Registration of offshore companies on the island. Maine
The Isle of Man is a favorable jurisdiction for the registration of a number of companies with different tax statuses. Possible company name endings: LIMITED or Ltd. The company name can be written in any language that uses the Latin alphabet. In this case, an English translation of the title must be submitted to Companies House.
Certain restrictions are imposed on the activities of offshore companies: they cannot carry out commercial, banking or insurance activities on the island, make capital investments (except for investments in the assets of their own company), solicit funds from the public or offer their shares to the public.
West Union provides registration services for various types of businesses on the Isle of Man:
- international business companies - are exempt from taxation only if they do not carry out commercial activities in the Isle of Man and its territorial waters. Unlike an exempt company, an international company can be created both in the form of a joint stock company and in the form of a partnership. An international business company is not entitled to engage in banking, insurance and investment activities without a license.
- international limited partnerships - operate in much the same way as unlimited partnerships. The partnership must be registered in the register of Companies House. In this case, it is necessary to indicate the name of the partnership, the purpose of its activity, the country in which the main activity is carried out, as well as complete data on the main partners.
- non-resident companies - in accordance with the law, the activities of a non-resident company must be managed and controlled outside the Isle of Man. Therefore, along with the application for registration of the company, it is necessary to provide information about in which country and at what address the governing body will be located. This responsibility falls on the shoulders of the person applying for registration. In order to avoid paying corporate tax, non-resident companies are usually located in a tax-free offshore zone or countries with low tax rates. Such organizations are exempt from taxation, but, despite this, they are required to pay a tax levy annually.
- private limited company - a private limited company in the Isle of Man must have at least one shareholder, who can be a natural or legal person, and at least two directors, whose duties can only be performed by natural persons ... At the same time, the company is obliged to submit an annual report to the Companies House and publish data on the persons who are its shareholders.
- company with liability of members within the guaranteed amount - the Isle of Man is a leader in the registration of companies with liability of members within the guaranteed amount. Over the past decades, a lot has been done to develop enterprises of this type. As in England, in the Isle of Man companies with liability of participants up to the guaranteed amount are traditionally used only for charitable and non-profit purposes. The registration requirements for these organizations are similar to those for the registration of limited liability companies.
- closed-type hybrid companies are a type of limited liability company. The liability of the members of such a company is limited by the amount that they vouch for in case of liquidation of the organization, as well as the number of shares they own. The requirements for the registration of enterprises of this type are similar to those for the registration of limited liability companies.
- tax-exempt private companies - under the law, tax-exempt organizations are required to have at least one secretary and a director who is a resident of the Isle of Man. Companies of this type are used as an object of investing personal or corporate funds, as well as for conducting commercial activities in the countries of the European Union. Any business registered in the Isle of Man or outside of it can obtain the status of a resident company.
- limited liability companies - a limited liability company has no directors or shareholders. It consists of members whose liability is limited to the amount they contribute to the assets of the company. To establish a limited liability company, at least two partners are required, one of whom must act as a manager (this can be either an individual or a legal entity, regardless of citizenship or country of registration), and a registered agent.
- branches of foreign organizations - if a foreign organization intends to open a branch or representative office on the Isle of Man, then within one month after its establishment, notarized copies of the Memorandum and Articles of Association of this foreign organization, information about its secretary and directors, as well as data one or more Isle of Man residents who are authorized to receive notices from government agencies.
- Trusts are used for international tax planning purposes. The maximum life of an international trust is 80 years. Constituent documents must be in English, there are no registration requirements. Trusts can accumulate income or some part of it during the entire period of their existence.
Every company incorporated on the Isle of Man is required to have a secretary, regardless of what organizational and legal form it has. Both legal entities and individuals who have the appropriate qualifications can act as a secretary. The authorized capital of a tax-exempt company is £ 2,000. The use of registered shares, bearer shares and shares with par value is allowed. Bank accounts are audited on an annual basis.
In the case of using nominee directors and shareholders, the true owner of the offshore company cannot be established.
The Isle of Man is considered one of the most prestigious European offshore centers. It is not part of the United Kingdom of Great Britain and Northern Ireland. Located in the Irish Sea between Great Britain and Ireland. The territory of the island is 588 sq. Km. Population - about 70 thousand people. The capital of the island is Douglas. The official and spoken language is English, as well as Gaelic, the "descendant" of the Old Irish language.
The international airport is located 8 kilometers from the capital. The island has regular flights from cities such as London, Manchester, Birmingham, Cardiff, Dublin, Belfast, Liverpool and Glasgow.
The Isle of Man's economy is largely based on manufacturing, tourism and offshore banking.
Isle of Man's legal regulations are based on British law (Companies Acts 1931 to 1993 - Companies Act 1931-1993, Limited Liability Companies Act 1996 - Limited Liability Companies Act 1996, The International Business Act 1994 - Law on International Business of 1994). Although the Isle of Man is not a member of the European Union, businesses registered in its territory have access to European markets.