For starters, the law in ISLE of MAN is common law law. Common law jurisdictions are generally regarded as easier to structure. E-signatures are allowed.
The abbreviation IM is for ISLE of MAN and the most common company type structure in ISLE of MAN is a LTD.
The average time to incorporate is 1-7 Days to setup a LTD in IM. The types of consideration you can use to setup your company is most commonly legal currency.
Yes, one is allowed to re-domicile a LTD from IM. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own a LTD in IM by yourself. Corporate Shareholders are allowed, meaning you could have a company as a shareholder. Foreign ownership is allowed, up to 100% of the ownership of the legal entity.
There is a requirement to have at least 2 directors. Speaking of shareholders, corporate directors are not permitted. Directors are disclosed publicly. There is not a requirement to have annual meetings.
A registered agent is normally required, which means the company will have to pay a fee on a yearly basis, for an agent which can receive litigation or other legal process on behalf of the company. A related requirement, a company secretary is required by law.
There is an obligation to file yearly tax returns. However, there is no requirement that these accounts be audited, at least for privately held companies.
Thin capitalization rules are in effect. A company is thinly capitalised when there is a greater proportion of debt than equity. The minimum capitalization for a Isle of Man Common law is 2,000.
A corporate director is not permitted, meaning this country is not a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Isle of Man, Department of Economic Development. Shareholders are not disclosed in the Department of Economic Development.
Typically companies take 1-7 days to setup and there are 2 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Isle of Man is a good option and have given it a score of 91 as an IO score, using the Incorporations.IO proprietary formula.
1-7 Daysto form