These days, setting up an overseas company to reduce financial costs and cut down on unnecessary administration has become a practical option for many business people, thanks in part to expert corporate services providers like Coddan.
A number of jurisdictions around the world offer the facility to set up offshore companies, but one of the most trusted and secure is the Isle of Man, which provides a business-friendly environment on the edge of Europe.
There are several options for those wishing to set up their company in the Isle of Man, but one of the most trusted and established ways to go about this is to form what is known as a limited liability company (LLC).
An LLC in the Isle of Man offers several advantages, the most notable of which is the fact that if the company doesn't do any business in the Isle of Man, it doesn't pay any tax. There is no obligation on such a company to produce an audited financial statement, and it can be set up with a minimum of two members.
Unlike many other overseas jurisdictions the Isle of Man has the advantage of having close links to the UK, so can offer a stable, secure legal framework, a rapid registration process and an excellent communication network.