Isle of Man
NEWS
FACT FILE
Location Centre of the Irish Sea, within sight of England, Scotland, Ireland and Wales.
Time Zone Greenwich Mean Time.
Population App. 85,000.
Capital Douglas.
Airport One airport situated in the south of the island.
Language Predominantly English but also Manx.
Currency The Isle of Man is in currency union with the UK although it issues its own currency, which is legal tender only within the Isle of Man. One Manx pound is therefore equivalent to one UK pound sterling.
Dialing Code +44 1624.
Centre's Expertise International legal, accounting, banking and fiduciary services.
Political System Independent.
Legal System Common law jurisdiction.
Personal Income Tax Low rates of income tax – each resident is entitled to an attractive pre-tax allowance with a low rate of 10% and the standard/high rate of 20%. The amount of income tax payable is capped at £120,000 per individual.
Corporate Income Tax Most companies pay income tax at a standard rate of 0% on all income; companies that receive income from banking business or from land and property situated in the Island pay tax at a 10% rate on profits from those sources and the standard 0% rate on their remaining income. Companies engaged in retailing activities on the island are taxed at 10% on all taxable profits over £500,000.
Exchange Restrictions None for both resident and non-resident.
Tax Treaties For full details, please go to http://www.gov.im/treasury/incometax/sections/practitioners/internationalmanagements.xml.
Permitted Currencies Any.
Minimum Authorised Capital No minimum. Concept of capital maintenance replaced by solvency test.
Minimum Share Issues No minimum. Concept of capital maintenance replaced by solvency test.
Shelf Companies Yes.
Incorporation Time Scale 24 hours.
Incorporation Fees £100 - £500
Annual Fees £380.
Minimum Number One.
Residency Requirements No.
Corporate Directors Yes.
Meetings/Frequency As the directors or members require.
Disclosure Annual return required including directors name. Member only if elect to file.
Bearer Shares No.
Minimum Number One.
Public Share Registry Yes, only if elect to file.
Meetings Frequency As the directors or members require.
Annual Return Yes.
Audit Requirements No.
Registered Office Must, at all times, be on the Isle of Man. Must have registered agent.
Domicile Issues Transfer to domicile permissable.
Company Naming Restrictions The FSC can refuse to register a company with a name which in its opinion is undesirable, ie misleading, offensive or harmful to the public.
ARTICLES
Listing in an Uncertain World
  The CEO of the International Stock Exchange Group (TISEG) explores how its offering of certainty is strengthening the rationale for debt securities, investment vehicles and trading companies to list on TISE (01/08/2017)
Isle of Man: Stability and Security in Challenging Times
  In these times of increasing global political and economic instability, international businesses, entrepreneurs and HNWIs need to be cautious when choosing a jurisdiction in which to structure their affairs or set up businesses.....w (01/10/2016)
Isle of Man: Sunshine On A Rainy Day
  Philip Knop examines how the future appears bright for the Manx financial sector. (01/01/2016)
The Isle of Man – A Centre of Excellence for Shipping and Aviation
  Oscar Brown, examines the attractiveness of the Isle of Man as hub for Shipping and Aviation. (01/01/2016)
If it quacks like a duck?…The classification and duties of non-trustee power-holders
  With reserved powers legislation available in most offshore jurisdictions, Ashley Fife examines the difficulties regarding the categorisation of powers held by a person other than a trustee as either fiduciary or non-fiduciary. (01/01/2016)
Online Gaming – A Safe Bet?
  With the eGaming sector experiencing unprecedented growth, Craig Brown examines the opportunities and challenges facing the industry. (01/12/2015)
The Isle of Man: Proud of its Place on the International Stage
  With the Isle of Man experiencing 30 years of continuous economic growth, Malcolm Couch examines the role the island's status as a leading financial centre played in achieving this remarkable statistic. (01/11/2014)
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FURTHER BACKGROUND INFORMATION
  IFC Isle of Man: The Definitive Guide to the Manx Financial Sector
  Free digital edition now available. - read more...
  Isle of Man Tax Treaties
  The Isle of Man currently has 40 tax agreements in place consisting of 11 DTAs and 29 TIEAs. - read more...
  read all