In this article, we’ll discuss the Isle of Man Company Registry, company registration, and how they influence banking for IoM companies.
This information will be relevant to anyone that is considering registering a company in the Isle of Man. Likewise, it will be helpful for anyone with an IoM company that is trying to open bank accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Isle of Man Company Registry
- Why Register a Company in the Isle of Man?
- How to Register a Company in the Isle of Man
- Frequently Asked Questions
- Ready to Explore Your Options?
Isle of Man Company Registry
The Isle of Man Company Registry is the public agency that maintains the register of companies and other entities incorporated in the Isle of Man. The register is publicly accessible, including the names of registered entities and all documents that have been filed for each entity with the registry.
If a company has been incorporated in the Isle of Man, it will appear in the Companies Registry. With this in mind, the Companies Registry is a useful tool for anyone looking to confirm company information before engaging in a contractual relationship with an Isle of Man company.
Additionally, the Companies Registry is a useful resource for anyone with an Isle of Man company looking to open a bank account abroad. In short, bankers can quickly confirm the existence, status, and relevant information of an Isle of Man company through the Companies Registry. This makes an IoM company easier to onboard from a compliance perspective than companies from jurisdictions where a public registry does not exist.
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Why Register a Company in the Isle of Man?
The Isle of Man is an interesting jurisdiction to register a company because it offers tax efficiency, a strong rule of law, stable politics, an untarnished reputation, a strong currency, and the presence of many international banks and service providers.
In other words, the Isle of Man is a well-rounded option for incorporating a company. This is especially true if you are considering companies in other offshore jurisdictions, which are often more challenging to open bank accounts for.
Other jurisdictions worth considering that offer similar benefits may include Jersey, the British Virgin Islands, the Cayman Islands, Malta, Cyprus, and more.
How to Register a Company in the Isle of Man
To register a company in the Isle of Man an individual will need to choose a registered agent, provide the necessary documentation, and pay the relevant fees levied by the Isle of Man government and the local service provider.
Documents Required for Isle of Man Companies Registry
- Shareholder KYC documentation
- Director KYC documentation
- Agreement with a locally licensed agent
- Company resolution
- Memorandum and Articles of Association
- Additional incorporation documents
The specific requirements to register a company will vary depending on the type of company that you are registering in the Isle of Man. With this in mind, it’s essential to consider the specific requirements (and benefits) before choosing a company type.
Frequently Asked Questions
Below are two of the most common questions we receive from business owners looking to register in the Isle of Man. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do Isle of Man Companies Show on Companies House?
Isle of Man companies do not show on the UK Companies House. Instead, publicly available information on Isle of Man companies is accessible through the Isle of Man Company Registry. This includes entity names, company type, current status, and documents that have been filed for each entity.
Can Anyone Register a Company in the Isle of Man?
Anyone can register a company in the Isle of Man. However, there are requirements that need to be met. These include one director, one shareholder, a registered office, and a registered agent to manage trading activities.
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