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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 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.