Overview
Establishing a company in the Isle of Man that can hold investments or trade with other jurisdictions in the UK and EU comes with many benefits. For instance, incorporating a company in the Isle of Man means you gain a competitive advantage when importing or exporting goods to other nations due to the lower foreign trade taxation.
Dividends paid to the Isle of Man non-residential shareholders attracts no withholding tax as well as no payment of stamp duty, inheritance tax, and capital gains tax.
Any company with its shareholders being nonresidents of Isle of Man attracts no charge but only required to remit a certain fixed fee amount to the government during formation, and the fixed fee continues to be paid annually. The GBP is the standard currency for any company operating in the Isle of Man while the standard proven share capital is one share with a value worth 1 GBP.
Specificity of Establishing a Company in the Isle of Man
The favorable taxation structure to most foreign investors has attracted many companies in the Isle of Man. For instance, there are no turnover tax, capital gains, stamp duties, and no capital transfer tax as well as lower income tax rates. It takes about four to five working days to complete the company registration procedure once all the statutory company identification documents are availed to the relevant
The main requirement when establishing a company in the Isle of Man is at least one company director. Their nationality and residence can be from any place in the world, and can also be a corporate body. At least one shareholder obligatory. Zero percent (0 %) taxation on dividends made by all nonresidents. Zero percent (0 %) corporation tax for nearly all categories of companies. Companies are not required to pay the withholding tax, capital gains tax, stamp duty, and or inheritance tax.Company formation does not need an individual to visit the Isle of Man physically.
Legal system
Limited Company is the most used form of business in the Isle of Man, which is also comparable to the UK Limited Companies but with the advantage of enjoying 0% corporate tax rate in the Isle of Man. Companies that aren’t trading in local real estate or the banking enjoys a zero-rate income tax
Although there are customs agreements with those of UK jurisdiction for enhancing trading, the Isle of Man is legally distinct from the EU and the UK laws. The proposed name of the company can either be an English name or any other language. However, the company name should not contain any offensive language, sensitive words, or reserved names and or illegal names. The term “limited” must be included at the end of the company name.
Are you interested in establishing a company in the Isle of Man, then contact our specialists!
We will help you to incorporate your legal entity and to open a bank account.
Private Financial Services registers companies in the Isle of Man since 2005.