Many business people have discovered the benefits of an overseas company formation, and thanks to the professional advice provided by expert corporate services providers such as Coddan, setting up such a company is easier than ever.
There are many locations around the world that offer this facility, but one of the most popular is the Isle of Man. This business-friendly island permits the formation of several different kinds of overseas company, including LLCs.
An Isle of Man-based LLC has several advantages, perhaps the most significant being that LLCs which do no business on the island pay no local taxes. An LLC can be set up there with just two members, and is not required to file a financial statement.
There are, however, certain legal requirements associated with the day to day running of an LLC in the Isle of Man. Financial records of the company's activities have to be kept, and if these are stored outside the Isle of Man, must be sent at six monthly intervals to the company's registered Isle of Man address.
The submission of an annual return is also essential and the Isle of Man Companies Register must be notified of any relevant changes in the company's structure.