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Prestigious Jurisdiction, specially suitable for those who need
VAT
registration to trade with EU.
Bank accounts in IOM available,
and Bank Account NOMINEE SIGNATORY service, for full privacy protection.
The Isle of Man is in the "common purse" with the
UK for Customs and Excise. The standard rate of VAT is therefore in line with
the UK at 17.5%. The rate of income tax applicable to Isle of Man companies not
engaged in banking or local real estate business is 0%.
The
Isle of Man is an established international business and finance centre, with a
secure base built on political stability, low taxation and a firmly established
fiscal and regulatory environment independent of the UK.
The Isle of Man is an internally self-governing dependent territory of the
British Crown. It is not and has never been part of the United Kingdom but is
within the British Isles. It is technically a Crown Dependency and is
independent in all matters except foreign affairs and defence, both of which are
the responsibility of the United Kingdom Government and for which the Isle of
Man pays an annual contribution.
The Manx exercise their extensive political and legislative independence through
their ancient parliament, Tynwald, which is the oldest legislature in the world
in continuous existence.
Types of Company
Incorporated under the Companies Acts 1931- 2004
Companies may be:
- Limited by shares
- Limited by guarantee
- Limited by guarantee and having a share
capital
- Having a share capital with unlimited
liability.
All companies are designated as either private or
public companies. Private companies are not permitted to offer their shares or
securities to the general public and are not required to file annual audited
accounts at the Companies Registry.
Established under the Limited Liability Company (LLC) Act 1996
The Isle of Man adopted the Wyoming legislation as its model and enacted the
Limited Liability Companies Act 1996. A LLC is a hybrid structure composing
attributes of both a company and a partnership. Further specific information is
available on request.
Company Tax
Previously the Isle of Man operated a company income tax system that permitted
non-resident tax status, tax exemption and international tax status. To comply
with commitments made to the EU and the OECD the Isle of Man adopted a strategy
to change its corporate tax system and to remove these, so called “harmful tax
practices”.
From the 6 April 2006, the general rate of corporate income tax in the Isle of
Man is 0%. A 10% tax rate still applies in very limited circumstances, for
companies engaged in banking business and IOM property transactions. An annual
corporate charge of £250 is payable by every company.
Distributions made to non-residents of the Isle of Man from companies taxed at
0% are subject to withholding tax at the rate of 0%.
VAT Registration and EU Trading
Although the Isle of Man is not a member of the EU, it has the distinct
advantage of being part of the customs territory of the EU under Protocol 3. A
company can register for VAT in the Isle of Man if it maintains a place of
business in the Isle of Man. It is therefore possible for Isle of Man and
foreign companies to make advantage of the Isle of Man 0% corporate tax rate
whilst obtaining the benefits of VAT registration for trade in the EU. ISLE OF MAN INCORPORATION
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We check the availability of
your preferred corporate name and reserve it for you.
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We prepare and file all
necessary documentation for the formation of your new corporation.
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We promptly forward the original
company documents to you.
Basic ESTABLISHMENT FEES
(one
time only fees)
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GBP
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|
Incorporation Fee
(includes expenses, filing fees and duty for standard authorised
capital) |
£420 |
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Corporate
Structuring and Due Diligence
(preparation of company documentation kit and the provision of a
company seal) |
£300 |
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Processing Application to open Isle of Man
Corporate Bank Account
|
£500 |
ANNUAL RECURRING FEES
|
|
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Corporate Domicile
(provision of registered office and if applicable registered agent,
maintenance of statutory records, compliance, filing of Annual Return
and any tax/licence declaration) |
£700 |
|
Government
Fees (was
£430
now is
£250) |
£250 |
|
|
|
|
Annual return Filing
Fee |
£70 |
|
TOTAL FIRST YEAR: |
£1740 |
|
|
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OPTIONAL SERVICES
|
|
|
Professional
Directors,
Authorised Bank Nominee Signatories,
Company Secretary and
Nominee
Shareholders |
£1000 |
|
VAT registration |
£450 |
|
VAT administration
(book-keeping, banking) |
£200 / quarter |
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Provision for Preparation
of Statutory Financial Accounts |
£300 |
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Trust
and Private Foundations |
|
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Preparation of
Trust/Foundation Deeds and Transfer of Assets |
from £950 |
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Annual Trustee Fees |
from £1200 |
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Notes: This Quotation excludes
any VAT tax that may be applicable (17.5%)
Note: all professional nominee
directors in the Isle of Man must be checked by the Government Financial
Supervision Commission before they are permitted to appointment to a client
company. The Government checks the police record, professional qualifications,
knowledge of company law, work experience and financial standing. This is in
compliance with the Corporate Service Providers Act 2000.
ORDER
HERE
FIND/BUY RELATED BOOKS!
Whilst every effort has been made to ensure that the details contained herein
are correct and up-to-date, it does not constitute legal or other professional
advice. We do not accept any responsibility, legal or otherwise, for any errors
or omissions.
Please go to our
Uses of offshore Companies Page where you
will find interesting information on the benefits of using offshore companies
and trusts for business and personal use, links to information on other
locations and details of our products and services.
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