Interesting facts about Isle of Man in 2023?
- The Isle of Man is a self-governing British Crown Dependency located in the Irish Sea. It is not part of the United Kingdom or the European Union;
- The Isle of Man’s national symbol is the Triskelion, which appears on the country’s flag. The three bent legs clad in armour relate directly to the island’s motto “Quocunque Jeceris Stabit”, which means “whichever way you throw it, it will stand”;
- The isle of Man is famous the world over for its motorcycle T.T. races, traditionally held every year in the last week in May. T.T. stands for Tourist Trophy, and its first ever tournament was in 1907, when the contest was held on a 15 mile (21 km) road course around the island. Today the race is held over a 37 mile (60 km) mountain road course, which consists of 200 bends at an altitude of 1,300 feet (396m), situated at the island’s highest point at Snaefell;
- The island has its own indigenous breed of sheep, the Loaghtan (ovis aries). It is classified as a Rare Breed, and is recognised for it’s unusual brown coloured coat and for having six horns, which grow both straight and curly;
- The island is a haven of Celtic architecture, with many ancient symbols of Celtic religions and ancient castles and churches;
- The island’s industries are centred around offshore banking, tourism and film making, being one of the most regular film sets for the British film industry;
- The official languages of the Isle of Man are English and Manx Gaelic, which is closely related to Scottish Gaelic and Irish.
Frequently asked questions
What is the minimum number of directors required for an Isle of Man company?An Isle of Man company requires only one director, with corporate directors permitted.
Is a resident director required?There is no residence requirement for an Isle of Man company, although the company does need to have a registered agent on the island.
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, nor a requirement for par value. The company’s capital can be expressed in any currency.
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, although the main rate of corporate tax is 0%.
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.