Register a company
If you are familiar with the legislation you can incorporate a 1931 Act company yourself. If you are not familiar with the legislation you should speak with an Isle of Man accountant, Corporate Service Provider or registered agent, Advocate (lawyer) or knowledgeable professional. You need to ensure the company is set up and operates the way you want it too and that you are aware of the legal obligation associated with a company. There are also reporting obligations that can lead to late filing penalties if they are missed or to the company being removed from the register.
If you intend using a 2006 Act company you can still seek advice from an appropriate professional but the company must have a registered agent who is regulated by the Isle of Man Financial Services Authority and has to submit the incorporation papers. A list of regulated corporate Service Providers is available on the FSA web site (link - http://www.iomfsa.im/licenceholders/SearchLicenceHolders.aspx?type=Current&id=1&searchtext=&selection=Class+4+-+Corporate+Services&submit1=Submit)
An Isle of Man company must have a registered office on the Isle of Man and anyone providing a registered office by way of business should be regulated by the Financial Services Authority ('FSA').
Unfortunately, this department is not able to recommend a CSP directly.
The FSA website also contains information about the CSP regime on the Island and the sort of service you should expect.
- Standard incorporation of a company occurs within 48 hours of receipt of these documents, and costs £100*
- A 2 hour incorporation of a company costs £250* **
- A 'while you wait' service is available, and costs £500* ***
All incorporations are subject to receipt of the correct fee, and the name being acceptable. A registration fee paid to the department may not be refundable, whether or not the company is registered in accordance with the timeline specified.
** If the incorporation documents are received by the department before 2.30pm on a business day, the company may be incorporated within 2 hours of receipt of the documents
*** If the incorporation documents are received by the department before 4pm on a business day, the company may be incorporated while the person who presented the documents waits