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THE ISLE OF MAN
- No requirement to reveal the identity of the beneficial
owner of a Company to any Government authority on incorporation. The only exception to
this is in the case where the Company required to be licenced to carry on activities such
as banking, insurance e.t.c..
- Share Capital can be expressed in any currency and shares
can be issued in partly or fully paid form. Fractional shares may also be issued.
- Companies may have the liability of their members limited by
shares or by guarantee.
- Every Company must have a minimum of two Shareholders. These
may be companies or individuals. There is no requirement to disclose beneficial ownership
of any registered shares to any Government or other authority in the Isle of Man.
- Every Company must have a minimum of two Directors. Such
Directors must be individuals and not companies. Alternate Directors may be appointed.
- Every Company is required to appoint a Secretary and this
information is also held at the Companies Registry. The Secretary may be either a body
corporate or an individual.
- Every Company must maintain a Registered Office address in
the Isle of Man at all times and this information is held at the Companies Registry.
- "Short form" of Memorandum of Association exists.
A Company is now deemed to have the power to show in the objects of the Memorandum those
activities from which the company is specifically excluded.
- Every Company must maintain at its registered office in the
Isle of Man, a register of members.
- The Registrar of Companies must approve all Company names
before incorporation and, once approved, that name is then reserved for a period of one
month. The use of certain words such as "Royal", "Imperial",
"Chartered", or "Corporation " is generally precluded and the use of
words "Bank" or "Insurance" requires the approval of the Financial
Supervision Commission or Insurance Supervisor.
- All Companies are required to keep proper books of accounts
and to present audited accounts to the members in general meeting annually.
- A Company must hold an Annual General Meeting of its members
within 18 months of incorporation and thereafter every calendar year, not more than 15
months after the holding of the last preceding meeting.
* Fourteen days after the holding of its Annual General
Meeting, every company must prepare an Annual Return form for filing with the Registrar.
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