Isle of Man Companies

Company Services Available from Grant Thornton (Isle of Man) Limited

The Isle of Man offers zero corporate taxation for Isle of Man registered companies which are owned (or ultimately owned) by non Isle of Man resident shareholders. With appropriate tax advice, corporate structures can be established and managed from the Isle of Man for legitimate purposes to utilise the benefits available.

Grant Thornton (Isle of Man) Limited is able to offer corporate structures and provide full professional services for international based clients and clients resident in the Isle of Man which includes:

• The incorporation of Isle of Man registered companies or non-Isle of Man registered companies;
• Providing a registered office for the company;
• Offering Isle of Man resident company directors or a corporate director, Grant Thornton (Isle of Man) Directors Limited (in accordance with the Companies Act 2006);
• Offering company secretarial services;
• Maintaining the day-to-day management of a company;
• Registering and administrating Foreign companies under the ‘F’ Register;
• Providing nominee shareholders if requested;
• Applying for VAT registration if the required conditions are met;
• Maintaining the bookkeeping of the company;
• Preparing annual financial statements;
• Providing and acting as a Registered Agent, Grant Thornton (Isle of Man) Limited, in accordance with the Companies Act 2006.

There are numerous types of company which can be incorporated and administered by Grant Thornton (Isle of Man) Limited under both the 1931-2004 and 2006 Companies Acts:

Company Limited by Shares

This is the most popular form of company and permits the liability of its members to be limited to the amount unpaid on shares they hold.

Guarantee Company

Guarantee companies have no capital and therefore no shares - the liability to the members is limited by the memorandum to such amount as the members may undertake to contribute to the assets of the company in the event of its being wound up.

Hybrid Company (“The Manx Foundation”)

A hybrid company is a company which is limited by guarantee and which has a share capital and is often used as an alternative to a trust.

Protected Cell Company

This type of company permits it to be limited by shares and regarded as a single legal entity in its own right. However a PCC has the ability to segregate and protect its assets in separate cells. A PCC formed under the 2006 Companies Act is recommended for this purpose as it can be used for any purpose whereas a 1931-2004 company only permits its use for insurance business or for certain types of collective investment schemes.

Unlimited Company

This type of company has no limit to the liability of the members and is used occasionally where a company formation is desirable but due to the nature of the assets held, the potential liability is not considered vital.

Public Company (PLC)

A 1931-2004 Act company can be established as a public company and may offer its shares or debentures for sale to the general public. It must also have its annual financial statements audited. A 2006 Act Company does not distinguish between private and public companies and any type of 2006 Act company can offer its shares to the general public.

Limited Liability Company (LLC)

A limited liability company (LLC) has a corporate personality and limited liability but taxed in a similar manner to that of a partnership, with each member of the LLC paying tax on their share of the profits.

Whatever type of company is preferred Grant Thornton (Isle of Man) Limited will be able to assist. Please view the Company Questionnaire section for information required before a company can be incorporated.

If you require further information please contact:

Dennis McGurgan
E: dennismcgurgan@grantthornton.co.im
T: +44 (0)1624 639494
F: +44 (0)1624 662249