The Isle of Man is one of the three British dependencies, with an area of only 572 square kilometers. It is located between Britain and Ireland, only 50 kilometers away from both countries. Located in the Irish Sea near the northwest coast of England, the island has the lowest population density in Europe, with 79,805 residents, half of whom are from Britain, and English is the main language on the island.
Manx law and taxation
The Isle of Man does not have the usual tax items, such as capital gains tax, wealth tax, stamp duty, inheritance tax and capital transfer tax. Since April 2006, the policy of zero corporate tax rate has been implemented. Most industries are exempt from corporate tax, and only 65,438+00% corporate tax is levied on banks and real estate businesses operating in the Isle of Man. In order to attract more financial services companies to settle down, the Isle of Man was launched in 2004? 50% financial preferential support policy? For these enterprises, the initial registration fee, rent for the first two years, personnel and equipment relocation fee, marketing fee, external training fee, telecom initial installation fee, etc. shall be subsidized by up to 50%.
The Isle of Man is one of the world-famous offshore financial centers, and it has quite perfect enterprise organization. There are two kinds of companies here: listed companies and private companies. The former can be publicly issued and submit an account audit report to the company registry every year, while the latter cannot be publicly issued and does not need to submit an account audit report. Limited liability companies are divided into four types according to the different shares and guarantee responsibilities, so as to meet the needs of customers to start various enterprises as much as possible. The island practices common law and conforms to the common law system. Starting from17th century, the island followed the English equity law and promulgated the first company law in 1865. At present, the company law on the island is based on the company integration law of 193 1, which has been revised nine times so far, in order to meet the requirements of the continuous development of modern enterprises in time.
Due to the simple procedures and low cost of registering companies in the Isle of Man, the Isle of Man has become a paradise for foreign companies to list on the London AIM market and register offshore.
There are two ways to register a company in the isle of man: to set up a company yourself or to buy a ready-made company. To set up a company by yourself, you must first apply for the company name, and then appoint the company's directors and secretaries. The office address must be in the Isle of Man and there must be at least two directors. You don't even need an official seal to set up a company on the island. It is even simpler to buy a ready-made company, that is, a shell company. The Isle of Man Financial Supervisory Committee has published a list of commercial service providers, which have established companies for sale.
A joint-stock company with a registered capital of less than 2,000 pounds (1000 pounds or about14,700 yuan) only charges a registration fee of 180 pounds. For every increase of registered capital of 65,438+0,000, the cost will increase by 65,438+0.5, but the maximum amount will not exceed 5,000. For non-joint-stock companies, only a fixed registration fee of 180 is charged.
In addition, offshore companies are not required to pay taxes to the place of registration and provide annual reports; You can open a bank account in other countries; There is no need to submit company accounts to the place of registration every year. These advantages provide convenience for registered offshore companies to avoid tax and domestic laws and regulations.
The isle of man also provides paid information inquiry service and establishes an electronic information base to facilitate the public to purchase registration materials and make inquiries. The isle of man also has an independent information protection bureau, which plays a very good role in protecting personal data.
For China enterprises that want to list in London, registering a Manx company can enjoy a lot of quality services.
The isle of man has a perfect enterprise organization form law, and the laws implemented are in line with the common law system. So far, the law has been revised nine times, aiming at meeting the requirements of the continuous development of modern enterprises in time.
Moreover, there are no capital gains tax, wealth tax, stamp duty, inheritance tax and capital transfer tax in the Isle of Man. Since 2000, the island has implemented the value-added tax reform, and only 5% value-added tax has been levied on some labor-intensive industries. In April 2006, the island began to implement the policy of zero corporate tax rate, and most industries were exempted from corporate tax. In order to attract more financial services companies to settle down, in 2004, the Isle of Man launched? 50% financial preferential support policy? Provide subsidies of 50% of the maximum amount for the initial registration fee and the rent for the first two years of these enterprises.
In addition, the isle of man has a well-developed service industry, and there are many professionals such as lawyers, accountants, secretaries and bank employees. Its financial services industry has a long history and good supervision. The Isle of Man Financial Supervisory Committee is responsible for supervising the banking and investment industries, and the Isle of Man Insurance and Pension Regulatory Authority is responsible for supervising the insurance industry and pensions.
