Our Services - Offshore Company Formation, Nominee Director, Nominee Shareholder, Mail forwarding and Bank Accounts

Offshore Formations 247 specialize in Isle of Man company formations ranging from simple company registrations to complex structures including offshore Trusts and in providing a very comprehensive assortment of administrative services to Isle of Man companies, including the provision of Nominee Director, Nominee Shareholder, Mail Forwarding and Bank Account services. We are also able to offer a 'transfer in' service whereby we can take over the management of your existing Isle of Man Offshore Company, often for no cost at all. Our specialist Isle of Man company formation and company registration team:

• Retains well-established affiliations with local company agents in the Isle of Man
• Maintains an experienced staff with knowledge of legal requirements for company formation in Isle of Man
• Guarantees that all company filing fees and documents are up-to-date and notifies clients of all Isle of Man compliance changes

Call our specialist Isle of Man company formation team FREE on 0808 168 3676. If you are calling from outside the UK, please call us on 0044 (0) 208 492 6388

Isle of Man Offshore Companies and their Tax Liability

Company Information

An NMV can be incorporate, registered or continued under the Act as:

• A company limited by shares
• A company limited by guarantee
• A company limited by shares and by guarantee
• An unlimited company without shares; or
• An unlimited company with shares

Procedure to Incorporate

Submission of Memorandum and Articles of Association and advice of the situation of the Registered Office and Licensed Registered Agent.

Registered Office & Agent

NMV Companies must maintain a registered office and agent in the Isle of Man.

Time to Incorporate

One to five days, subject to name approval.

Classes of Shares Permitted

The Act provides that shares in Companies may (without limitation):

• Be convertible, common ordinary;
• Be redeemable at the option of the shareholder or the company or either of them;
• Confer preferential rights to distributions;
• Confer special, limited or conditional rights, including voting rights;
• Entitle participation only in certain assets.

In additional, subject to any contrary provisions in a company’s memorandum or articles of association, a NMV is able to:

• Issue bonus shares and nil or partly paid shares;
• Issue shares with or without a par value;
• Issue shares in any currency (if the shares have a par value)
• Issue shares numbered or unnumbered; and/or
• Issue fractional shares.

As with 1931 Act Companies, bearer shares are not permitted.

Taxation

With effect from 6th April, 2006 Private Limited Companies normally pay income tax at 0% and there is no withholding tax on payments of dividends to shareholders. Companies that are in the business of banking, insurance or are connected with the business of Isle of man property pay corporation tax at a rate of 10% and a withholding tax at the same rate is imposed if the dividend is paid to a non resident individual or corporate body. NMV Companies pay an annual charge of £360.

VAT

NMV Companies may be registered for VAT purposes and the VAT prefix will be "GB", which is recognised in Europe.

Directors

The minimum number of directors is one, they may be of any nationality or residence. Bodies corporate may be eligible to act as a director if it, or another body corporation of which it is a subsidiary, is the holder of an appropriate licence issued by the Isle of Man Financial Supervision Commission under the Isle of Man Fiduciary Services Acts 2000 or permitted to act as a corporate director by regulations made pursuant to the Act.

Shareholders/Members

The minimum number of shareholders is one.

Company Secretary

Is not required.

GENERAL

Type of entity	Limited
Type of law	Common
Shelf company availability	Yes
Our time to establish a new company	1-5 days
Minimum government fees	£360
Corporate Taxation	0% - 10% (see notes)
Double taxation treaty access	Only UK

COMPANY TYPE

Standard currency	Any
Permitted currencies	Any
Company Limited by	Shares
Company Limited by	Guarantee
Company Limited by	Shares and Guarantee
Unlimited company without	Shares
Unlimited company with	Shares

DIRECTORS AND OFFICIALS

Minimum number of Directors	1
Requirement for local Director	No
Requirement for Company Secretary	Optional
Location of meetings	Anywhere

REGISTERED MEMBERS

Minimum number	1
Publicly accessible records	Optional
Location of meetings	Anywhere

LOCAL LICENSED REGISTERED AGENT

Required	Yes

ACCOUNTS

Requirement to prepare	Yes
Requirement to file accounts	No, save in relation to taxation
Publicly accessible accounts	No

OTHER

Requirement to file annual return	Yes
Change in domicile permitted	Yes

*A company can voluntarily elect to file a copy of its register of directors with the Registrar of Companies. However the Annual Return, once filed, contains director's information and is publicly accessible.

• Zero corporation tax rate applies for most trading companies (except banking, and land and property income from IOM sources).
• No exchange control restrictions
• Popular as a place for e-commerce businesses to relocate to due to its sound telecoms infrastructure and 100% broadband coverage.
• Political and economic stability
• Long established legal system
• Currency is Pound Sterling
• Sophisticated banking system
• The Isle of Man is on the OECD ‘white list’ and has implemented numerous exchange of information agreements.
• Reliable sea and air communications with the United Kingdom
• Excellent telecommunications services