There are many reasons pushing domestic entrepreneurs to start a business abroad. These include:
- Unstable economic situation in the country, which is associated with all sorts of risks for doing business (currency depreciation, rate fluctuations and other negative factors).
- Unfavorable political environment. Ineffective legislation in the economic sector makes business extremely risky.
- The desire to go international with minimal costs (both financial and time).
- Lack of protection of the interests of entrepreneurs by the state.
The above factors extremely negatively affect domestic entrepreneurs. Therefore, the search for effective options for registering a business abroad is a reasonable solution.
Most businessmen, when choosing a place to register an enterprise, prefer countries belonging to offshore zones. The list of such states includes the Isle of Man.
Benefits of incorporating a company in the Isle of Man
- The country is one of the leaders among offshore zones in terms of attractiveness for investors. Favorable investment climate in conjunction with local legislation (which is 90% similar to the laws of Great Britain because of the Isle of Man’s neighborhood with this country) serves as a powerful springboard for the development of objects of entrepreneurial activity to organizations of international scale.
- The government has developed a flexible tax system that takes into account the interests of entrepreneurs and provides business owners with various incentives to promote the development of the enterprise. The main advantage of the local tax system is the absence of taxation of profits, assets received by a natural or legal person outside the legal field of the Isle of Man, and dividends. Also, company owners are exempt from the need to submit annual reports to the tax office.
- Stable local currency. The country uses the pound sterling, which occupies the top positions in the international rating of the most stable and reliable currencies of the planet. Due to this, the assets of the owners of companies are protected from fluctuations in their course and the attendant crisis phenomena that adversely affect the economy.
- There is no control of currencies in the country by the state. This allows entrepreneurs to avoid government interference in business. Also, the lack of currency control makes the emergence of a black market for currency exchange impossible, which makes the island’s economy transparent, stable and secure.
- The Isle of Man Government guarantees entrepreneurs (regardless of the presence or absence of citizenship) full protection of confidential information from third parties.
- To attract foreign investors and stimulate local business activities, a simplified business registration program was developed. To open a company requires a small list of actions.
- Company owners are given the opportunity to appoint managing officers (representatives of directors) without the need to provide notice of this event to the controlling authorities of the country.
- No requirement to locate an office in the country. When registering a company on the island, the owner of the company can open an office anywhere.
The most profitable sectors of the economy of the Isle of Man
The greatest benefit from the opening of the company on the Isle of Man will be businessmen whose field of activity is related to the following sectors of the economy:
- Tourism industry.
- Banking and finance.
- Manufacturing industry.
Nuances of opening a company
- To register an enterprise in the territory of this country, it is not necessary to obtain its citizenship. The founder can bill residents and non-residents.
- The composition of the company must consist of at least one director and one shareholder.
- Local law permits only securities of the nominal type to be issued.
- For the name of the organization is required to select a unique name.
- The confidential information about the beneficiaries is protected from publication and is not provided to third parties.
- There is no definition of minimum share capital. To express it, you can use any currency.
- Minimum permissible share capital – one share (nominal value is either present or absent).
- Offshore companies are not taxed (regardless of the type of income received).
The lawyers of our company will undertake the passage of all stages of the registration of the enterprise, will provide you with full support and support, will provide the necessary advice.