Isle of Man Company Registration Made Easier by Venture Overseas
Isle of Man company registration may seem challenging but let us guide you through it with our professional experience.
The Isle of Man is a self-governing territory of the British Crown and is situated in the Irish Sea between the UK and Ireland. It has a diversified economy with key sectors in manufacturing, insurance, finance, and retail. The country is also considered a low-tax economy and has no stamp duty, inheritance tax, or wealth tax.
Isle of Man Company Registration Procedures
The procedures take up to a week and involve a number of pre and post-registration steps.
1. Choose a unique company name and check for availability
Applicant companies must choose a unique name for their Isle of Man company.
According to government guidelines, a company name cannot be:
- Identical to another company name already registered in the Isle of Man
- Descriptive of business activity but not containing enough distinction
- Having words which imply the patronage of royalty, e.g. ‘Royal’, ‘Royalty’, ‘King’, ‘Queen’, ‘Prince’, ‘Princess’, ‘Windsor’
- A name used by a company that was struck off or dissolved in the preceding 5 years
- Indicating involvement in illegal activities
- Implying a connection to a government department or statutory board
Applicants should check the availability of their proposed names through the Isle of Man government’s online search portal.
2. Register the company
Although applicant companies can complete Isle of Man company registration procedures on their own, the applicants not familiar with the legislation should acquire the services or speak with an accountant, registered agent, lawyer or knowledgeable professional.
Applicant companies may need assistance in preparing incorporation documents and other required information such as details of company members, annual returns, a registered office address. A Memorandum and Articles of Association will also need to send to the Companies Registry during the process.
Once all the necessary documents have been submitted and the company registration is successful, the company can be incorporated within 2 business days and applicants can obtain a certificate of incorporation.
3. Open a corporate bank account
After the registration and incorporation of a company in the Isle of Man, the company can then open a corporate bank account with any bank of their choosing. The island has a selection of international and major British banks to choose from.
Contact Us Today
Interested in company registration in the Isle of Man?
Therefore, you’ve come to the right place. We are experts in guiding companies to venture overseas. Then, you can contact us today and let us completely assist you to expand your business territories.