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Home Incorporate in Offshore Isle of Man 1931 Act Company Formation Legal Yearly Requirements to Maintain a 1931 Act Company in the Isle of Man

Legal Yearly Requirements to Maintain a 1931 Act Company in the Isle of Man

Legal yearly requirements to maintain a 1931 Act company in Manx

Manx Company Formation

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.

If you want to open a company in the Isle of Man that meets the legal requirements of the 1931 Companies Act, we're here to help. At Coddan, we have been offering our company start-up and post-formation services for many years. Our team of experts can help you with all your company's yearly requirements to ensure you stay on the right side of the law.