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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, offshore company establishment 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 open 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.