ISLE OF MAN HYBRID COMPANY
Hybrid Company Formation
CURRENCY INTERNATIONAL ORGANIZATIONS Manx Pound British-Irish Council (BIC) & Universal Postal Union (UPU)
LANGUAGES APPLICABLE LAW English and Manx Gaelic COMPANIES ACT 1931-2004 & 2006
TIME ZONE POPULATION GMT+01:00 85,500
cclex.com ISLE OF MAN LEGAL BASIS
Isle of Man is located in the Irish Sea between Northern The principal laws governing Manx hybrid companies are Ireland and England. It is an internally self-governing the Isle of Man Companies Act of 1931-2004 and the Isle English crown dependency. of Man Companies Act of 2006. The 2006 Act operates in parallel with the Companies Acts 1931-2004. A prospective It enjoys a stable political climate and is renowned company elects under which Law it shall be incorporated. worldwide for its legally sound economic infrastructure that attracts international business. Isle of Man offers first A Manx hybrid company combines elements of a company class financial, corporate and fiduciary services and robust as well as a trust/foundation. The hybrid company is limited corporate governance. by guarantee, but it also has a share capital. Consequently, it has two classes of memberships, that of guarantee Isle of Man has been successful in the corporate sector due members and of shareholding members (shareholders). to its professional services industry, resulting an excellent international reputation. In such structures, members become shareholders by contributing capital and become guarantee members by agreeing to contribute certain amounts of capital in case the company becomes insolvent or goes into liquidation.
BENEFITS
TAX%
Low Share Capital Business friendly Attractive corporate Cost effective Flexibility Jurisdiction taxation setup of a Trust KEY REQUIREMENTS
Anyone wishing to establish a Manx Hybrid company must apply for its registration with the Companies Registrar, through its appointed registered agent. Upon all requirements being satisfied, the Registrar will grant registration and a certificate of incorporation will be issued.
APPOINTMENTS COMPANY FORMATION DOCUMENTS At all times, at least one shareholder needs to be in place. When incorporating a Manx hybrid company, the Memorandum Every shareholder in the hybrid company needs to be a & Articles of Association must be delivered to the Registrar, and guarantee member. However, a guarantee member does not just include the following details: necessarily need to be a shareholder. a. Name of the company; b. Structure of the company; Manx hybrid companies are also required to keep a register of c. Address of registered office; members containing: d. Name of the registered agent; • the number of each class of shares held by each shareholder; e. Agreement of each subscriber to become a member on the • the names and businesses or residential addresses of the incorporation of the company; persons who are guarantee members of the company. f. Amount which every member of the company is liable to contribute to the company’s assets in the event that the The 1931 Act Company requires the appointment of at least company is liquidated. two directors and one company secretary. However, the 2006 Act Company requires the appointment of only one director. ANNUAL RETURNS Manx hybrid companies are obliged to file annual returns, containing such particulars as prescribed by the respective The company directors are responsible for the day-to-day Acts. The annual return must be made up to the company’s management of the company and are required to act in the best return date and the registered agent must forward a copy to the interest of the shareholders. The company secretary, whose Registrar within one month after that date. appointment is optional in the 2006 Act Manx hybrid company, is responsible for the administrative duties. REGISTERED OFFICE The company shall, at all times, have a registered office in the Isle of Man with a physical address in the Isle of Man. The Manx Hybrid company shall also at all times have a registered agent in the Isle of Man.
KEY REQUIREMENTS
Minimum of 1 or 2 Registered address in Registered Agent Registration with Memorandum & directors the IoM Companies Registrar Articles
ISLE OF MAN HYBRID COMPANY
Engagement
2-3 WORKING DAYS • Engagement • Collecting due diligence documents • Compiling incorporation documents Receive all supporting documentation 2-3 WORKING DAYS 4-6 • Application for registration to the DAYS Companies Registrar
Company Incorporation
• Once the application is accepted, a Certificate of Incorporation will be issued.
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