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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 branches, known as the Upper and Lower. The Legislative Council, (Upper) consists of ten Members and is elected by the lower house, Members include the President of Tynwald, the Lord Bishop of Sodor and Man, HM Attorney General and HM Queen Elizabeth II. The House of Keys, (Lower) 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 governance of the Island. 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.
Limited Liability Companies Act 1996.
The legislation is based on US LLC legislation. Manx LLCs must have two members and appoint a local registered agent.
Filing of Articles of Organisation with the Registry.
Limited Liability Companies are not permitted to:
An Isle of Man company has all the powers of a natural person.
English.
Yes, must be maintained in the Isle of Man.
Yes.
One to five days, subject to name approval.
Full information can be found at: http://www.gov.im/lib/docs/ded/companies/companiesreg/masternameguidanceaugust2005.pdf
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.
Limited Liability company or LLC.
The identity of the beneficial owners of the Isle of Man Limited Liability Company may remain confidential if corporate officers are engaged to act as the members 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.
LLCs are fiscally transparent and taxed as a partnership, thus an LLC with no Isle of Man resident members or business in the Isle of Man is not taxed in the Isle of Man.
Isle of Man companies 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 audited financial statements with the authorities, it is important to note that a Limited Liability Company is required to keep financial records, which reflect the financial position of a company.
If the 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.
One manager - either a natural person or a corporate. They may be of any nationality or residence.
Not applicable.
The minimum number of members is two.
Other business entities used for international tax planning include:
Further information on these alternative structures are available on request.
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