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DOING BUSINESS IN THE ISLE OF MAN

Isle of Man Business Services Overview About the Isle of Man Setting up a Business in the Isle of Man Taxation

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 and Foundations.

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  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 availability 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 Institute of Financial Services.

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.

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