Click here - Home Page Click Here - About Us Page Click Here - Contact Us Page
Salt Partners header
Image of boats in Malta

ISLE OF MAN COMPANIES

Located equidistant from Britain and Ireland this sophisticated island is 33 miles (52k) long and 13 miles (22k) wide.

The Isle of Man is a UK Crown Dependency that, through its ancient parliament, Tynwald, enjoys a high degree of domestic legislative and political autonomy. The UK is responsible for the conduct of the external relations and defence of the island and the Queen, as Lord of Mann, is Head of State. The island’s taxation system is quite separate from that of its neighbour and enjoys complete independence from the UK on matters of direct taxation for individuals and companies resident in the Isle of Man.

The booming financial services industry has a reputation for being a premier jurisdiction in terms of regulation, achieving a balance of offering a business-friendly environment whilst meeting international standards of financial supervision. Since November 2006, the Isle of Man has had two parallel mechanisms for establishing new companies. The traditional company established under legislation dating from 1931 - 2004 (the ‘1931 Company’) and the more modern version which is set up under the 2006 Companies Act (the ‘2006 Company’).

Benefits of the 1931 Company Benefits of the 2006 Company
A traditional vehicle designed for
trading purposes with checks and
balances between directors and
shareholders.
  Modern legislation based on the
British Virgin Islands model.



Clear distinction between private
and public companies. Due
process for converting private to
public company.
  No distinction between private
and public companies.



Authorised share capital is a
requirement for companies limited
by shares.
The concept of authorised share
capital has been eliminated.
However, a level of share capital
is required for the Memorandum
and Articles and we suggest
10,000 shares of £1 each.



The traditional concept of capital
maintenance is used.
  A company may make a
distribution by any method
provided a simple solvency test
is applied.



Minimum of 2 directors and
corporate directors not permitted.
  Minimum of 1 director and
corporate director permitted
subject to certain conditions.



Company Secretary is mandatory.   Company Secretary is not
mandatory.



Full Accounts required; audit may
be necessary and a detailed
annual return.
  Accounting records should be
maintained; no audit required
and less onerous annual return.



Zero rate of corporate tax;
no inheritance, capital gains or
  Zero rate of corporate tax;
no inheritance, capital gains
wealth taxes.   wealth taxes.



Click here for Isle of Man Fees (shown in EURO €)


BACK TO THE TOP
Corporate House, 10 Oratory Street, Naxxar NXR 2504, Malta
Tel. +356 2142 4118 • Fax. +356 2142 4119
Click here for our facebook page Click here for our Twitter page Click here for our Linkedin page our skype name is Salt_Partners Click here for our Current and Archive News
ICSA - Institute of Chartered Secretaries STEP - Society of Trust and Estate Practitioners Malta Institution of Management Finance Malta
Click here for our current and archive news