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1931 Act company formation in the Isle of Man: setting up an overseas company is an increasingly popular way to cut down on financial costs and reduce the burden of regulation that the modern business owner often has to face in jurisdictions such as the UK or Europe. One of the most trusted locations for offshore formation is the Isle of Man, situated on the edge of Europe, between the Republic of Ireland and the UK.
The Isle of Man offers a business friendly environment that is designed to encourage overseas incorporation, and there are several different types of company to choose from, the most traditional being a 1931 Act company. This type of company offers the advantage of being able to set up with just two directors, and is exempt both from local taxation and from the requirement to name a registered agent who is resident in the Isle of Man.
If you're thinking of setting up a 1931 Act company in the Isle of Man but don't know where to start, get in touch with Coddan Ltd as your company formation agent. Our impartial corporate advice and expertise in the field of company registration can help to ensure that your 1931 Act company formation runs smoothly.
ANNUAL FEES FROM £2,625
This 1931 Act company formation package is for customers, who require to form a limited company in Manx with a registered office address, nominee secretary and a nominee director. The formation of a partnership usually takes 5 days.
The following document will be dispatch by regular post upon the formation of a 1931 Act company in Isle of Man:
ANNUAL FEES FROM £3,175
This is one of the most popular company formation in Manx packages with nominee shareholder, as an additional option to the nominee director, registered agent & registered office address services.
This Isle of Man company formation offer includes everything in the second option, plus the following:
ANNUAL FEES FROM £3,175
This is our most comprehensive company formation in IOM package with all documents verified by solicitor or notary public & certified by the apostilled stamp or apostille seal affixed.
This company formation in the Isle of Man offer includes everything in the second option, plus:
NEXT YEAR FEE £3,175
This is our most popular IOM company formation package with a registered agent, business address, nominee director, secretary, nominee shareholder & VAT registration.
This limited company formation in Isle of Man offer includes everything in the second option, plus:
There are a number of reasons registering a new business entity in the Isle of Man can make sense. By choosing a respected company registration agent with a growing client base such as ourselves, you will give yourself the peace of mind that comes with knowing you have dotted the Is and crossed the Ts.
One piece of legislation that we know inside out as a result of our extensive work with registering companies in the Isle of Man is the 1931 act concerning company formation. At Coddan, we pride ourselves on possessing a comprehensive knowledge of this type of legislation, but you might wish to develop a basic understanding.
All IOM companies which are incorporated under the Companies Act 1931 are either public companies or private companies. A public limited company, or PLC, may sell its share to holders, and must deliver audited accounts to the Companies Registry annually. A private company is not permitted to offer shares unless it is a subsidiary of an Isle of Man PLC, and is not obliged to send audited accounts to the Companies Registry.
For those wishing to register a company in the Isle of Man, the act requires that the company name is approved first by the Companies Registry. Then a number of documents, among them the articles of association, and an initial information form, must be returned. This is something we can complete on your behalf as part of the service we provide here at Coddan.
Forming a company in accordance with the 1931 Companies Act in the Isle of Man can be a complex process that requires time and effort. If you wish to speed this process up and understand it better so that you encounter fewer problems down the line, here at Coddan our vastly experienced team of experts have formed companies, trusts and LLCs around the world and can help you immediately. We form companies 24/7 and have a variety of packages to suit all clients.
In short, at Coddan, we can guide you through this process, safely and securely, helping you protect your assets and create either a public or private limited company in the Isle of Man in a small amount of time. We look forward to hearing from you today.
If you're looking to register a company in the Isle of Man in accordance with the 1931 Companies Act, it's important to be aware of some of the legal requirements of this act. Thankfully, here at Coddan, we're vastly experienced with company formation in the United Kingdom and around the globe.
The 1931 Act stipulates that a company in the Isle of Man can be either a public or private company; in accordance with the act, this means that both of these types of companies operate in very different ways.
A PLC, or public limited company, can for example offer shares and debentures to the public for sale. A public limited company operating in this manner must be explicitly stated as such to operate in accordance with the 1931 Act; the company must also adhere to further legal requirements, such as submitting fully regulated and audited accounts to the Isle of Man Companies Registry. This must occur annually to not breach the 1931 Act.
In contrast, a private limited company formed in the Isle of Man may have no such requirement to submit an audited overview of the company's accounts on an annual basis. But this is not always the case - for example, if the private company was in some way connected to a public limited company. Also, a private company in accordance with the 1931 Act must not offer public shares.
In today's competitive business environment, cutting unnecessary costs and reducing the burden of administration is an essential requirement, and one way to go about this is to incorporate your company overseas.
There are many locations around the globe that encourage this practice, but one of the most trusted is the Isle of Man. This picturesque island, situated between the UK and the Republic of Ireland, offers a business-friendly setting and all of the advantages associated with an overseas company formation, but also benefits from its proximity to Europe, ensuring a stable and secure legal and accounting environment.
There are several different vehicles available for those interested in setting up an Isle of Man company, but one of the popular is the 1931 Act Company.
