The Isle of Man is a preferred location for many investors looking to incorporate a company in a jurisdiction with many benefits common to an offshore jurisdiction. The Island is located in the Irish Sea and has made a name for itself as a tax haven with great location advantages, close both to Ireland and the United Kingdom.
Below are seven facts you should know about the Isle of Man, presented by our team who specializes in all matters related to Isle of Man company formation.
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1. A self-governing British Crown Dependency
The Isle of Man is a self-governing British Crown Dependency that has accumulated the historical heritage of many kings and lords until it was acquired by the British Crown in 1765. Queen Elizabeth II is the Head of State or the `Lord of Mann`.
2. The Isle of Man has the oldest parliament in the world
The Parliament is over 1,000 years old and it is the oldest continuous one in the world. What’s more, the Parliament serves the function of High Court, it is the High Court of Tynwald. It has unlimited legislative competence, although in some cases it is not exclusive. This is a key characteristic that lends itself to the overall political stability. The Government has a sound approach to social inclusion and economic growth – another advantage not only for the inhabitants but also for the investors interested in setting up a company in the Isle of Man.
3. There is a strong emphasis on a diverse economy
Although the Isle has taken important steps towards becoming a tax haven near Europe, the economy is a diverse one and it is not centered solely on the financial sector. Aviation, biotechnology, e-business and maritime services all play important roles.
4.An extremely advantageous taxation regime
Offshore company formation in the Isle of Man is attractive for investors who wish to open a company that will be located close to the EU and will benefit from a zero percent income tax rate (for resident companies).
5.A business-friendly location
The Islands’ good infrastructure and the fact that it has a customs union with the United Kingdom makes it easy for entrepreneurs to be interested in setting up a company in the Isle of Man if they are interested in trade activities.
6.A high quality of life
People living on the Isle of Man are part of an inclusive society that has low crime rates and good public services.
7.Successful in more than one way
The Isle of Man is not only recognized for its business and tax regime but also for the fact that it has given the world a number of talented artists, among which we can name the most famous: The Bee Gees.
Company formation in the Isle of Man is a fast and simple process and investors will enjoy a balanced, modern and business-friendly environment.
For more information and the detailed steps related to company incorporation, please contact us.