Isle of Man

Population:

76,315 (2001census)

Currency:

Pound sterling (GBP); 1 = US$1.78 (mid-2005)

Language:

English

Time zone:

GMT in winter; GMT plus 1 in summer

Centre's expertise:

Wide financial range, including banks, insurance,  funds, corporate and trust services, ship register

General requirements

Type of entity

Companies limited by shares, guarantee or both. LLC's, PCC's for insurance and collective investment funds. Plc designation available for certain companies.

Type of law

Common Law

Shelf company available

Yes

Time to establish a new company

24 hours

Taxation

Zero corporate tax from 06 April 2006 (except banking, 10%); top personal tax, 18%

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

Words that imply financial activities or royal connections or may be confusing are subject to restriction

Share capital

Permitted currencies

Any

Minimum paid up

1

Usual authorized capital

2,000

Directors and personnel

Minimum number

2

Local required

No (Yes, if tax exempt)

Company secretary & qualifications

Yes, (local and qualified if tax exempt)

Shareholders and AGM

Minimum number

1

Disclosure requirements

Yes

Publicly accessible records

Yes

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

Yes

Audit requirements

Yes, but exempt, non-resident and small companies may elect for exemption

Account filing obligations

Yes for resident companies; No for others, but must be available for inspection IoM

Publicly accessible accounts

No (unless public company)

Other

Requirements to file annual return

Yes

Change in domicile permitted

Yes

Need to registered office

Yes; offshore companies need a licensed corporate services provider since only residents may incorporate

Number of companies set up in last year

2,611 (in year to 30 June 2005)

Total number of companies on register

30,553 ( as at 30 June 2005)