Offshore companies may be formed for tax planning purposes, to hold personal or business assets, raise finance or to restructure a business. Offshore companies are frequently used in securitisations and structured finance transactions.

We handle all of the formalities involved in incorporation and our services include the provision of directors, company secretary, registered office, nominee shareholders and related administration, taxation and accountancy services.

We are able to provide companies from a range of offshore jurisdictions to suit a client's individual needs.

The formation of a company in the Isle of Man, and other offshore jurisdictions, is simple, straightforward and relatively inexpensive.

Types of Company

The following is based on the introduction of the Companies Act 2006, which provides for a new type of company in the Isle of Man {New Manx Vehicle} which has greater flexibility in certain respects than a company incorporated under the previous Companies Acts.

The main types of company that may be formed in the Isle of Man are:

A Company Limited by Shares

The members of this type of company are shareholders, and their liability is limited in its memorandum of association to the amount unpaid (if any) on the shares held by them.

A Company Limited by Guarantee (with or without Share Capital)

The members of a company limited by guarantee (without a share capital) are not shareholders. Rather, their liability is limited to an amount which they each undertake to contribute to the assets of the company in the event of it being wound up. This is often £50 or similar. If the company also has a share capital, the liability of the shareholders is limited to the amount unpaid (if any) on the shares held by them.

An Unlimited Company (with or without Share Capital)

The liability of the members of this type of company is unlimited. This type of company may be suitable in particular situations, but members need to be aware that their liability for the debts and obligations of the company is not limited.

Why consider using a New Manx Vehicle?

Power & Capacity

The doctrine of ultra vires does not apply to companies incorporated under the Companies Act 2006

Filing Requirements

Companies incorporated under the Companies Act 2006 are subject to reduced compulsory registry filings.

Directors

Unlike companies incorporated under the 1931 Act New Manx Vehicles may operate with a single Director and may, if desired, appoint a corporate Director.

Distributions

The traditional complex English law type capital maintenance requirements of the old Companies Act have been relaxed under the 2006 legislation.

A company incorporated under the 2006 Act can make a distribution so long as it passes a statutory solvency test immediately following the distribution.

It is however still possible to incorporate a company under the previous Companies Acts, and in certain cases this may be preferred, in which case Abacus can provide such a company on request and advise on the suitability on a case by case basis.

Related Services

Private Trustee Companies Investment Holding Companies Other Corporate Entities