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Frequently Asked Questions about Isle of Man Company Formation

The Isle of Man has a statutory body called the Financial Supervision Commission (FSC).  The FSC is an independent body whose functions include i) the regulation and supervision of persons undertaking regulated activities, which includes company incorporation, ii) management of the regulatory regime for the regulated activities, iii) oversight of persons responsible for management, or affairs, of commercial entities.  Further information can be found on the Isle of Man FSC website.

As a company incorporation specialist, Healy Consultants utilizes international experience along with a broad network of business associates to assist entrepreneurs fulfill their Isle of Man objectives.

The following are some of the most frequently asked questions about Isle of Man Company Formation:

What are the main drawbacks of setting up a company in Isle of Man?

What is the minimum number of directors required for an Isle of Man company?

Is a resident director required?

What is the minimum number of shareholders required for an Isle of Man company?

Are shareholder/director details available for public viewing?

What are the minimum capital requirements for an Isle of Man company?

Is an Isle of Man company required to submit an annual tax return?

What are the tax implications of an Isle of Man Company formation?

How difficult is it to open a corporate bank account for an Isle of Man company?

What are the main drawbacks of setting up a company in Isle of Man?
Isle of Man company requires a registered office to be maintained on the island and a registered agent who is licenced by the Financial Supervision Commission (FSC)

What is the minimum number of directors required for an Isle of Man company?
Under statutory regulations, an Isle of Man company requires a minimum of one director. Corporates are permitted.

Is a resident director required?
The Director of an Isle of Man company doesn’t have to be resident in the Isle Of Man. However, the Isle Of Man requires a registered agent to be in the Isle Of Man.

What is the minimum number of shareholders required for an Isle of Man company?
A minimum of one shareholder is required and corporate shareholders are permitted.

Are shareholder/director details available for public viewing?
Yes.

What are the minimum capital requirements for an Isle of Man company?
An Isle of Man company has no minimum share capital requirement. 

Is an Isle of Man company required to submit an annual tax return?
Isle of Man companies are obliged to submit an annual account to the Isle of Man government Income Tax Division.

What are the tax implications of an Isle of Man Company formation?
Isle of Man company formation is an ideal way to book international profits without paying corporation tax. An Isle of Man company is required to pay an annual fee of US$850 to the Isle of Man government in order to qualify as a ‘tax exempt’ company. Upon payment, the company's international income is legally tax-free.

How difficult is it to open a corporate bank account for an Isle of Man company?
Opening a corporate bank account with a reputable international bank is easy.

Contact Us

For more information on any of our Isle of Man corporate services, e-mail email@healyconsultants.com or telephone us at (+65) 6735 0120.

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