2006 Act company formation in the IOM: the 2006 Company Act changed the way companies can be formed in the Isle of Man in comparison to the older 1931 Act. The act has streamlined the day to day operating of companies (sometimes called 'New Manx Vehicles'), making it a very popular choice for new offshore ventures.
The 2006 Act sought to introduce flexibility to company formation. This allows shareholders and directors to operate with more freedom as the legal precedent and doctrine directly opposes the 1931 Act. For example, it is now possible to create companies that are led by a single director, making it simpler to operate and oversee. You can also form a company with only a single member. When it comes to holding meetings, the 2006 Act enables voting to take place through conference calls or other electronic methods. In short, the 2006 Act is a practical and convenient act through which to form an offshore company.
At Coddan, we have a team of experts who specialise in the formation of companies. We've helped countless clients to form their offshore businesses and offer a range of packages to suit all of your needs. Please feel free to contact one of our experts today to help you understand the 2006 Company Act and begin forming a company in the Isle of Man.
ANNUAL FEES FROM £2,625
This 2006 Act company formation package is for customers, who require to register a limited company in Manx with a registered office address, nominee secretary and a nominee director. The formation of a company usually takes 5 days.
The following document will be dispatch by regular post upon the formation of a 2006 Act company in Isle of Man:
ANNUAL FEES FROM £3,175
This is one of the most popular company formation in Manx packages with nominee shareholder, as an additional option to the nominee director, registered agent & registered office address services.
This Isle of Man company formation offer includes everything in the second option, plus the following:
ANNUAL FEES FROM £3,175
This is our most comprehensive 2006 Act company formation in IOM package with all documents verified by solicitor or notary public & certified by the apostilled stamp or apostille seal affixed.
This company formation in the Isle of Man offer includes everything in the second option, plus:
NEXT YEAR FEE £3,175
This is our most popular IOM company formation package with a registered agent, business address, nominee director, secretary, nominee shareholder & VAT registration.
This 2006 Act company formation in Isle of Man offer includes everything in the second option, plus:
At Coddan, we provide an electronic filing service for registration of companies in many advantageous countries, such as the Republic of Cyprus, Guernsey and Alderney, as well as the Isle of Man. Our team of experienced professionals possess a thorough understanding of all the relevant legislation that might affect registration of your business on the island, including the 2006 Act Company Formation in the Isle of Man. You might also wish to develop a basic understanding yourself, and you should know that the 2006 Companies Act lays out obligations and responsibilities that companies registering in the country must meet.
The act states that you must select an accredited agent such as ourselves to register on your behalf - that agent must hold a Class 4 licence which has been issued by the Financial Supervision Commission under the Financial Services Act 2008.
You should also note that no individuals that have been disqualified from acting as directors are allowed to be involved in the formation or operation process of a company in the Isle of Man, or the management of the firm. The only exceptions may be granted by the court.
The act also strongly urges parties interested in registering a company in the Isle of Man to give it careful consideration, and to seek the help of professional advisors in the process of setting up an enterprise on the island.
2006 Act company registration in Manx: companies that are registered in the Isle of Man stand to benefit from a number of advantages, including a 0% tax rate on investment and trading income. They are also privy to the same EU trading regulations as the UK, which can prove a plus point. Coddan specialise in guiding clients through every step of the registration process, making sure you adhere to regulations such as the 2006 act for company registration in Manx.
You can rely on us to ensure all your application forms, including the articles of association, are completed in accordance with the Isle of Man's stipulations for public or private companies planning to set up shop on the island.
Registering a company in the Isle of Man under the regulations and rules that are stipulated by the 2006 Companies Act doesn't have to be difficult, but it is worth arming yourself with knowledge prior to undertaking this task. Our experts at Coddan have built packages that can help you achieve this quickly and easily.
To begin with, the government makes it clear that you will need a current working relationship with either a lawyer (advocate) or a corporate service provider (CSP) - at Coddan, we can be your first port of call for this necessity. To register a company in the Isle of Man, it is vital and legally required that you have a registered office somewhere on the island. This office must also be regulated by the FSA.
Depending on how you wish to go about registering with the Companies Registry of the Isle of Man, fees may apply; typically these fees will change according to how swiftly you wish to register and create the company.
Business people across many sectors have long recognised the benefits of setting up their companies overseas, and one of the most popular locations for offshore company formation is the Isle of Man.
Ideally situated between the UK and Ireland, this picturesque island has built up a strong reputation as a business-friendly jurisdiction, thanks to low-tax policies and a range of other factors, including effective accounting standards, a sophisticated framework of corporate law, a company registration service that is quick and efficient, and the stable, secure economic environment you associate with Europe.
When setting up a company in the Isle of Man, many people opt to form what is known as a 2006 Act Company. This kind of company is named after the 2006 Act which was designed to offer a more flexible and competitive environment for people looking to form an overseas company.
A 2006 Act Company offers many advantages. It can be set up with just a single director, is not obliged to submit a regular financial statement, and unlike in the UK, is only required to provide a simple annual return.
Business people from all sectors are increasingly aware of the many advantages that come with setting up offshore companies, and one of the most trusted and well-known jurisdictions for this practice is the Isle of Man.
