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.