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Fact File
Fact File Supplied by:
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.
