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Choosing the Registered Agent in the Isle of Man

Choosing the Registered Agent in the Isle of Man

The Isle of Man Companies Act sets forth a number of rules and regulations for opening a company. Among the top requirements is the need to appoint a registered agent for the company. Choosing the registered agent in the Isle of Man is important not only for the formation of the company itself but also for the future managing activities.

Our Isle of Man company formation specialists answer some of the most commonly asked questions about how to choose this registered agent and his role within the company.

What is a registered agent for a company in the Isle of Man?

The registered agent is an individual or a company that acts as a third party and is designated to receive the notifications, tax forms, notice of lawsuits and other correspondence on behalf of a company registered in the Isle of Man. The first and foremost function of the agent is to receive the summons and petition on behalf of a company, should that corporation be involved in a lawsuit.

Are there any special requirements for the registered agent?

There are a few conditions the registered agent needs to fulfill in order to be able to conduct his specific activities for the company. He must have a physical address in the jurisdiction and his name and personal details will be included in the company’s constitutive documents. When the registered agent is an individual, he must be at least 18 years of age. A company that provides special registered agent services in the Isle of Man can also be appointed.

Are there any special issues regarding his practice license?

Yes. The registered agent is allowed to perform the specific duties only by holding a special license. Therefore, investors should only look to work with a licensed registered agent in the Isle of Man. The authority that issues this special license is the Isle of Man Financial Supervision Commission.

Can the company’s founder act as registered agent?

In theory, the founder of the company who would act as a registered agent would save the costs associated with these specific services and would be able to be up to date with all of the company changes, due to the act that he would be handling all the managerial functions. However, there are a number of downsides to this, including the fact that if the founder acts as a registered agent, his name and personal details will be included in the company documents which in itself makes it impossible to maintain a degree of anonymity when engaging in offshore company formation in the Isle of Man.

Choosing a registered agent is an important step for investors who wish to make sure that their company is compliant. While tax and annual reporting are of no particular importance as they do not apply in the Isle of Man, remaining compliant with other aspects, such as preparing yearly financial reports and balance statements, is required and easier with the help of our CPA in Isle of Man.

Our Isle of Man company registration agents provide complete registered agent services, according to the Company Law and the business-specific needs of your company. Contact us for more details on the services we provide.