IOM Companies FAQs - isleofman-companies.com

July 31, 2015

What is an Isle of Man offshore company ?

Actually there is really no such thing as an Isle of Man “offshore” company. Unlike jurisdictions like the British Virgin Islands and Saint Lucia there is […]

November 8, 2014

Does my Isle of Man company need to register for VAT ?

When an Isle of Man company’s business is a continuing activity that involves getting paid for providing goods or services (in money or another kind of […]

November 8, 2014

How do I do a company search ?

Company Searches can be performed at the Isle of Man Companies Registry by following this link. Click for our quick guide to the Isle of Man […]

November 8, 2014

What activities can my company undertake ?

Since 1 June 1988, being the date that the Companies Act 1986 (“the Act”) came fully into force, all Isle of Man companies incorporated after this […]

November 8, 2014

What matters are discussed at an annual general meeting?

The main purpose of an AGM is for the directors to report on the performance of the company, for the members to question the directors about […]

November 8, 2014

The directors of my company have changed – do I need to file a form?

1931 Act Company For a 1931 Act Company whenever a director (or secretary) is appointed or resigns then the Company must submit to the Companies Registry […]

November 8, 2014

How can I change the Articles of Association of my Company ?

A company’s Articles are the regulations governing its internal management and they will usually, amongst other things, cover such matters as the rights of shareholders, the […]

November 8, 2014

I no longer need my Isle of Man company how can I close it down ?

1931 Act Company In accordance with s.155 of the Companies Act 1931, a company, whether private or public can be wound up in one of the […]

November 8, 2014

What is the difference in the role between the shareholders and the directors ?

In short, companies are incorporated to create a separate legal entity, but they cannot act on their own; they need people to make the decisions and […]

November 8, 2014

What happens if I have not held an annual general meeting ?

For those companies to which s.111 of the 1931 Act applies (all public companies and all private companies that have not elected to dispense with the […]

November 8, 2014

Does my company need to hold an annual general meeting ?

2006 Act Company There is no statutory requirement for a Company formed under the 2006 Act to hold an Annual General Meeting, however the Articles of […]

November 8, 2014

Can my company buy back shares from a shareholder ?

In respect of the purchasing its own shares, the rules for a 1931 Company are complex but the answer is ‘Yes’. The relevant provisions are contained […]

November 8, 2014

What is a registered agent in the Isle of Man?

All companies in the Isle of Man formed under the 2006 Act must, at all times, have a registered agent. It is only such agents who […]

November 8, 2014

Does my Manx company need a company secretary ?

A 1931 Act Company, whether public or private, is required by statute (s.19 of the Companies Act 1982) to have a company secretary. Where the company […]

November 8, 2014

How many directors does an Isle of Man Company require ?

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 […]

November 8, 2014

How do shareholders of an Isle of Man Company remove directors ?

Although there are sometimes provisions in the Articles and service contracts protecting Directors – all that is generally required for shareholders to remove a Director is […]

November 5, 2014

What are the accounting requirements for an Isle of Man company ?

The Accounting requirements for a 1931 Act Company are contained within part 1 of the 1982 Companies Act. It’s quite prescriptive and requires that financial statements […]