Company Formation Isle of Man
New Manx Vehicle
Isle of Man
New Manx Vehicle
The Isle of Man New Manx Vehicle (“NMV”) was introduced in 2006 to provide a structure that was similar in many ways to companies being offered in other jurisdictions.
The NMV introduced a simpler and more streamlined company for ease of use with both international business and wealth management. Attractive characteristics of the NMV include:
Minimum of One Director (and this may be a Corporate Director)
Simpler filing requirements
Relaxed accounting requirements for the distribution of dividends
This allows the Isle of Man NMV a greater flexibility for International trade and allows for a simple accounting test for the distribution of profits to the owners of the company.
The benefits of an Isle of Man NMV include:
Zero Corporation Tax – profits on a company are taxed at 0% (banking and insurance business are taxed at 10%)
Zero Capital Gains Tax – on the sale of the holdings no tax will be paid on the capital gain.
Zero Inheritance tax – property held within an Isle of Man company will not pay any inheritance tax in the estate of the ultimate owner.
Zero Stamp duty – in certain cases stamp duties on the transfer of the property/holdings can also be mitigated.
VAT registration – an Isle of Man company can register for VAT for EU trade and sales.
The identity of the beneficial owner may remain confidential through the use of a corporate shareholder which holds the shares under declaration of Trust for the beneficial owner. There is no withholding tax on payment of dividends to shareholders.
The Isle of Man has a first class reputation as a well regulated international business and finance centre and is easily accessible from London and Dublin.
Isle of Man Limited Company (2006 Act) – Company requirements
General Company Information
Type of Law – Common
Type of Entity – Limited
Time of Incorporate – 2 days
Corporate Taxation – 0% (Banking & Insurance companies – 10%)
Minimum Government Fees – £360
Minimum number – One (and can be Corporate)
Local Directors required? – No
Public records – Yes
Location of Meetings – Worldwide
Company Secretary required? – No
The act removes the requirement for authorised share capital
The NMV has a very flexible regime for shares
Requirement to prepare – Yes
Requirement to audit No – some exceptions
Requirement to file No – save in relation to taxation
Public access – No
Minimum number – One
Location of meetings – Worldwide
Publicly accessible records – Optional
Transfer of Domicile permitted – Yes
Annual Return required – Yes
For further information, please contact one of our agents and we would be pleased to discuss your requirements further.