Our Services - Offshore Company Formation, Nominee Director, Nominee Shareholder, Mail forwarding and Bank Accounts
Offshore Formations 247 specialize in Isle of Man company formations ranging from simple company registrations to complex structures including offshore Trusts and in providing a very comprehensive assortment of administrative services to Isle of Man companies, including the provision of Nominee Director, Nominee Shareholder, Mail Forwarding and Bank Account services. We are also able to offer a 'transfer in' service whereby we can take over the management of your existing Isle of Man Offshore Company, often for no cost at all.
Our specialist Isle of Man company formation and company registration team:
- Retains well-established affiliations with local company agents in the Isle of Man
- Maintains an experienced staff with knowledge of legal requirements for company formation in Isle of Man
- Guarantees that all company filing fees and documents are up-to-date and notifies clients of all Isle of Man compliance changes
Call our specialist Isle of Man company formation team FREE on 0808 168 3676. If you are calling from outside the UK, please call us on 0044 (0) 208 492 6388
Offshore Formation Background in Isle of Man Offshore Company
The Isle of Man has strong banking, investment fund and captive insurance sectors, with a well-developed advisory and financial infrastructure and good transport links. Foreign Investors are attracted by the taxation structure; there are no capital gains taxes, turnover tax or capital transfer tax, no stamp duties and low rates of income tax.
Offshore Tax Information in Isle of Man Offshore Company
Isle of Man Offshore Companies and their Tax Liability
A 0% corporation tax rate for most trading Isle of Man companies (except banks) came into force in 2006. This gives the Isle of Man the joint lowest corporate tax rate in Europe. Note that the 0% rate only applies to trading companies. Companies that are in the business of banking, insurance or are connected with the business of Isle of Man property or are non-trading, pay corporation tax at a rate of 10% and a withholding tax at the same rate is imposed if the dividend is paid to a non resident individual or corporate body. All Private Limited Companies pay an annual charge of £360.
There are generous personal income tax allowances for individuals and married couples. For example, for a married couple, the first £18,600 of income is automatically tax free. The next £21,000 is taxed at 10%, with income above this taxed at just 20%. To attract more 'high-net-worth individuals and active entrepreneurs' the total tax payable is capped: no resident will pay more than £115,000 in tax. On the Isle of Man there is also no capital gains tax (CGT), or inheritance tax.
In terms of exchange of information the Isle of Man is on the OECD 'white list' and has implemented numerous exchange of information agreements. The Isle of Man is therefore a good choice for UK nationals wanting to escape high taxation but remain close to home. In addition, it's growing in popularity as a place for e-commerce businesses to relocate to, due to its sound telecoms infrastructure and 100% broadband coverage.
Isle of Man Offshore Company Banking
Offshore Formations 247 can incorporate Isle of Man companies with a choice of offshore bank accounts at the time of formation. We work closely with a number of banks, including Barclays, HSBC and NatWest. Combining the two saves time and couldn't be simpler.
Isle of Man Offshore Company Formation / Registration
Offshore Formations 247 are able to incorporate an Isle of Man offshore limited company. Company formation normally takes up to 5 days to register a new company.
Isle of Man Offshore Company Anonymity and Disclosure
The identity of the beneficial owners of the Isle of Man Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity. Offshore Formations 247 can supply the use of our corporate shareholders for this very purpose. Similarly, the register of Directors within the Isle of Man is also publicly accessible and so if anonymity is required, Offshore Formations 247 can supply the use of Nominee Directors.
Whilst there is no requirement to file audited financial statements with the authorities, it is important to note that a company is required to keep financial records, which reflect the financial position of a company. If accounting records are kept at a place outside the Isle of Man they must be sent to the company's registered office in the Isle of Man at not less than 6 month intervals.Failure to maintain accounts or make them available for inspection at a company's registered office is an offence punishable by imprisonment or a fine. The Assessor of Income Tax reserves the right to call in the financial records for inspection.
Isle of Man Offshore Company Shares
Isle of Man private limited companies have a minimum authorised share capital of £2,000 or its currency equivalent, this being the maximum for the minimum capital duty payable upon incorporation. The minimum issued capital is one share of par value. These companies may have registered shares, preference shars, redeemable shares and shares with or without voting rights.
