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The Incorporation costs of a simple standard company will include Government Fees £180 (this is the fee for a company having the minimum capital of £2000 and the Statement of First Directors and Secretary); Professional Fees; between £190 and £500. Share capital can be in any nominated currency, i.e. US Dollars, Kuwait Dinars and so on.
Annual Government fees includes;
Resident Company - Annual Return £60;
Exempt Company - Annual Return £60 plus tax exemption fee of £430.
Annual Management, administration and domiciliary service fees vary considerably, dependent on the type of company concerned.
An Isle of Man Registered Company can be: -
Resident in the Isle of Man (liable to Income Tax at 10% on worldwide profits). Such companies must have a majority of their directors resident in the Isle of Man, where most Board Meeting must also be held. OR
Resident in the Isle of Man but EXEMPT from all Manx Income Tax. It is liable to a special Government charge of £430 per annum. Such companies MUST have at least one director in the Isle of Man and must also have a resident with appropriate qualifications to act as the Company Secretary. A Registered Office address must also be maintained in the Isle of Man. Such a company can be exempt from the need to have an annual audit, thus saving on accountants’ fees and costs. But annual accounts are still required to be kept. OR
Under the International Business Act 1994, a company can opt for a status intermediate between a Resident fully tax - paying company and a Resident Exempt company, whereby the rate of income tax imposed can be varied to suit the requirements of the company in meeting criteria set by the tax regulations of other countries. Such companies do not qualify for the Isle of Man / United Kingdom Double Taxation Agreement.
A Company may be: -
a. Limited by Shares
b. Limited by Guarantee with or without having a Share Capital
Any of the above can also have unlimited liability (but are not commonly used).