The main advantage of a 1931 Act Company is the flexibility it gives you in terms of structure and formation. Such a company can be set up with just two directors, and a minimum of one shareholder, and although it needs to be registered with an Isle of Man address, there is no requirement to name a registered agent.
If you are considering setting up your new company in the Isle of Man or if you need a way to securely hold assets and finances offshore and are considering the island's benefits, you will come into contact with the Isle of Man Companies Acts 1931-2004.
The 1931 Act requires certain conditions to be met by newly formed businesses, but it also gives plenty of benefits to the company. Those benefits include a tax cap to reduce outgoing payments, plus reduced corporate tax obligations and tax breaks.
Any party interested in setting up a new company in the Isle of Man will need to consider whether they are acting under the 1931 Act or the newer Isle of Man Companies Act 2006. Both of these acts are currently in place and formation can occur using either piece of legislation.
Registering a company under the 1931 Act has certain requirements; these include the nomination of directors who are resident within the Isle of Man. These parties can function in name only, leaving you with full control of the business interests and with no financial obligation to any nominated shareholders.
When registering a company, you will also need a valid business address and accessible financial details. Accounts will need to be filed on a yearly basis. All of these details can be left to a trusted manager who will look after the company for you and leave you free to relax, knowing your finances are secure.
Incorporating overseas can be a thoroughly effective way to cut down financial costs and reduce the excessive administration that is associated with running a company; and thanks to the expertise of corporate services providers such as Coddan Ltd, offshore company formation is now a practical option for everyone.
There are many locations around the world that provide the facility for setting up an overseas company, but few are more trusted and popular than the Isle of Man, a business-friendly jurisdiction, ideally situated at the edge of Europe.
If you want to form a company in the Isle of Man, there are lots of options, but the longest-established method is to set up what is known as a 1931 Act company.
One of the most significant advantages of a 1931 Act company is that it is exempt from local taxation. It can also be formed with just two members and only one shareholder, and there is no requirement to nominate an Isle of Man registered agent.
Unlike some other overseas locations, the Isle of Man also offers all the benefits that come with proximity to and historical links with the UK and Ireland, including sophisticated communications and a secure legal framework.
If you are considering your options when it comes to offshore company formation, the Isle of Man is a very appealing prospect. Under legislation relating to the Isle of Man Companies Acts 1931-2004, the Limited Liability Companies Act 1996 and the Isle of Man Companies Act 2006, companies formed in this jurisdiction are free from certain tax restrictions.
As well as enjoying a tax cap, profits are protected from certain taxes and subject to greater growth opportunities. When looking to make investments for the future, offshore holding companies are proving increasingly popular - and the Isle of Man is one such place where these holding companies can develop and build profit securely.
However, companies which are formed under the 1931 Act are subject to certain legal obligations. A named director and shareholder who are resident to the island nation must be made publicly available, as must a registered address. In order to retain privacy and security when setting up a company in the Isle of Man, individuals and businesses can choose to use a nominee service.
Your nominated shareholders and directors will hold senior positions within the company, but in name only. These residents fulfil your obligations as an offshore asset holder while allowing you to maintain full control of all business functions and profits. If privacy and safety matter to you, protect your interests through a nominee service.
Once you have successfully established or registered a company through the 1931 Companies Act in the Isle of Man, you may be wondering what is now legally required of you annually, to maintain the company.
To begin with, it is vitally important that the company holds meetings. The first of which should ideally be within one year but can be left for up to 18 months. After that, annual meetings can occur within a 15 month period; however, you should never allow the period between your company meetings to expand beyond that amount of time. Legally speaking, you will be in breach of the 1931 Companies Act if you do not hold your annual meetings.
In addition to this legal requirement, it is requested by the government of the Isle of Man that you maintain a registered office at all times (for every year of the existence of the company) on the island. This has the added bonus that it can be used as the actual address of the business.
Regarding documentation, it is legally requested that upon the anniversary of the foundation of your offshore company that you submit your yearly returns to the FSC or Financial Supervision Commission. But if the company is privately listed, there is no such stipulation in place.
The 1931-2004 Act relates to the formation of companies within the Isle of Man, and sets out certain restrictions and benefits for those companies formed under it. Amended and updated in 2006 with a new Companies Act, the previous 1931 legislation remains in place and is still preferred by many legal and corporate entities.
When setting up a formation foundation, trust or company within the Isle of Man, you can discuss your options under both Acts with the legal and financial specialists here at Coddan. Once you understand the differences in legislation and are ready to go ahead, your company can be set up and your personal and business assets placed under protection from a range of taxes.
Companies formed under the 1931 Act will be subject to certain legal obligations and conditions, requiring them to be maintained to a certain degree as viable businesses. For example, a nominal director should be provided who is local to the island, and annual registration will be required to keep company records up to date.
These post-formation services are best handled by a trusted expert who can ensure everything is correctly filed and signed off when it should be. From VAT registration and filing accounts to bank account management and apostille services, everything will be taken care of for you.