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Isle of Man New Manx Vehicle (NMV) Company Formation

Isle of Man Company Formation

Overview of an Isle of Man New Manx Vehicle (NMV)

The Isle of Man is an autonomous self-governing territory under the directorate of the British Crown.

The jurisdiction has several offshore vehicles available governed by a number of different pieces of legislation. The newest addition to the Islands offshore product range is a company called the New Manx Vehicle (NMV) that came into being from the passing of the 2006 Companies Act.

Similar to the widely popular the Private Limited Company under the Companies Act 1931-2004 in many respects, however, the NMW is even more fiercely competitive, created by the Isle of Man government as a way to compete against the widely popular IBC’s found in the Caribbean. Both prices of legislation run in parallel with one another, each offering distinct companies.

The New Max Vehicle has been popular since its inception, the Company Registry incorporating over ten thousand companies in the previous decade.

This has been largely a result of the company’s reduced filing and accounting requirements, its simpler incorporation process, and the availability of single-member ownership.

While each company has its unique attributes, depending upon the circumstance, the New Manx Vehicle is a popular company with a long company formation tradition all making the jurisdiction an attractive country to go offshore.

For more information on the Advantages of the Isle of Man as an Offshore Financial Center.

Advantages of an Isle of Man New Manx Vehicle (NMV) Company

  • International reputation
  • Renowned financial jurisdiction
  • English as the official and common language
  • Has a robust offshore financial market
  • Geographical proximity to the UK and the European Union
  • No requirements to audit accounts
  • No requirements to file accounts
  • Simple financial statement requirements
  • Financial accounts are not open to the public
  • Once incorporated the company has a separate legal personality and has an indefinite existence
  • Availability of an unlimited amount of shareholders
  • Is on the OECD ‘white list’
  • Has met all of the international regulatory requirements put forward by the IMF, FATF, and EU
  • No difference between a Private and a Public Company
  • Single-member ownership is available
  • Available of having a company limited by shares, guarantee, with or without shares and shares and guarantee

Top Uses of an Offshore Company in Isle of Man

  • International Trading
  • E-Commerce
  • International Business
  • International Holding Company (physical and intellectual property)
  • Registration of Holding of sea vessels

Key Corporate Features of an Isle of Man New Manx Company

Isle of Man NMV Corporate Details
General  
Type of Entity New Manx Vehicle
Type of Law Common-Law
Governed by 2006 Company Act
Registered Office in Isle of Man Yes
Shelf company availability Yes
Our time to establish a new company 1-5 Business days
Minimum government fees  GBP 195
Corporate Taxation None
Access to Double Taxation Treaties Yes
Share capital or equivalent  
Standard currency GBP
Permitted currencies Any
Minimum paid up GBP 1
Usual authorized GBP 2000
Bearer shares allowed No
No par value shares allowed Yes
Directors  
Minimum number One
Local required No
Publicly accessible records Yes
Location of meetings Anywhere
Corporate directorship allowed Yes
Shareholders  
Minimum number One
Publicly accessible records No
Corporate shareholder allowed Yes
Location of meetings Anywhere
Company Secretary  
Required Yes
Local or qualified No local requirements but must be qualified
Accounts  
Requirements to prepare Yes
Audit requirements No
Requirements to file accounts No
Publicly accessible accounts No
Recurring Government Costs  
Minimum Annual Tax GBP 360
Annual Return Filing Fee GBP 360
Other  
Requirement to file annual return Yes
Migration of domicile permitted Yes


Isle of Man New Manx Vehicle Registration Packages Include

Includes:

  1. Government Registration Fee (First year)
  2. Registered Office Address (First year)
  3. Registered Agent Services (First year)
  4. Company Secretarial Maintenance
  5. Certificate of Incorporation
  6. Memo & Articles of Association
  7. Appointment of 1st Directors
  8. Consent Actions of the BOD
  9. Share Certificates
  10. Register of Directors
  11. Register of Officers
  12. Register of Shareholders
  13. FREE Phone and/or email consultations

 

Isle of Man Company Incorporation Requirements

The Financial Supervision Commission made the NMV much easier to incorporate to make it competitive with other IBC’s.

To register a NMV it is necessary to submit the Memorandum and the Articles of Association to the Company Registry. Only Registered Agents are authorized to file the application for incorporation

 

Isle of Man Corporate Taxation

New Manx Vehicles are not subjected to any local taxation by authorities of the Isle of Man. All foreign-based companies are considered to be resident companies.

There are no local taxes including:

  • No Withholding tax
  • No Dividends tax
  • No Corporation tax
  • No Capital gains tax

Companies that have a higher share capital are liable to pay GBP 17 per GBP 1,000 of authorized share capital above GBP 2,000.

