Companies can hold accounts in any currency.
The IOM can be utilised as a gateway to the European Union for trading purposes, and is often the most efficient way of bringing goods into the EU from China. The IOM Government has a rep office in Shanghai.
What Types of companies can be incorporated?
Private or Public Companies, Companies limited by share or guarantee, Hybrid Companies, Unlimited Companies, Protected Cell Companies and Foundations.
What are the requirements for company incorporation?
Capital: No authorised capital requirements. No capital maintenance requirements.
Compositional and Structural: Minimum of one Director and one Shareholder, neither of which must be local. Corporate / Nominee shareholders and directors can be used.
Annual meeting, auditing and reporting: No requirement to hold an AGM, no general requirement to audit or report accounts.
What length of time does it take to incorporate a company? 1 day
What are the fees associated with company incorporation? £195 Government incorporation fee
What is the general taxation rate for incorporated companies? 0%
Can the regulatory authorities request information about the background and identity of company officers, or company accounting information?
Yes, but only in strict accordance with TIEA and DTA agreements & FATCA, or in cases of criminal investigation.
Can this information be shared with other jurisdictions?
Yes, but only as above.
What Laws apply to company formation?
Companies Act 1931 and Isle of Man Companies Act 2006 (both amended).
Are any changes anticipated?
Yes, there is currently a consultation running on 1931 companies which will see current amendments consolidated and old companies modernised to become a more robust, flexible and dynamic corporate vehicle.
