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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 openning an Isle of Man company, but one of the popular is the 1931 Act company.
The main advantage of a 1931 Act private 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.