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 favorable benefits is the Isle of Man. Company start-up 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.