The Isle of Man: low taxes
The Isle of Man is the British crown dependency in the Irish Sea. It is a self-governing territory with the oldest continuous parliament in the world, called Tynwald.
Advantages of using the Isle of Man as your jurisdiction of choice
• No currency control
• Various legal business structures
• Skilled workforce
• High tradition of confidentiality
• Nominal service is available
• Corporate directors permitted
• No audit requirements
• Free change of legal address of the company
• Resident limited liability company (resident LLC)
• Private limited company
• New Manx Vehicle (NMV)
• Limited Partnership
• Hybrid Company
What documents will you receive upon registration of a private limited company?
1. Certificate of Incorporation
2. Memorandum and Articles of Association
3. Minutes of the First Meeting
4. Share Certificate
5. Resolution to issue shares
6. Consent to act as director
7. Registers of directors and shareholders
If using nominee services you will also receive:
• Power of Attorney
• Resolution to issue Power of Attorney
• Declaration of Trust
Taxation and statutory requirements at a glance
Resident LLC and limited partnerships are not subject to taxation on the Isle of Man on condition that the founders/partners are not local residents and that these entities do not do business on the island.
Private limited companies and hybrid companies are free from taxation providing that these companies do not have any source of income on the territory of the Isle of Man.
A New Manx Vehicle pays corporate tax at the rate of 10%.
Accounting and filing requirements
Keeping accounting records is obligatory. There are no filing requirements as such, but all company documentation and accounting records must be stored in the registered office and be filed if requested.