Investors interested in setting up a company in the Isle of Man are responsible for maintaining accurate and up-to-date company records. In order to comply with this requirements, sometimes investors may need to change the company details in the Isle of Man.
The list below summarizes the main changes to the company details that can be performed by submitting the adequate forms:
- change the officer: making the necessary changes in the company’s managerial structure by a notice of appointment or change of the nominated officer.
- change the registered office: an Isle of Man company can change its registered office and for this purpose, a special form needs to be submitted.
- capital increase: investors can increase the company’s nominal capital by filing a 10 Form.
- allocate shares: company owners can also issue new shares and allot them as appropriate also by filing a special form.
One of our Isle of Man company registration agents can give you complete information, according to company specifics. We detail below some of these changes and highlight the main aspects to which company owners should pay close attention.
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Changing the company’s registered office
Offshore company formation in the Isle of Man has a set of requirements, including one for having a registered office on the island. A company that changes the office after it has been incorporated need to report the change within one month after it has taken place.
Failure to comply with this mandatory requirement results in fines, according to the delay time. One of our Isle of Man company formation agents can help you comply with this procedure and avoid any unnecessary penalties.
Changing the share capital
Company owners who wish to increase the company capital or allow new shares need to file Form 10 and Form 45 (for the allotment). Both of these forms need to be submitted as soon as the changes take place and penalties also apply for late filing.
Entrepreneurs who also require other types of services can reach out to our team if they need solutions that are provided by accountants in the Isle of Man. The local requirements for taxation and reporting are not applicable, as there are no taxes for companies. Nonetheless, businesses are still expected to keep a set of documents that reflect their true financial status. Our team can give you more information.
Contact our team of Isle of Man company registration agents for complete details on the submissions to the Companies Registry and details about the incorporation procedure.