The Isle of Man Financial Supervisory Committee also has close ties with the British financial sector. The financial supervision authorities of the two sides have close exchanges, signed a memorandum of cooperation, established a formal contact mechanism, frequent personnel exchanges and exchanges, and conducted a lot of coordination at the policy level.
The Isle of Man Financial Supervisory Committee has signed a memorandum of cooperation with the financial supervisory authorities of more than 20 countries and regions in the world. Although there is no formal cooperation mechanism with China financial supervision authorities, the two sides have cooperated many times. The Committee expressed the hope to sign a memorandum of cooperation with China as soon as possible and establish a formal cooperation mechanism.
Manx company establishment requirements:
1. Each company must set up a registered office in the Isle of Man and appoint a secretary. The secretary must be a Isle of Man resident and a member of a recognized professional body.
2. The company must also appoint at least two directors (one of whom must be a Isle of Man resident) and one shareholder, but the company will not appoint any directors.
3. Any ordinary company can be established as a joint-stock company, a liability guarantee company, a joint-stock company with mixed liability guarantee or an unlimited company.
4. The general authorized capital is at least 2000 pounds, which can be increased according to requirements.
5. The company must keep books, but if the company does not operate in the Isle of Man, it is not necessary to audit the accounts. The company's legal records and meeting minutes are kept in the registration office. In order to register the company and meet the standards stipulated in the due diligence, the customer should provide the recommendation letters and passport copies of the ultimate beneficiaries and directors.
The following information is required for the establishment of the Isle of Man Company:
1. Name of the company to be established
2. The overall business plan of the company's operation
3. The fields and regions that the company intends to operate.
4. Proof of identity and address of each member of the company.
5. Definition of the identity and rights of each member in the company
Manx company registration requirements
The company must set up a registered office in the Isle of Man and appoint a secretary. The secretary must be a Isle of Man resident and a member of a recognized professional body. The company must also appoint at least two directors (one of whom must be a Isle of Man resident) and one shareholder, but the company will not appoint any directors. Companies must keep accounts, but if the company does not operate in the Isle of Man, it is not necessary to audit the accounts. The company's legal records and meeting minutes are kept in the registration office. In order to register the company and meet the standards stipulated in the due diligence, the customer should provide the recommendation letters and passport copies of the ultimate beneficiaries and directors.
Ordinary companies (according to the Company Law of 2006)
1, with unlimited business scope.
2. Free dividend conversion is allowed.
3, do not distinguish between private enterprises and public enterprises.
4, filing and accounting requirements are simple.
5. Allow a shareholder.
6. Conditionally allow the company as a legal person to serve as a director of the Isle of Man Corporation.
7. The establishment of a company must be carried out by a registered agent who has obtained a Manx license.
8. The corporate tax rate of the Manx General Company is zero.
limited liability company
1. A limited liability company has some characteristics of a partnership. Established in accordance with 1996 Limited Liability Company Law. The establishment of a company requires at least two company members, no shareholders and no directors.
2. After the company is established, it will exist forever.
3. Members of the Company shall bear legal liabilities to the extent of their capital contribution.
4. The tax obligation of a limited liability company shall be borne independently by the members of the company in proportion to their income.
5. If a company member is not a Isle of Man resident and the company operates overseas, he can apply for exemption from Isle of Man corporate tax and withholding tax related to dividend distribution.
6. A limited liability company must have a registered office in the Isle of Man and pay the registration agency fee every year.
limited partnership
1. A limited partner may withdraw part of its invested capital at any time without changing its legal limited partner status.
2. A limited partner may apply for registration as an overseas partner, so as to obtain the accounting qualification separate from the limited partnership enterprise for tax treatment.
3. Manx Limited Partnership Company must be registered in Manx and submit relevant information.
4. The maximum number of limited partners is 20, including one general partner.
5. Limited partners and general partners can be both natural persons and legal persons.
Successful case of registering isle of man company
For China enterprises actively seeking overseas listing, the simple establishment conditions, low listing costs and preferential tax policies make London Growth Enterprise Market (AIM) very attractive, while the Isle of Man, which is far away from the British mainland, becomes the preferred offshore registration place for enterprises.
