Isle of Man • British Virgin Islands • London

Summary of companies incorporated under the Companies Act 2006

Posted March 2012 in Briefings, Corporate and Commercial

The Isle of Man Companies Act 2006 introduced a modern and flexible corporate entity, referred to locally as the “2006 Act” company or “NMV” (New Manx Vehicle). 2006 Act companies exist in parallel with the more traditional companies incorporated under the Isle of Man Companies Acts 1931 – 2004.  2006 Act companies are available as limited by shares, limited by guarantee, limited by shares and guarantee (hybrid company), unlimited or a protected cell company. There is no distinction between private and public companies.

Features

● Corporate directors are permitted (with some restrictions)
● Ability to convert 1931 companies into 2006 companies
● No statutory requirement for a company secretary
● Single member companies are permitted
● No financial assistance prohibition
● Must have a Registered Agent (see below for more detail)
● No statutory financial statements
● Capital maintenance doctrine replaced by statutory solvency test
● No audit requirement (unless shares are listed or admitted to trade on a securities market or         exchange
● Merger and consolidation provisions are flexible and simple
● Protected cell companies are permitted without restriction to use
● No requirement for authorized share capital or capital duty
● Reduced public disclosure
● Sole director permitted.

Registered Agent

A Registered Agent (“RA”) is required at all times and must hold a licence under the Isle of Man Financial Services Act 2008.

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