The first company (company number 00001V), to be incorporated under the Isle of Man’s state of the art Companies Act 2006 was ‘International Car Rent Limited’ and as it happens I incorporated it.
The Act was introduced after much lobbying by local law firms Cains and Dickinson Cruikshank. It is substantially based on the famous British Virgin Island’s IBC Act and gives the Island and excellent up to date and highly flexible framework for company registration.
Most of the archaic and prescriptive rules and requirements of the old 1931 Act have been swept away in favour of a more tailored approach which allows the shareholders the choice of tailoring the Articles to their own requirements.
Initially many of the local Advocates were sceptical of the new Act – partially this was because they felt it provided less legal certainty than the old Act – of course they had a point – as it lacked the 80 or so years of precedent although perhaps the more cynical might suggest that they had a vested interest in their intricate legal knowledge of the complicated old Act which they were so familiar with – either way, the new Act has, been a roaring success and I’d say we incorporate about 10 times as many 2006 Companies compare with 1931 Act ones.