Many people who form their companies in the Isle of Man set up what is known as a 2006 Act Company, named after the 2006 Act that was created in order to provide a better and more competitive business environment for offshore companies.
There are several advantages of a 2006 Act Company. For a start, such a company benefits from the zero-rate corporation tax that exists on the island. It isn't obliged to produce a regular financial statement, can be created with only one director and is only required to submit a simplified annual return.
However, unlike overseas jurisdictions situated in other parts of the globe, the Isle of Man also benefits from its proximity to Europe and to the UK in particular. It is able to offer a secure, stable economic environment, excellent communication and a sophisticated legal framework modeled on UK law.
Many business people recognise the advantages of setting up their companies offshore and these days, thanks to the assistance of specialist corporate service providers like Coddan Ltd, it is easier than ever to manage an overseas incorporation.
One of the most popular jurisdictions for this practice is the Isle of Man, which offers a business-friendly environment and a streamlined, effective method of incorporation through the facility to set up what is known as a 2006 Act Company.
A 2006 Act Company offers many benefits. It isn't required to submit regular financial statements, is only obliged to file a simplified annual return, and benefits from the island's zero-rate corporation tax.
However, although there are considerable advantages to setting up a 2006 Act Company in the Isle of Man, there are also certain legal requirements associated with such a formation. All 2006 Act Company formations must be registered with the Isle of Man Companies Register through the filing of a memorandum of association.
All such companies must also have a named, registered Isle of Man agent, who holds a licence from the Isle of Man Financial Supervision Commission, and they must have a registered Isle of Man office.
When setting up a company using the legislation included in the Isle of Man 2006 Companies Act, you should consider whether you need a nominee director, if you want to ensure that you can benefit from the tax breaks offered and that your assets are protected.
Trust a financial and legal specialist like the team at Coddan to guide you through the process of setting up a company under the 2006 Act. You need a company director who is local to the business, and who can be named on legal documents as the responsible party. However, this could be someone who acts purely as a named party with no ties to the business.
The 2006 Act covers requirements for companies when it comes to registration, and this should be managed by a specialist to ensure that everything is properly filed and taken care of. You can arrange a consultation with Coddan to discuss your personal or corporate requirements and to request more information on running your offshore company.
The Isle of Man has proved an attractive location for holding company formation thanks to the 2006 Act, which creates prospects for new businesses and gives investors chance to preserve secure funds away from tax obligations.
IOM company formation with bank account: setting up an overseas company is a good way to reduce financial costs and minimise burdensome regulation, and thanks to the advice and expertise of corporate services specialists like Coddan Ltd, the process is easier than ever.
One of the most popular jurisdictions in which to set up an offshore company is the Isle of Man. Situated between the UK and Ireland, this location offers a business-friendly environment, with low rates of personal taxation, a stable and secure legal environment and fast registration procedures.
When setting up an Isle of Man-based company, many people opt to form what is known as a 2006 Act Company, which offers many advantages, including streamlined legal and administrative requirements, zero-rate corporation tax, and considerable flexibility in structure and composition.
When incorporating a 2006 Act Company, you may also wish to open a business bank account in the Isle of Man; however, this can be difficult. Local banks are often reluctant to offer business banking to offshore companies due to concerns about dubious practices such as money laundering, which can make it particularly hard for those without local knowledge to get access to the business banking services they need.
Introduced in 2006, the Isle of Man Companies Act amended existing legislation to give companies based on the island greater flexibility over tax status and investment opportunities. Allowing newly incorporated companies to receive benefits similar to those granted in some Caribbean jurisdictions, the change in economic status has made the island highly desirable for investment incorporation.
Setting up a 2006 Act company allows investors to enjoy the benefits of the Isle of Man's tax cap, and of the reduced taxes many companies enjoy. This can be a big bonus for companies who want to maximise profits, and it also boosts private investors looking to secure funds for the future through holding companies and trusts. As a result, many savvy asset holders are turning to the Isle of Man as a place to set up secure companies and to reap the rewards.
Of course, there are some requirements to maintaining an offshore company on the Isle of Man. Under the 2006 Act, registration is required on an annual basis. A named director must be based on the island, although this can be through a nominee service if preferred. Annual reports for the company must be correctly filed, and any incurred taxes under the IOM's tax cap should be paid yearly. As long as these minimal obligations are met each year, the offshore company will remain a secure and profitable place to hold assets.
When looking for options to securely hold finances or to manage your assets without fear of high taxes, it can be worth considering the offshore route. Establish your company in an alternative jurisdiction or create a holding company for the secure management of your financial future.
One such place where company formation receives favourable benefits is the Isle of Man. Company formation here is protected by the Isle of Man Companies Act 2006, which secures business finance and protects it from certain taxes and obligations.
While this may be an appealing route to take, there are things to consider. Your company might simply be a vehicle for your personal savings and assets, but it does need to operate legally and practically in order to remain a registered interest.
As a result, you will need to ensure that you have named directors and shareholders who are resident to the Isle of Man, and you will also need to file annual accounts for the company. Services such as VAT management and tax returns, annual registration and bookkeeping can all be completed by an experienced financial and legal agency, such as the specialists here at Coddan. We understand the rules and requirements of the 2006 Act and we can ensure that your newly formed company adheres to all regulations.