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The Act is a stand-alone piece of legislation which supplemented existing Isle of Man
Companies Act legislation rather than replaced it. Following its introduction, Isle of Man Companies can still be incorporated under the Isle of Man Companies Acts 1931-2004 and the Limited Liability Companies Act
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Isle of Man
Companies incorporated under the 1931-2004 Act Companies can re-register under the 2006 Act. Redomiciliation provisions in Manx Law permits foreign companies to be continued as 2006 Act companies in the Isle of Man and 2006 Act companies to redomicile to a foreign jurisdiction. The
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In order to incorporate a 2006 Act
Company, it is necessary to file a Memorandum of Association at the Isle of Man Companies Registry together with the prescribed fee. Optionally, Articles of Association can also be filed. If no Articles are filed then ‘Model’ Articles are deemed to apply.
167:. Directors are required to ensure that any Offer fairly and accurately sets out all available material information that the intended recipients would reasonably expect to be included in order to enable them to make an informed decision as to whether or not to accept the Offer.
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The Act is a stand-alone piece of legislation which supplemented existing Isle of Man
Companies Act legislation rather than replaced it. Isle of Man Companies can also be incorporated under the Isle of Man Companies Acts 1931-2004 and the Limited Liability Companies Act 1996.
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There is no concept of non distributable reserves. Distributions are permitted as long as after the distribution the company (i) is able to pay its debts as they become due in the normal course of business and (ii) the value of the assets exceed the
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which are differ from the Model
Articles provided for within the Act these must be filed. Additionally, a company can elect to file documents such as the offering memorandum, registers of directors, charges and members but is not obliged to do
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By the end of 2013, over 10,000 Companies had been incorporated pursuant to the Isle of Man
Companies Act 2006 and of those, according to Isle of Man Government statistics, 5637 remained on the register on 31 December 2013.
58:(‘BVI’). The result was the Isle of Man Companies Act 2006; a modern companies Act closely following the BVI template. Company number 1v was formed by Middleton Katz Chartered Secretaries LLC on 1 November 2006.
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which permits the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx
Vehicle. Incorporation of 2006 Act companies commenced in the Isle of Man on 1 November 2006.
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law firms Cains, and
Dickinson Cruickshank (now Appleby) began to jointly lobby the Isle of Man Government to enact a new legislation for a New Manx Vehicle (NMV) which could compete on equal terms with the
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who may be a corporate entity or a natural person. Where the director is a corporate entity, it must be a holder – or a subsidiary of a holder – of an appropriate fiduciary licence issued by the
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2006 Act companies with limited liability must have one of the following endings: (i) Incorporated or Inc, (ii) Corporation or Corp, (iii) Limited or Ltd, or (iv) Public
Limited Company or PLC.
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The Isle of Man
Companies Act 2006 (the 2006 Act) provides for the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx Vehicle (‘NMV’).
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A simple annual return is required to be filed at the Isle of Man Companies’ Registry which shows the directors that have served during the year. Where a Company adopts
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legislation also permits 2006 Act companies to be merged and consolidated and converted from a company limited by shares to a Protected Cell Company (PCC).
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doctrine does not apply; this provides protection to persons dealing with 2006 Act Companies in good faith.
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who must be a holder of an appropriate licence issued by the Isle of Man Financial Supervision Commission.
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222:"A practical guide to incorporating an Isle of Man Company under Isle of Man Companies Act 2006"
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Unless stipulated otherwise by its articles and 2006 Act company may have a Single
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Every Company incorporated under the 2006 Act is required to have its
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Corporate restructuring including transfer of domicile:
95:, (iii) Companies limited by share and guarantee, (iv)
184:, but is not required to prepare financial statements.
153:may be issued fractionally and may with or without
180:2006 Act Companies are required to keep reliable
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248:"First "NMV" Incorporated - F.S.C Press Release"
254:. Isle of Man Financial Supervision Commission
139:In accordance with Section 21 of the Act, the
87:2006 Act Companies can be incorporated as (i)
336:Isle of Man Financial Supervision Commission
131:Isle of Man Financial Supervision Commission
163:There are straightforward requirements for
157:. Bearer shares however are not permitted
99:or (v) Unlimited Companies without shares
54:being turned out in the thousand by the
392:Technical FAQ to the 2006 Companies Act
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301:"New Manx Vehicle Launched for CSPs"
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149:Single member companies permitted.
20:, also known as the 2006 Act, is a
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273:Wilson, James (14 November 2006).
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52:International Business Companies
97:Unlimited companies with shares
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93:Companies limited by guarantee
18:Isle of Man Companies Act 2006
1:
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109:Registered office and Agent:
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89:Companies limited by shares
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115:in the Isle of Man, and a
299:Anon (13 November 2006).
338:. Isle of Man Government
252:Press Release 1/11/2006
192:Articles of Association
372:Government Publication
357:Government Publication
56:British Virgin Islands
332:"Statistics Bulletin"
188:Filing Requirements:
171:Capital Maintenance:
275:"New Manx Vehicles"
178:Accounting Records:
161:Offering documents:
137:Corporate Capacity:
382:How to Incorporate
377:Companies Act 2006
182:accounting records
165:offering documents
79:General Provisions
113:registered office
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407:Manx company law
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311:on 16 April 2014
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387:Acts of Tynwald
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366:External links
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226:Middleton Katz
220:Katz, Martin.
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103:Company names:
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70:Incorporation
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45:In 2003, two
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340:. Retrieved
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309:the original
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229:. Retrieved
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174:liabilities.
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33:Introduction
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141:ultra vires
47:Isle of Man
207:References
123:Directors:
41:Background
305:IOM Today
155:Par value
401:Category
342:30 March
315:30 March
284:30 March
147:Members:
127:Director
258:4 April
231:4 April
91:, (ii)
330:Anon.
246:Anon.
151:Shares
62:1996.
344:2014
317:2014
286:2014
260:2014
233:2014
16:The
195:so.
22:law
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