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Accounting Requirements for Isle of Man Offshores

Updated on Wednesday 13th June 2018

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Accounting-Requirements-for-Offshore-Companies-in-the-Isle-of-Man.jpgThe Isle of Man is a British crown dependency located between Great Britain and Ireland. It is a preferred offshore jurisdiction for those investors who wish to benefit from a preferential taxation regime and at the same time base their business in a location that offers quick access to the UK and the rest of Europe.
 
Offshore company formation in the Isle of Man is a simple process that requires a few steps. Our company formation agents detail the advantages in terms of annual accountancy that investors can expect when deciding to open an offshore here.
 

Main annual accounting requirements for Isle of Man companies

 
The list below contains the main issues that need to be taken into account in terms of accountancy requirements
 
  1. the annual return: this is to be filed every year and falls under the duties of the company director and the registered agent.
  2. the accounts: these do not need to be filed, nevertheless, the accounting records shall be kept at the registered address.
  3. the tax return: although companies are not taxed on their trading income, there is a tax from land and property income for those properties on the island; an annual tax return is filed for these.
  4. the audit: the annual audit requirements depend on the annual turnover of the company; not all companies need to undergo an account audit.
 
As stated above, although the Isle of Man is a jurisdiction with low requirements and no tax imposed on company profits, there are a few key accountancy aspects that need to be taken into consideration.
 
Seeking specialized services can be an option for foreign investors who need support for accounting matters. Our team of Isle of Man company formation agents can give you more details about the services we provide.
 

Other requirements of Isle of Man companies

 
The zero tax on corporate income is a true advantage to foreign investors. The general Isle of Man company registration steps are easy to follow, making the entire company formation process another strong point for doing business here.
 
The offshore can be incorporated by a single shareholder and can have one director who does not need to be a resident. Appointing a registered agent is a required step and there are a number of fees payable upon incorporation and during the first year of administration.
 
Contact us for more information on setting up a company in the Isle of Man. Our specialists are able to provide you with additional information as well as personalized counseling. 
 
 

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