How do shareholders of an Isle of Man Company remove directors ?
November 8, 2014
Does my Manx company need a company secretary ?
November 8, 2014

A 1931 company requires at least 2 directors – both of whom have to be natural persons– i.e these can’t be companies. A 2006 Act Company requires only a single director, this can be a person or a company – if it’s a company it needs to be a subsidiary of a licensed Corporate Service Provider – or another entity permitted by the Regulator.

Section 91 (7) of the 2006 Act says…

(7) No body corporate shall be, or agree to be, the director of a company unless it, or another body corporate of which it is a subsidiary-

(a) holds a licence granted under the Financial Services Act 2008 which does not exclude acting as such; or
(b) is permitted to do so by regulations

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