There is a maximum capital duty of GBP 5,000. All companies that are in the business of banking, insurance or that deal in real estate property are subjected to a 10% tax rate. The registration for a VAT number is required which is recognized in Great Britain and Europe.

 

Corporate Details of an Isle of Man New Manx Vehicle Company

Anonymity, Confidentiality and Disclosure

The Directors's information is held publically available, though shareholder's information are not open to the public. The financial accounts and all financial information are also not open to the public. Nominee services are allowed. A beneficial owner's name can be held confidential if a corporate shareholder is used on behalf of the beneficial owners. A Company can voluntarily elect to file a copy of its register, but it is not required.

 

Company Shares

Shares with par and no par value are permitted as well as shares that are ordinary, convertible, redeemable, preference and non-voting shares. There is no need to file allotments of shares. Bearer shares are not allowed.

 

Required Capital

There are no minimum capital requirements. Usual authorized capital is GBP 2,000. There is a capital duty that must be paid on the issuance of shares, which is GBP 17 per GBP 1,000 of authorized share capital above GBP 2,000. There is a maximum capital duty of GBP 5,000.

 

Shareholders

There must be a minimum of one shareholder, who may be an individual or a legal person, and may reside anywhere in the world and be of any nationality. Shareholder information is not publically available.

 

Director

There is a minimum requirement of one Director required for a NMV. The Director can be an individual or a corporate body if the Director is a holder or a subsidiary holder of a fiduciary license issued by the Isle of Man Financial Supervision Commission. The Director may be a resident of any country and of any nationality. Details of the Directors may remain confidential if a corporate shareholder is used.

 

Company Secretary

A company secretary is not required for a Limited Company.

 

Company Meetings

Company meetings are required and must take place every calendar year though they may take place anywhere in the world ad may be held via telephone of through an electronic system.

 

Principal Corporate Legislation

The New Manx Vehicle is governed by the 2006 Act Company that runs parallel to the Companies Act 1931-2004. A company formed under the 1931 Act may freely convert itself to a company under the 2006 Act Company, but not vice versa.

Some of the key distinguishing features in comparison to the Companies Act 1931-2004 include:

  • Reduced filing requirements
  • Reduced accounting requirements
  • Simpler incorporation process
  • No need for a secretary
  • Single-member ownership

 

Type of Law

The Isle of Man is based off English Common Law.

 

Trading Restrictions

A NMV is not permitted to conduct any business that is related to banking, insurance, investment management and the solicitation of public funds activities without the appropriate licence.

 

Exchange Controls

None

 

Powers of the Company

A Limited Company has all the powers of a natural person.

 

Registered Office Required

Yes a local registered office is required for a Limited Company.

 

Annual Reporting Requirements

A simple annual return is required to be filed every year to the Financial Supervision Commission. The annual return should be filed by the Registered Agent. A tax return must by submitted to the relevant Tax Authorities and should be submitted within the 12 months of incorporation.

 

Local Presence

It is required that a NMV have a local registered office as well as a local agent who must be a licenced CSP. Accounting records must be kept at the office of the registered agent in the Isle of Man that details that last six months giving details as to the financial standing of the company.

 

Audit Requirements

There are no audit requirements for an NMV.

 

Annual Reporting

A simple annual return is required to be filed every year to the Financial Supervision Commission. The annual return should be filed by the Registered Agent. A tax return must by submitted to the relevant Tax Authorities and should be submitted within the 12 months of incorporation.

 

Shelf Companies Available

Yes

 

Time Required to Form Offshore Company

1-5 business days

 

Name Restrictions

It is not allowed that a company name is similar or the identical to an existing company, a name that exists elsewhere, implies illegal activities, the use of words that are offensive. The use of the words ‘group’ or ‘holdings’ requires approval from the registry.

 

Language of Name

Names can be expressed in any language that uses the Latin alphabet, though the Register must be in receipt of a certified English translation.

 

Names of Company Requiring a Special Licence or Permission

Any company that has a name that includes the word: bank, building society, savings, loans, insurance, assurance, reinsurance, cooperative, council, Chamber of Commerce, trust, municipal, finance, or their foreign language equivalent and must first receive the appropriate approval and/or licence.

 

Permitted Limited Liability Suffixes

A Limited Company must have Inc, Corp, Ltd or PLC after the Company name. Foeign character names are subject to approval. The name of an unlimited company may use the world ‘Unlimited’ or its abbreviation. The name of a protected cell company must use have the following phrase, ‘protected cell company’ or its abbreviation.

 

Access to Double Tax Treaties

Yes

 

Minimum Annual Government Tax

GBP 360

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