Isle of Man

The Isle of Man is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland within the British Isles.

Offshore banking, manufacturing, and tourism form key sectors of the economy. The rate of corporation tax is 0% for almost all types of income, the only exceptions are that the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings situated on the Isle of Man.

The Isle of Man has a statutory body called the Financial Supervision Commission (FSC).  The FSC is an independent body whose functions include: i) the regulation and supervision of persons undertaking regulated activities, which includes company incorporation; ii) management of the regulatory regime for the regulated activities; and iii) oversight of persons responsible for management, or affairs, of commercial entities.

Isle of Man company formation is a reputable solution. The island is a highly regarded jurisdiction due to stringent compliance laws. If properly structured, Isle of Man company formation is an excellent way to book international profits without paying corporation tax. Main advantage of the Isle of Man companies is paying zero tax on trading and investment income. The Isle of Man has a customs and excise agreement with the UK. This means that for VAT, customs, and most excise duties, the two territories are treated as one. So it may be advisable to register an Isle of Man offshore company for VAT if it plans trading with the EU.

If the Isle of Man company being incorporated is not a bank or insurance company, there is a zero corporate tax rate. Bank and insurance companies are taxed at 10%. Isle of Man has no capital gains tax and no withholding tax is paid on dividends.

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