For VAT purposes, the Isle of Man forms a single territory with the United Kingdom (UK), and the VAT rules are broadly identical. This means that VAT is charged on supplies between Isle of Man and UK businesses as if they were domestic supplies.
Is an Isle of Man company a UK company?
It is not and has never been part of the United Kingdom but is within the British Isles. The Isle of Man is an established international business and finance centre, with a secure base built on political stability and low taxation.
Can I move my company to Isle of Man?
Most Isle of Man companies are formed under either the Companies Act 1931, the Companies Act 2006, or the Limited Liability Companies Act 1996. When relocating, your legal options include either incorporating as a new company on the Isle of Man, or establishing a branch of your existing company.
Is Isle of Man affected by Brexit?
The Isle of Man is not part of the European Union (EU) in its own right, and is not included within the scope of the UK’s membership of the EU. The Isle of Man makes no financial contribution to the European Union nor does it receive any funding from the EU. It is not represented in the European Parliament.
Is the Isle of Man part of the UK?
The Isle of Man is not, and never has been, part of the United Kingdom, nor is it part of the European Union. It is not represented at Westminster or in Brussels. The Island is a self-governing British Crown Dependency – as are Jersey and Guernsey in the Channel Islands – with its own parliament, government and laws.
Can a UK citizen live on the Isle of Man?
The main category of British nationality in the Isle of Man is British citizenship, which can be applied for following a certain number of years’ legal residence. The residence period can range from 5 to 11 years, depending on immigration history. British citizenship is “full” citizenship.
Why do companies register in the Isle of Man?
Isle of Man company registration is an appealing way for international business people to legitimately minimise their international tax liabilities. The Isle of Man is a secure and stable offshore jurisdiction, with strong confidentiality laws and an attractive tax regime.
Is there a transfer pricing regime in Isle of Man?
There is no formal transfer pricing regime in the Isle of Man. If, however, the Assessor of Income Tax is of the opinion that the main purpose, or one of the main purposes, of any transaction is the avoidance or reduction of tax liability, assessments may be made to counteract that avoidance or reduction of tax liability.
How much does it cost to move a company to the Isle of Man?
The Annual Return fee in the Isle of Man is £380 and you will need to engage a licensed Corporate Service Provider to provide a registered office address. However should you at some future point leave the UK and take up residence elsewhere then it could be advantageous to retain the IoM company.
Can You import goods into the Isle of Man?
Most goods produced in the UK, or properly imported into the UK, can be brought into the Isle of Man without further customs formalities. Goods brought directly to the Island would be subject to similar import prohibitions, restrictions and licensing that would apply if they were imported into the UK.
How much does it cost to open an office in the Isle of Man?
You should however consider the cost implications. The Annual Return fee in the Isle of Man is £380 and you will need to engage a licensed Corporate Service Provider to provide a registered office address. However should you at some future point leave the UK and take up residence elsewhere then it could be advantageous to retain the IoM company.
