Isle of Man LLC incorporation
General information
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 HERE.
Population
The population of the Isle of Man is approximately 75,000.
Political structure
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.
Language
Currency
Exchange control
None.
Type of law
Principal corporate legislation
Company information
Procedure to incorporate
Restrictions on trading
- 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.
Language of name
Powers of company
Language of legislation and corporate documents
Registered office required
Shelf companies available
Yes.
Time to incorporate
Name restrictions
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.
Names requiring consent or license
Suffixes
Disclosure of beneficial ownership to authorities
Compliance
Taxation
Financial statement requirements
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.
VAT
Double taxation agreements
Managers
Company secretary
Members
Key corporate features
General
- 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
Company Secretary
- Required – Not applicable
Managers
- Minimum number – One
- Local required – No
- Publicly accessible records – Yes
- Location of meetings – Anywhere
Members
- Minimum number – Two
- Publicly accessible records – Yes
- Location of meetings – Anywhere
Registered Agent
- Required – Yes
- Local required – Yes
Accounts
- Requirement to prepare – Yes
- Audit requirements – No
- Requirement to file accounts – No, but must be available for inspection in the Isle of Man
- Publicly accessible accounts – No
Other
- Requirement to file annual return – Yes
- Change in domicile permitted – Yes
Our company licensing services
— What we do and do not do
Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.
TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!
Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.