Prestigious jurisdiction, especially suitable for those who need a VAT number to trade within the EU.
It is possible to open bank accounts on IOM, and for complete privacy protection, it is possible to provide Nominee service for signing a bank form to open an account.
Regarding taxes and duties, IOM is in a “common wallet” with the United Kingdom. Therefore, the standard VAT rate is in line with the UK rate of 17.5%. The income tax rate applicable to a IOM company that does not operate on IOM in the banking and real estate business is 0%.
IOM is an established international business and finance center based on political stability, low taxes and a stable fiscal and regulatory environment, independent of the UK.
IOM is the UK’s self-governing dependent territory. It has never been part of the United Kingdom, but it‘s part of the British Isles. Technically, it is independent of all UK matters except foreign affairs and defense, both of which are within the UK Government’s jurisdiction, for which IOM makes an annual contribution to this agenda.
IOM carries out its extensive political and legislative independence through parliament, the Tynwald, which is the world’s oldest legislative body.
Established under the Companies Acts 1931- 2004
Companies can be:
All companies are identified as either private or public companies. Private companies are not authorized to offer shares or securities to the general public and are not obliged to file audited annual accounts to the commercial register.
Companies based under the Limited Liability Company (LLC) Act 1996
IOM has adopted this law from the legislation in Wyoming. LLC is a hybrid structure consisting of company and partnership attributes. Further specific specifications are available on request.
Previously, IOM has been using a tax system for income tax based on non-resident tax status, tax exemption or international tax status. To comply with EU and OECD commitments, the IOM adopted a strategy that changed the corporate tax system and removed these so-called “harmful tax practices”.
From April 6, 2006, the corporate income tax rate is 0%. The income tax rate for companies operating in the banking and real estate business is 10%. Every company is required to pay an annual fee of £ 250.
Income of non-residents from companies taxed at 0% is subject to a 0% withholding tax.
Although IOM is not a member of the EU, it has the clear advantage of being part of the EU customs territory. A company may be registered with VAT on IOM if it has a place of business there. Therefore, it is possible for both foreign and IOM companies to obtain benefits from 0% corporate tax as well as VAT registration for intra-EU trade.
We will immediately send you originals of corporate documents.
Basic fees for setting up a company (one-time) | EUR |
---|---|
Setting up fee (includes costs, filing fee and registered capital charge) |
2,620 |
Corporate Structuring and Due Diligence (preparation of corporate documentation and provision of a company seal) |
500 |
Processing an application to open a corporate bank account at IOM | 550 |
Institutional fees | 450 |
Annual fee for filing a tax return | from 100 |
FIRST YEAR TOTAL: | 4,220 |
ANNUAL FEES | EUR |
---|---|
Corporate Domicil (provision of registered office and eventually registered agent, preparation and administration of statutory records, deadlines, filing of tax returns and any other tax / license statements) |
2,500 |
Institutional fees | 450 |
Fee for filing a tax return | 100 |
OTHER SERVICES | EUR |
---|---|
Professional Directors, Nominee Service to Authorized Persons to Sign Bank Account Request, Company Secretary and Nominee Shareholder | 1,000 |
VAT registration | 550 |
VAT administration (accounting, banking) | 200 / quarter |
Accounting Preparation Measures | 300 |
Trust and private foundations Preparation of founding deeds of trust / private foundation and transfer of assets |
from 1,250 |
Annual Trust Charges from | 1,600 |
Note: All nominee directors at IOM must undergo a review by the Government Financial Supervision Commission before appointment. The Commission monitors criminal record, professional qualifications, knowledge of company law, work experience and financial situation.
To ensure compliance with local law, in IOM as well as in other jurisdictions, on behalf of a company must act licensed agent and a local director must be appointed. This is in line with the Corporate Service Providers Act 2000.
The most common use of IOM offshore companies:
Specifics of establishing offshore companies in the Isle of Man
Establishment of the company in 3 – 5 days after the approval of the company name by the Commercial Register. The name can end only with Limited or Ltd, Public Limited Company or PLC.
An offshore company can only be established with one shareholder who can have a single share of zero. One director is allowed to be appointed and this may not be an IOM resident.
Accounting and support for offshore companies at IOM
Establishment of the company, its settlement, delivery of apostilled documentation, bookkeeping. All under one agency.
Do you have a foreign company and don’t know if you have fulfilled all your legal obligations? We can help you to check and comply with all government requirements.
Are you dissatisfied with the performance of your directors? Are they not meeting deadlines? Try us.
Do you already have an offshore company? Do you want better conditions? Change your registration agent.
Žitná 562/10
Praha 2, 120 00
In 1996 we became a registration agency as Parker & Hill Ltd. In 2011 we underwent a transformation and began to operate internationally under Parker & Hill Inc.
We are a member of the international consortium NWMS Ltd. We incorporate companies directly for you within 16 jurisdictions. We are not re-seller, we are the registration agency.
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