies registered in this jurisdiction are subject to certain taxation, depending on the legal form of the enterprise and several other factors. The most popular option among foreign entrepreneurs is a Limited Liability Company (LLC).

If you are interested in this or any other offshore company in the Isle of Man, take note of several aspects of local legislation, especially regarding taxation.

All companies registered here must pay corporate income tax. The maximum rate is 18%, but this applies only to trusts. In other cases, the corporate tax rate for non-resident legal entities is 0%.

Value Added Tax (VAT) is set at 17.5%. It is charged only on the import and export of goods, as well as services provided by a local company in EU countries.

If you want to register or buy an offshore, the Isle of Man is a good choice thanks to transparent taxation. For example, there are no:

  • capital gains or transfer tax;
  • stamp duty;
  • property, inheritance, or gift tax.

It should be noted that all local companies are required to pay an annual government fee of about GBP 380.

What to know before registering or buying an offshore company in the Isle of Man

If you plan to start a business in the Isle of Man, consider the following:

  • Company names may be in any language, provided they use Latin characters and include a translation into English.
  • The founder can be either a natural or a legal person.
  • There are no requirements regarding paid-up share capital.
  • The company must have a registered office in the Isle of Man. The secretary does not need to be a resident.

If you decide to buy an offshore company in the Isle of Man, keep in mind that there are no requirements for preparing financial statements. Joint-stock companies, however, must undergo a mandatory audit and submit financial statements to the regulatory authorities.

If you are interested in this jurisdiction, contact our specialists to choose a suitable company and receive personal advice on any issues.

Free initial consultation on legal issues, related to the daily activities of the business

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Frequently Asked Questions:

The final cost of company registration in the Isle of Man depends on the type of activity, the number of participants, and other factors. You can find out the exact cost of registering a company in the Isle of Man by consulting our specialists.
An offshore in the Isle of Man can be registered remotely through local representatives.
To register a company in the Isle of Man, you need to provide copies of the participants’ passports, proof of address, and letters of recommendation.
We select banks based on the country of company registration, the residency of beneficiaries and directors, expected turnover, required currencies, and payment regions. The bank’s reputation and fees are also considered. To find the most suitable option for your company, please contact our specialists.

Contact
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+85281926676

info@incluence.net

Rm 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong

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