The original Isle of Man Companies Act 1931 was based on the 1929 UK Act which it followed almost word for word.
Following its introduction it was amended in 1960, 1961, 1969, 1974, 1982. 1986, 1992. 1993, 2003 & 2004.
Notwithstanding the introduction of the 2006 legislation, the 1931-2004 Act remains in force and is the usual choice for local businesses. The main reason for this is that it doesn’t require a licensed fiduciary to act as registered agent – which makes it a less expensive choice for those prepared to ‘do it yourself.’