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 business entity, trust or private 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 created 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.