Mr Li is the owner of a logistics company in China. At the end of 2006, he led the company to successfully list on the Growth Enterprise Market (AIM) of the London Stock Exchange. Introduced by a friend, Mr. Li chose the offshore company registration place in the Isle of Man, 50 kilometers away from the British mainland. According to him, the cost of registering a company in the Isle of Man is low and there is no need to pay any corporate tax. ? If an offshore company is registered in the UK, the tax to be paid is much higher. ?
Li Zekai originally considered leading the company to list on NASDAQ. However, due to the Sarbanes-Oxley Act, he finally chose the London Growth Enterprise Market (AIM).
A few years ago, Nasdaq and Hong Kong Growth Enterprise Market were the preferred overseas listing places for China SMEs, but in recent years, China SMEs have made a new choice, namely London Growth Enterprise Market (AIM).
London Growth Enterprise Market (AIM) is a financial market that London Stock Exchange provides financing services for newly established small businesses, and it is also the first second-board market established in Europe after Nasdaq. At present, 48 mainland enterprises in China have been listed on AIM.
In the future, more and more small and medium-sized enterprises will be listed on London Growth Enterprise Market (AIM), so how to choose the offshore registration place is very important. According to Mr. Li, in the past, private enterprises in China often chose to list on NASDAQ in the United States, and also chose to register offshore companies in Bermuda, Viking, Cayman Islands and other places with similar legal systems to the United States.
Similarly, for most enterprises listed on London Growth Enterprise Market (AIM), the Isle of Man has become the first choice for offshore registration. According to statistics, before April 12, 2007, among the non-British enterprises listed on AIM, the number of enterprises from the Isle of Man and the amount of financing ranked second.
Only 80,000 people on the island are optimistic about Chinese enterprises.
The Isle of Man is one of the three British dependencies, with an area of only 572 square kilometers. It is located between Britain and Ireland, only 50 kilometers away from both countries. Located in the Irish Sea near the northwest coast of England, the island has the lowest population density in Europe, with 79,805 residents, half of whom are from Britain, and English is the main language on the island.
Because it is closest to Britain, it is more convenient to connect with Britain. Therefore, in the past 30 years, the Isle of Man has not only developed into an international financial center, but also an offshore registered place with a good reputation. Among more than 20 offshore financial centers in the world, the Isle of Man has obvious advantages.
Compared with many offshore financial centers in the Caribbean, the Isle of Man has a more sound regulatory mechanism and more scientific financial management. At present, in addition to company registration, the island's business has expanded to trust management, insurance and the growing fund industry.
The radiation area of the Isle of Man is Britain, extending to the Middle East and East Asia. Its good geographical advantages make the development of the Isle of Man more prominent. The Isle of Man is committed to developing its global business, and China is a very important market for it. The island government has taken measures to attract China companies to do business on the island. In order to strengthen cooperation and exchanges with the government of China, government officials of the island visited China several times.
Convenient registration, low cost, no need to build an official seal when starting a company.
Mr. Li said that due to the simple registration procedure and low cost, the Isle of Man has become a paradise for foreign companies to list and register offshore in London AIM market.
According to Mr. Li, there are two ways to register a company in the Isle of Man: to set up or buy a ready-made company. To set up a company by yourself, you must first apply for the company name, and then appoint the company's directors and secretaries. The office address must be in the Isle of Man and there must be at least two directors. You don't even need an official seal to set up a company on the island. It is even simpler to buy a ready-made company, that is, a shell company. The Isle of Man Financial Supervisory Committee has published a list of commercial service providers, which have established companies for sale.
A joint-stock company with a registered capital of less than 2,000 pounds (1000 pounds or about14,700 yuan) only charges a registration fee of 180 pounds. For every increase of registered capital of 65,438+0,000, the cost will increase by 65,438+0.5, but the maximum amount will not exceed 5,000. For non-joint-stock companies, only a fixed registration fee of 180 is charged.
In addition, offshore companies do not need to pay taxes to the place of registration and provide annual reports; You can open a bank account in other countries; There is no need to submit company accounts to the place of registration every year. These advantages provide convenience for registered offshore companies to avoid tax and domestic laws and regulations.
The isle of man also provides paid information inquiry service and establishes an electronic information base to facilitate the public to purchase registration materials and make inquiries. The isle of man also has an independent information protection bureau, which plays a very good role in protecting personal data.
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