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Setting up a business in the Isle
of Man
The Isle of Man Companies Registry has been in existence since 1865.
Originally part of the General Registry it is now an integral part
of the FSC (Financial Supervision Commission) which is responsible
for the administration and regulation of all companies, limited
liability companies, business names and limited partnerships.
The first Companies Act was enacted in 1865 and
followed the introduction of company legislation in the United Kingdom
in 1862. Current Manx legislation is based on the Companies Consolidated
Act 1931 which itself is based on the United Kingdom Companies Act
1929. Nine amending Acts have since been enacted, ensuring that
the Isle of Man’s Corporate products and the legislation which
governs their conduct keeps pace with modern business demands and
expectations.
The Advantages
of Registering in the Isle of Man
The FSC has created an electronic database of all Isle of Man company
records going back to the time when the first company was incorporated
in 1865. The new service provides a speedy and efficient way in
which practitioners around the world can access company records
24 hours a day and has proved highly resilient. The service provides
details of all Isle of Man Companies, Overseas Companies registered
in the Isle of Man, LLCs and Business Names. You can also purchase
company documents, check the availablility of company names and
submit an application to reserve a company name.
The launch of the system forms part of an ongoing programme to enhance
the services provided by Companies Registry for both local and international
users of the Isle of Man as a business centre.
Every country and jurisdiction has its distinct forms of business.
The Isle of Man is no exception having been legally and politically
distinct for over a thousand years, and in modern times becoming
one of the leading centres of the world for offshore financial services.
Companies and other forms of business organisation established under
the law of the Isle of Man have been widely used internationally.
It is no accident that business organisations established in the
Isle of Man have become so widely used. It is arguable that the
Isle of Man has the most sophisticated law relating to forms of
business organisation of any centre for ‘offshore ’
work, and is among the leading jurisdictions of the world in this
respect.
The Isle of Man is a ‘Common Law ’jurisdiction. The
basis of Manx law is Manx customary law, itself derived from a combination
of Gaelic Brehon law, Norse Udall law, and both being very heavily
influenced by English Common Law over the centuries. Equity, as
it developed in the English courts, has been applied identically
in the Isle of Man since the seventeenth century. With a few exceptions,
notably in Land law and Constitutional law, the Isle of Man closely
follows English legal precedents and legislation.
Part of the success of the Isle of Man is its professional services
industry. The Isle of Man legal profession is a fused profession
practicing law to the highest standards. The Judiciary of the Isle
of Man enjoys the highest international reputation and its judgments
carry great weight internationally. The accountancy profession is
well established, with all the major international firms represented
from the Chartered, Certified and other branches of the profession.
The Institute of Chartered Secretaries and Administrators is also
represented, as is the banking profession through a thriving centre
of the Chartered Institute of Bankers.
The Financial Services Industry is long established and well regulated.
All aspects of the financial services industry are regulated by
Government Agencies. The Financial Supervision Commission is the
regulator for banking business and investment business whilst the
Insurance & Pensions Authority regulates pensions and insurance
business. The Isle of Man has adopted all internationally agreed
measures and plays an active part in combating money-laundering
and other criminal activities. The Financial Supervision Commission
is also responsible for the Companies Registry and all functions
relating to the regulation of companies, corporate service providers,
limited liability companies, limited partnerships and industrial
and building societies. It also has powers to prescribe fees and
duties and to initiate inspections.
The OCRA Worldwide Isle of Man team is fully conversant and experienced
in the procedures for establishing Isle of Man business entities
and over the last decade has set up over 5,000 companies for businessmen
and entrepreneurs.
From inception we will examine and evaluate your business activities
and advise you on the most suitable business structure to adopt,
which could be either the establishment of a private limited company
or public limited company, LLC partnership, limited liability partnership
or branch registration of a foreign corporation.
We can also provide the following business support services:
- Registered office address facilities
- Professional directors and nominee shareholders
- Company secretarial services
- Company administration services
- Provision of cubical/physical presence
- Assistance in the day to day management of the company
- A turnkey administrative service for client companies
- Assistance in opening and operation bank accounts
- Trading and letter of credit services
- Accounting, financial reporting and consolidation
- Virtual office services
- The preparation of management and statutory accounts
- Arranging audits
- Arranging for the provision of legal and taxation advice and
opinions
- Intellectual property, trade mark, patent and royalty work
- Issues relating to work permits and immigration
- Property
For further information about setting up a business in the Isle
of Man please Contact our Isle
of Man Office.
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