Limited by Shares 2006 ActIsle of Man
What it takes to form, own and run a private limited company in Isle of Man, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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Setting up and operating a limited company carries many obligations
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The company must have a single member (individual or corporate) stated on the Memorandum.
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The company must have one director appointed within one month of incorporation.
The registry’s and the law’s own pages do not mention it.
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Standard incorporation of a Company occurs within 48 hours of receipt of these documents, and costs £100
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The standard rate of income tax applicable to corporate taxpayers in the Isle of Man is 0%
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Not stated
The registry’s and the law’s own pages do not mention it.
What it takes to form
Not in our records A notary, A resident director, Paying up the capital: none of these is in our records for the 2006 Act.
Own it
Who may own and run it
- Directors
- At least 1 · a company may be one
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The company must have one director appointed within one month of incorporation.
- Shareholders
- At least 1 · a company may be one
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The company must have a single member (individual or corporate) stated on the Memorandum.
- Members
- At least 1 · one person may form it alone
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The company must have a single member (individual or corporate) stated on the Memorandum.
- A local company secretary
- Not stated
The registry’s and the law’s own pages do not mention it.
- A local registered agent
- Required
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Must have a Registered Agent as defined by section 74(3) of the Act.
Each year, at the registry
- Annual registry fee
- GBP 380 (about €446)
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if filed on time £380
- Accounts on the public record
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Not in our records
Important dates
When each obligation falls due, as the authority states it.
- Annual return
- Not in our records
With Companies Registry
Not stated on gov.im/categories/business-and-industries/companies-registry/registries/2006-act-companies/ when checked
What is public
- Beneficial owners
- To the authorities only
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Access to the Database is permitted to an Obliged Entity only for the purpose of:
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Varies · 0–20%
Standard rate 0% for resident and non-resident companies; 10% on banking business income and on retail business profits above 500,000 GBP (a 15% rate applied for 2024/25 only); 20% on income from land and property in the Isle of Man and, from 6 April 2024, from petroleum extraction activities or rights.
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The standard rate of income tax applicable to corporate taxpayers in the Isle of Man is 0%
- CFC rules in Isle of Man
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- The registry publishes a practice note on dissolving a solvent company under section 190 of the Companies Act 2006 (NMV-PN 9/2021) and one on the documents to file when a company is put into liquidation (NMV-PN 12/2021).
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NMV-PN 9/2021 - Dissolving a solvent company under section 190 of the Act
- Statutory fee
- GBP 95 (about €112)
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Application for declaration of dissolution £95
Every business in Isle of Man
VAT
- Standard rate
- 20%
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Standard rate 20% VAT What the rate applies to: Most goods and services.
- Other rates
- 5% Some goods and services, e.g. energy-saving materials, construction services on eligible buildings, children's car seats
- 0% Most basic foodstuffs, children's clothes, construction of new dwellings
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Reduced rate 5% VAT What the rate applies to: Some goods and services, e.g. energy-saving materials, construction services on eligible buildings, children's car seats.
- Registration threshold
- GBP 90,000 · about €105,690
value of taxable supplies; rolling 12 months, or the next 30 days
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At the end of any month the total value of your taxable supplies you have made in the preceding 12 months, on a rolling 12-month basis, exceeds £90,000
- Voluntary registration
- Yes
A business making taxable supplies below the £90,000 threshold may register voluntarily.
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If you are required to be registered for VAT in the Isle of Man or are making taxable supplies below the VAT threshold and would like to register voluntarily
- A foreign company
- See the note
The registration guidance directs businesses established outside the Isle of Man and the United Kingdom to HMRC's non-established taxable persons unit, and provides a form for the cases where a tax representative must be appointed.
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In most cases businesses who belong outside the Isle of Man ['IOM'] and UK, who are required to VAT register in the IOM/UK should contact HMRC’s non-established taxable persons unit.
- Tax authority
- Registration page read 2026-10-22
Payment and banking services
1 service names Isle of Man on its own list: Airwallex. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Private limited companyDerived our grouping, the same words in every country
- Name in law
- Limited by Shares (2006 Act)
- ISO 20275 code
- TQ3ZSecondary GLEIF, Entity Legal Forms code list