Over 1,000 Isle of Man companies and businesses have submitted their annual returns using a new online service introduced in November 2021 by the Isle of Man Companies Registry (the Registry).
All Isle of Man registered companies and businesses are required to submit an annual return on the anniversary date their business was registered. An annual return provides details of an organisation’s general information, such as its registered office and its company officers. The return is essential for ensuring the information the Registry holds about the organisation is accurate and up-to-date.
Dr Alex Allinson MHK, Minister for Enterprise, commented:
‘The availability of this new online process is beneficial for the majority of Island companies and businesses, streamlining a previously administrative and time consuming procedure for both businesses and the Registry.
‘The previous process meant that in some cases, an annual return for a company could extend to seven pages, with the vast majority of the information submitted on the form already known to the Registry. This new process is quick and simple, saving time for the business and avoiding the frustration of returns being rejected due to simple administrative omissions.
‘Each year the Companies Registry receives over 20,000 paper annual returns which will now be eligible to submit using the online process. The adoption of a digital-first approach is not only better for businesses, but also contributes to a greener Registry reducing significantly the amount of paper which is received and maintained.
‘Ensuring we are continually reviewing our processes is key to the Island maintaining and enhancing its reputation as an internationally responsible business centre and increasingly sustainable jurisdiction.’
Companies and businesses which are operating under the provisions of the Companies Act 1931 Act, Companies Act 2006 Act, Foreign Companies Act 2014 or Registration of Business Names Act 1918 are able to take advantage of the new online service.
Companies and businesses who are eligible for online submission will be sent a letter with a unique one-time access code two weeks before the return is due. This code will allow them to sign in to the Registry’s system from the annual return date and verify their organisations details. Provided that companies and businesses have informed the Registry of any notifiable changes, the system will generate an automatically populated return which can be summited and paid for online.
Kate Evans, Director of Independent Financial Consultants Limited, commented:
‘Using the new online annual return process for my business this year made the process far quicker than the previous paper method. The online service was easy to access and simple to use and has made submitting my return this year much more convenient.’
Isle of Man Companies who would like guidance on submitting their annual return form can contact the Companies Registry by email at email@example.com