Isle of Man - Offshore
August 11, 2008
The Isle of Man is situated in the heart of the British Isles. The country is an internally self-governing dependent territory of the British Crown. It is an independent sovereignty and not part of the United Kingdom.
As a Crown Dependency the Isle of Man has i’s own Corporate Registry – which makes available a wide range of company structures at an attractive price. And from the 6th April 2006 they introduced an income tax of zero percent ( 0%) and no withholding tax on payments of dividends to shareholders. This make the Isle of Man company an excellent vehicle to save tax.
The Island has its own Income Tax and Customs & Excise services – both provide a very quick service to queries. It takes approximately one week to register with the VAT authorities and receive your VAT number.
The Isle of Man benefits from a special relationship with the European Union which allows for streamlined movement of goods between the Island and the Union.
The Isle of Man Government has a policy of offering good incentives to high-technology companies and financial institutions to locate to the Island. This seems to have paid off as there is an expanding knowledge base being attracted to the Island which fosters a entrepreneurial spirit. Finance now contributes to about 35% to the Manx gross national product.
The Isle of Man is undergoing a growth in economy due to the success of its financial services industry. Any Corporate services company have to be licenced by the Isle of Man Financial Supervision Committee – introduced to regulate Corporate Services on the Isle of Man and ensure a high standard of service and accountability.
The main activities of the finance sector are deposit-taking, asset protection and management, packaged investments such as unit trusts, life assurance and corporate management. Markets for these services are world-wide and the Isle of Man has built an exceptional reputation as a centre of excellence for expatriate banking. The Isle of Man is constantly innovating the service industry with its offering of Space Isle (catering to space insurances) and Yacht and Shipping management.
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