How many directors does an Isle of Man Company require ?

by martin on May 11, 2012

in Company Secretarial Practice, Isle of Man

A 1931 company requires at least 2 directors – both of whom have to be natural persons– i.e. these can’t be companies. A 2006 Act Company requires only a single director, this can be a person or a company – if it is a company it needs to be a subsidiary of a licensed Corporate [...]

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Does my Manx company need a Company Secretary?

by Ben on April 20, 2012

in Company Secretarial Practice, Isle of Man

A 1931 Act Company, whether public or private, is required by statute (s.19 of the Companies Act 1982)  to have a Company Secretary. Where the company is private, the secretary can be either a natural person or a corporate body. However if the company is a public company the Secretary must be a natural person [...]

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Rejoice – see why the UK’s Aaa Rating is here to stay

15 February 2012

Bookie’s always know best – everyone knows that…(don’t they ?) This arrived in my inbox this morning so I thought we should ‘spread the love’ by sharing it with you… PADDY POWER PRESS RELEASE BOOKIE UNMOVED BY MOODY’S NEGATIVE UK OUTLOOK (15 Feb 2012) The UK need not despair following news today that credit-rating agency [...]

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Ever wondered why the European banking system is in such serious trouble ?…

30 October 2011

Between 2006 and 2008, Dexia, the now troubled Belgian bank, lent Euro 1.2 Billion to its 2 largest institutional shareholders who then used the money to invest in Dexia’s own shares thus recapitalising the bank ! Astonishingly, this wasn’t against Belgian law (at the time) – although it would have been in most other jurisdictions. [...]

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Are you a Politically Exposed Person (PEP) ?

26 October 2011

Isle of Man Financial Services legislation requires that Manx Financial Institutions undertake ‘enhanced’ due diligence on ‘Politically Exposed Persons’ (PEPs). The definition varies from jurisdiction to jurisdiction. There is quite a useful explanation here on Wikipedia. Sometimes it is assumed that all people in the public eye – such as celebrities and other well known [...]

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Isle of Man – quick and cost effective property fund establishment

23 October 2011

There are real advantages to structuring ownership of UK situs real estate though an offshore centre. This is especially true where the beneficial owner is an investment fund or a non UK resident and / or non domiciled individual. Unlike most jurisdictions – in the UK there is no de-facto tax charge arising on gains  [...]

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EU Savings Tax Directive – and the Isle of Man – questions you were afraid to ask.

28 September 2011

On 24 June 2009 the Isle of Man Government announced that with effect from 1July 2011 the Isle of Man would adopt Automatic Exchange of Information under the EU Saving tax directive. This means that after 1 July 2011, Isle of Man banks are required to submit a report which includes information about interest paid [...]

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IRISH COMPANIES AND THE 0% AND 12.5% CORPORATION TAX RATE

27 September 2011

Irish trading companies enjoy one of the lowest rates of corporation tax of the mainstream EU countries at 12.5%. With the EU parent subsidiary directive applying in Ireland as well as Ireland having a very well developed network of double taxation agreements Irish companies offer very attractive levels of taxation in terms of international trading [...]

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Planning for Non UK Domiciled Individuals

22 September 2011

The UK tax regime for UK resident but non UK domiciled individuals as it currently stands remains attractive. The main benefits of the UK’s regime is deferral of capital gains tax and income tax charges on certain profits arising outside the UK as well as freedom from UK inheritance tax in certain circumstances. Some of [...]

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Non-Resident Landlord Scheme – explained

20 September 2011

Background: The Non-resident Landlords Scheme is a scheme for taxing the UK rental income of non-resident landlords. The scheme requires UK letting agents to deduct Basic Rate tax from any rent they collect for non-resident landlords unless the agent has authority to pay the particular landlord his rental income gross (without deduction). Non-resident landlords: Non-resident [...]

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