LLC – Limited Liability Company
Isle of Man
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 defense, 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.
Infrastructure and Economy
There are regular daily air and ferry services to the UK and Ireland. The Isle of Man, confronted with a decline in its two principal sources of income, agriculture and tourism, now places greater reliance upon industrial investment and its financial centre activities.
The official and spoken language is English.
The Manx Pound, which is on par with the UK Pound and freely exchangeable.
Type of Law
Common Law, based on English Common Law
Principal Corporate Legislation
Limited Liability Companies Act 1996
Limited Liability Company for International Trade and Investment
The legislation is based on US LLC legislation. Manx LLCs must have two members and appoint a local registered agent.
Procedure to Incorporate
Filing of Articles of Organization with the Registry
Restrictions on Trading
Limited Liability Companies are not permitted to:
Undertake banking or insurance activities or any other activity that might suggest an association with same without a license.
Undertake investment business other than the investment of the company’s own assets without a license.
Neither solicits funds from the public nor offer their shares or membership to the public without a license.
Powers of Company
An Isle of Man company has all the powers of a natural person.
Language of Legislation and Corporate Documents
Registered Office Required
Yes, must be maintained in the Isle of Man
Shelf Companies Available
Time to Incorporate
One to five days, subject to name approval.
A name that is similar to or identical to an existing company. A name that is known to exist elsewhere. A name that implies illegal activities. A name that implies royal or government patronage.
Many names require justification or high capitalization to allow use. Words such as “International”, “European” or other words indicating an international presence will only be approved if the Company is incorporated with an authorized capital of £100,000 which must be paid up. Exemptions can be made for LLCs.
Use of the word “Group” will only be approved if the company can provide documentary evidence that the company owns a group of companies.
Language of Name
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.
Names Requiring Consent or License
The following names or their derivatives require consent or a license: 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
Disclosure of Beneficial Ownership to Authorities
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 recognized in Europe.
Double Taxation Agreements
Apart from a limited treaty with the United Kingdom, the Isle of Man is not party to any double tax treaties.
Financial Statements Required
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.
The minimum number of members is two.
Key Corporate Features
|Type of entity||Resident LLC|
|Type of law||Common|
|Shelf company availability||Yes|
|Our time to establish a new company||1 – 5 days|
|Minimum government fees||Nil|
|Corporate Taxation||Fiscally transparent|
|Double taxation treaty access||No|
Share capital or equivalent
|Standard currency||Not Applicable|
|Permitted currencies||Not Applicable|
|Minimum paid up||Not Applicable|
|Usual authorised||Not Applicable|
|Publicly accessible records||Yes|
|Location of meetings||Anywhere|
|Publicly accessible records||Yes|
|Location of meetings||Anywhere|
|Requirement to prepare||Yes|
|Requirement to file accounts||No, but must be available for inspection in the Isle of Man|
|Publicly accessible accounts||No|
|Requirement to file annual return||Yes|
|Change in domicile permitted||Yes|
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Whilst most providers either specialise on personalized consultation at relatively high rates or run bulk registration factories without any support, we want to offer the positive aspects of both types.
Therefore TBA combines professional advice, worldwide registration services, reasonable fees, customized order processing, lifetime support and fast processing. Where others see company formation services as a bulk registration with no support and no individual assistance, we do care about your business needs
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Our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.
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