Fact File

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Finance Isle of Man

Location

The Irish Sea, almost equidistant between England, Scotland, Wales & Ireland.

Time Zone

Greenwich Mean Time.

Population

Approximately 85,000.

Capital

Douglas.

Airport (s)

Ronaldsway Airport, located in the South of the Island.

Language

Predominantly English but also Manx.

Currency

The Manx Pound, which is on a par with UK Sterling and freely exchangeable.

Political System

UK Crown Dependency

International Dialing Code

+44 1624.

Legal System

Common law jurisdiction.

Centre's Expertise

Insurance, legal, accounting, banking and fiduciary services.

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 a high rate of 20%. The amount of income tax payable is capped at £175,000 per individual. There is no capital gains and no inheritance tax.

Corporate Income Tax

Most companies pay income tax at a standard rate of 0% on all income; companies that receive income from banking business are taxed at 10% whilst companies pay tax at 20% on profits derived from land and property situated in the Island. Companies engaging in retailing activities on the Island are taxed at 10% on all taxable profits over £500,000.

Exchange Restrictions

None

Tax Information Exchange Agreements

Anguilla, Argentina, Australia, Bermuda, Botswana, British Virgin Islands, Cayman Islands, Canada, China, Czech Republic, Denmark, Eswatini, Faroe Islands, Finland, France, Germany, Gibraltar, Greenland, Iceland, India, Indonesia, Ireland, Italy, Japan, Lesotho, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland, Turkey, Turks and Caicos, United Kingdom and United States.

Double Taxation Agreements

Australia, Bahrain, Belgium, Denmark, Estonia, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Ireland, Jersey, Luxembourg, Malta, New Zealand, Norway, Poland, Qatar, Seychelles, Singapore, Slovenia, Sweden and United Kingdom.

Permitted currencies

Any.

Minimum authorised capital

No minimum. Concept of capital maintenance replaced by solvency test.

Minimum share issue

No minimum. Concept of capital maintenance replaced by solvency test.

Shelf Companies

Yes

Timescale for new entities

24 - 48 hours although urgent 2-hour or ‘while you wait’ services are also available

Incorporation fees

£100-£500

Annual fees

£380

Minimum Number

One

Residency Requirements

No

Corporate directors

Yes

Meetings/ frequency

As the directors require.

Disclosure

A company can elect to voluntarily file a copy of its register with the Registrar of Companies

Bearer Shares

No

Minimum number

One

Public share registry

A company can voluntarily elect to file its register of shareholders with the Registrar of Companies. However, the Annual Return, once filed, contains shareholders’ information and is publicly available. Nominee shareholders are permitted.

Meetings/ frequency

As the members require.

Annual return

Yes

Audit requirements

Thresholds apply and there is no requirement to file audited financial statements.

Registered office

Must have a local registered office or registered agent.

Domicile issues

Transfer of domicile permissible.

Company naming restrictions

The Companies Registry can refuse to register a company with a name which, in its opinion, is undesirable, misleading, offensive or harmful to the public.

Beneficial Ownership Requirements

Natural persons who ultimately own or control more than 25% interest in the legal entity must be submitted to the Isle of Man Database (private) of Beneficial Ownership.