The Isle of Man has a land area of 221 square miles, is 33 miles long and 13 miles wide with a population of around 80,000. The island may be small in size but it is bursting with potential. Situated at the geographic centre of the British Isles, it is quickly accessible by air from all major UK centres within approximately an hour making it a convenient offshore jurisdiction.
Although a British dependency, the Isle of Man is not within the jurisdiction of the UK nor does it form part of the UK. With the oldest established legislature in the world, the Tynwald, the Isle of Man is self governing and not bound by the laws of the UK. The independence of the Isle of Man in respect of its laws offers advantages to local residents, individuals and companies from overseas.
In respect of the EU, the Isle of Man is an associate member, meaning that it is not required to follow the EU's legislation but gains many of the benefits which the members are privy to.
The reputation of the Isle of Man as an offshore jurisdiction is second to none, particularly with respect to company registration within a system of political and economic stability which successfully combines a flexibility with strict and efficient regulation by the Financial Supervision Commission. The benefits include a zero rate of tax for many companies. The Manx Government does not levy capital gains tax, inheritance tax or wealth tax.
In addition, it has been revealed in research by Hemscott that the Isle of Man is the jurisdiction most preferred by non-UK companies wishing to incorporate when listing on London’s Alternative Investment Market. This reported that there are more than twice the number of Isle of Man companies than Bermuda or Canada. The Island’s standing has been further reinforced by the awarding of an “AAA” accreditation making the Isle of Man an ideal offshore centre for all your corporate and personal needs.
