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The Isle of Man, situated in the centre of the British Isles, is an internally self-governing dependent territory of the British Crown which is not and never has been, part of the United Kingdom. It is however, part of the British Isles. Tynwald, the Island's 1,000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. External issues, such as foreign representation and defence, are administered on the Island's behalf by the UK Government and the Island makes an annual payment for these services.
As a British Crown dependency, the ultimate responsibility for the Island's good government is vested in the Crown but by long standing convention, the UK Government does not legislate for the Island except with the specific consent of the Island's Government. More information can be found at www.gov.im.
The population of the Isle of Man is approximately 75,000.
Tynwald (Parliament), legislates on all domestic matters including taxation. Tynwald consists of two houses; the Legislative Council, which consists of eight Members, elected by the lower house, The House of Keys, and the Bishop and Attorney General, neither of whom has voting rights. The House of Keys has twenty-four Members who are elected and serve a five-year term. HM Queen Elizabeth II holds the title Lord of Man, and is ultimately responsible for the government of the Island, and all legislation passed by Tynwald has to have Royal Assent before being enacted.
There are regular daily air and ferry services to the UK and Ireland.
The economy is in its 26th year of growth the key sectors being financial services and professional services, Banking generates around one quarter of the Island’s gross domestic product.
In the last few years new economic activities have been developed, such as aircraft registration and most significantly, e-gaming and other areas of e-commerce due to an infrastructure of world-class telecommunications and services which cater for the full range of modern corporate voice and data communication requirements.
The Isle of Man has been awarded Triple “A” Ratings from Standard and Poor and Moody’s.
The official and spoken language is English.
The Manx Pound, which is on par with the UK Pound and freely exchangeable.
None.
Common Law, based on English Common Law.
The Partnership Act 1909.The Limited Partnership (Legal Personality) Act 2011 (effective 18th October 2011)
Submission of Form LP1 to the General Registry which includes the following details:
Limited Partnerships are not permitted to:
Under The Limited Partnership (Legal Personality) Act 2011 any new limited partnership, registered under the Partnership Act 1909 has the option of adopting a legal personality that is separate from that of its partners. Existing limited partnerships have six months from 18th October 2011 to make an election to continue existence as limited partnerships with separate legal personality. (The limited partnership with legal personality is a body corporate with perpetual succession and unlimited capacity and has legal personality separate from that of its partners).
An existing Isle of Man Limited Partnership which does not elect to continue as a separate legal personality does not constitute a legal person under Manx Law.
English.
Limited Partnerships must maintain a registered office in the Isle of Man.
One to five days, subject to name approval.
A name that is similar to or identical to an existing partnership. A name that is known to exist elsewhere. A name that implies illegal activities. A name that implies royal or government patronage.
Names can be expressed in any language using the Latin alphabet, if the Registrar of Companies is in receipt of an English translation and the name is not considered undesirable.
The following names or their derivatives require consent or a licence: bank, building society, savings, loans, insurance, assurance, reinsurance, co-operative, council, Chamber of Commerce, trust, municipal and finance or their foreign-language equivalents.
LP, Incorporated or Inc dependent on wether the partnership has elected to have a separate legal personality.
Yes.
Limited partnerships are not taxed in the Isle of Man; instead it is the partners thereof that are taxed on their share of the Partnership’s profits. If the partnership does not trade in the Isle of Man and if a partner is not resident in the Isle of Man for tax purposes then the partner will not be taxed.
Isle of Man partnerships may be registered for VAT purposes and the VAT prefix will be "GB", which is recognised in Europe.
Apart from a limited treaty with the United Kingdom, the Isle of Man is not party to any double tax treaties.
Whilst there is no requirement to file financial statements with the authorities, it is important to note that a partnership is required to keep financial records, which reflect the financial position of the partnership and to retain underlying documentation for at least six years..
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.
The minimum number of general partners is one; they may be of any nationality or residence. Bodies corporate may be appointed as general Partners. The maximum number of partners is twenty unless it is carrying on business as advocates, accountants or members of a stock exchange. General Partners are responsible for all debts and obligations of the partnership.
A Limited Partner is required and can be a natural person but may be of any nationality and reside anywhere in the world or a body corporate. A limited partner is liable for the debts of the partnership only up to the amount contributed.
Other business entities used for international tax planning include:
Further information on these alternative structures is available on request.
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