ISLE OF MAN

Geographical position. The Isle of Man is situated in the middle of the Irish Sea and is located at an approximately equal distances from England and Ireland. The Isle of Man takes up the area of 620 square kilometers.

The population of the island is approximately 70,000 people.

The legislative system is based on the British legislative system and is closely related to it.

Financial structure. Over 50 banks are entitled to perform banking operations on the island, including all British largest banks and many international banks. A network of legal and accounting services is widely developed on the island.

1	Corporate Law	The Companies Act of 1931, with amendments of 1961, 1968, 1974, 1982, 1986, 1992, 1993
2	The form of tax-free company	A tax-free company or a non-resident company (hereinafter referred to as the “Company”)
3	Permitted activities	Any activity not prohibited by the law. A special license for banking, insurance, reinsurance and trust services is required.
4	Prohibited activities	Making transactions with the Isle of Man residents; ownership of real estate on the Isle of Man; for a non-resident company: conduct its business from the territory of the Isle of Man
5	Taxation	The Company is free from any taxes and duties in the territory of the Isle of Man
6	The period of registration	7 days
7	The possibility to buy a shelf company	Yes, but subsequent acquisition of the tax exempted Company is required
8	The name of the Company	Should not be identical or similar to any one registered. The name should end in the word “Limited”, or “Ltd.” . The words: “Insurance”, “Bank”, “Chamber”, “Charter”, “European”, “International”, “Group”, “Municipal”, “Royal”, “Fund”, “World” and a number of others may be used only upon approval of the Financial Control Commission.
9	The documents required for the registration	Memorandum of incorporation, the corporate charter, the application of the directors and secretary
10	Who signs the incorporation documents?	Subscribers whose function is only to sign the incorporation documents and appoint the first director
11	The Company’s share capital	There is no requirement of the minimum size and payment of the share capital
12	The recommended share capital	GBP 2,000 divided into 2,000 shares with the face value GBP 1 per share
13	Shares	Only registered shares and bearer shares with the face value are issued (shares without any face value are prohibited)
14	Shareholders: -- minimum number -- nominee shareholders -- trust ownership of shares	a single private individual or corporate entity permitted permitted
15	Possible re-domiciliation of the company in any other jurisdiction	None
15	Whether the law provides non-disclosure of the information: -- on the beneficial owner of the Company -- on banking operations	The beneficial owner of the Company cannot be identified in case shares are held by the nominee Yes
16	Directors: -- minimum number -- ethnic origin and nationality -- status	Two private individuals At least one resident of the Isle of Man (for an exempted company); Non-residents of the Isle of Man (for an non-resident company) All rights except those being within the exclusive competence of the shareholders (determined by the corporate charter)
18	The existence in the territory of the Isle of Man of: -- registered office -- registered agent -- a local secretary	Obligatory Not obligatory For an exempted company – obligatory, a private individual or a legal entity, a resident of the Isle of Man, may combine the positions of the secretary and a director A non-resident company – no requirement
19	Holding of shareholders/ directors meeting	The meetings may be held in any part of the world and the minutes of the meetings may be kept in any place.
20	The requirement of: -- the accounting -- preparing the annual report -- submission of the auditors’ opinion	None Yes, including the information on the names and addresses of directors, shareholders, the number of shares owned by them None
21	The information available upon request of any third parties	Names and addresses of directors and shareholders, the registered office, memorandum and corporate charter, creditors’ claims
22	Documents kept in the registered office	An exempted company - the register of shareholders and directors, creditors’ claims; a non-resident company - no requirements
23	Double taxation avoidance treaties	None
24	Currency control	None