On August 1 2014 the Foreign Companies Act 2014 (the “FCA 2014”) came into force replacing Part XI of the Isle of Man Companies Act 1931 (“Part XI”). A company incorporated in a jurisdiction outside the Isle of Man, and which establishes a place of business or that owns land in the Isle of Man, must register as a foreign company under the FCA 2014. This is known as F-Registration. The purpose and effect of F-registration is essentially to place a foreign registered company under a similar reporting and disclosure regime to an Isle of Man incorporated company.
This note highlights the key changes arising from this new legislation, which have practical implications for the administration of foreign companies in the Isle of Man.
The meaning of “foreign company”
Section 4 of the FCA 2014 defines a foreign company as a person (by whatever name called) which has legal personality but is not an individual incorporated under the laws of a jurisdiction outside the Island, and goes on to provide that types of legal person such as a foundation, limited liability company, PCC, ICC and a limited partnership which has legal personality will each be a foreign company.
Download the full article here: Foreign Companies Act 2014: An Update