Isle of Man Offshore Incorporation and Banking
The Isle of Man is possibly the most reputable jurisdiction when it comes to incorporating an offshore company. The Isle of Man has been offering incorporations since the 1930’s and so has decades of experience to fall back on.
It also has a choice of different offshore vehicles and has the Companies Act 1931 and Companies Act 2006 each with different aspects and benefits depending on your individual requirements, so much more variety than your average jurisdiction.
The recent Covid pandemic has seen a shakeup in the registry which means that most services are now achievable online, which not only enables ease of business, but also serves the additional purpose of expediting matters. For instance an Isle of Man company can be incorporated same day and for an extra fee a 2006 company can be incorporated within the hour.
Depending on your structure it is possible that the Isle of Man can offer 0% Corporate Tax, 0% Capital Gains Tax, 0% Inheritance Tax and 0% Withholding Tax on Dividends, and yet despite this due to its high standards it is on the OECD white list and is not considered a tax haven.
It is possible to register Isle of Man companies for VAT and this falls under the UK’s VAT regime.
For many years now the Isle of Man has been a hub for offshore banking and so has a reputation for being a stable banking region. The Isle of Man government which is independent from that of the United Kingdom has consistently shown its support to the banking sector which is an important part of the Isle of Man economy.
If you would like further information as to how an Isle of Man incorporated company or an Isle of Man offshore bank account can benefit you then please do not hesitate to contact us.