Isle of Man
Routes to Market in Isle of Man
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Isle of Man Routes to Market
There are several ways for small to medium sized UK enterprises to conduct business on the Isle of Man. The cost for incorporation is £190. Before a company can be incorporated, a Registered Agent needs to be appointed. A registered agent will need to obtain approval for the company name from the Companies Registry.
The approval period is within three months and once approval has been granted, a Memorandum of Association must be presented. The document must contain information regarding the names of the company owners and the registered office. Further details of this can be obtained at www.gov.im
Limited Company
A limited company is where the owners liability is limited to the amount invested in the business. The type of limited company can take several forms:
Limited by shares
This is where the shareholders investment is limited to the amount invested in shares. This is the most common form of business for the Isle of Man.
Limited by guarantee
Limited by guarantee is where the investors liability is limited to the amount they agree to contribute if the company is wound up or goes into liquidation.
Limited by shares and guarantee
This type of company is known as a hybrid company. The owners are a combination of limited by shares and limited by guarantee.
Sole Traders
On The Isle of Man, it is possible to conduct business as a sole trader without registering your company. The owners liability is unlimited so they will be personal liable for any potential losses made by the business. The costs for setting up this sort of business and the tax varies according to the size and type of enterprise.
Partnerships
Like a sole trader, owners of a partnership are personally liable for any losses the business might make. The partners need to provide the following information before the company can start trading:
- The names of all partners who own the business
- The objectives and activity of the business
- The money invested by each partner
- How profits and costs are distributed
- The responsibilities of each partner in the running of the business
- Holiday allowances
- The arrangements for introducing new partners
- What to do if a partner dies, becomes incapacitated, retires or wishes to decrease their involvement in the company.
Limited Partnership
A limited partnership on the Isle of Man is the same as a partnership but the owners liability is limited to the amount they invest in the business.
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