IM Company Formation

Entity types, incorporation and annual compliance

The Isle of Man has two company law regimes running side by side: companies under the Companies Act 2006 (often called New Manx Vehicles) and companies under the Companies Acts 1931 to 2004. It also offers limited liability companies, foundations and limited partnerships. The Companies Registry receives filings and fees. Income tax treats 1931 Act and 2006 Act companies the same. Amounts are in pounds sterling (GBP).

• 2006 Act company: who can incorporate: Only the person named in the memorandum as the first registered agent can file the application. A registered agent must hold a Class 4 (corporate services) licence from the Financial Services Authority under the Financial Services Act 2008 (Companies Registry, 2006 Act Companies page)
• 2006 Act company: memorandum and articles: The memorandum sets out the name, first registered office, first registered agent, each subscriber's name and address, and the shares each takes and pays for. Companies may file their own articles or adopt the Model Articles. Names need approval first; an approval lasts 3 months (ss.11 and 12 govern names) (2006 Act Companies page)
• 2006 Act company: officers and members: At least one director, appointed within one month of incorporation; the director can be a corporate body (s.91(7)(a)). A single member, individual or corporate. A registered agent at all times (s.74(3)). A seal is optional (2006 Act Companies page)
• 1931 Act company: Public or private. At least two directors, who must be individuals (corporate directors are not permitted for these companies), and at least one company secretary qualified under s.19(4) of the Companies Act 1982. One of the directors may also be the secretary, and a corporate secretary is allowed subject to other restrictions. The registered office must be in the Island. A public company must have at least two members and delivers audited accounts each year with its annual return; a private company does not, unless it is a subsidiary of a Manx public company. Changes to directors go on form 9N within 1 month (Companies Registry, 1931 Act Companies page)
• Limited liability company (LLC): Formed under the Limited Liability Companies Act 1996 by filing Articles of Organisation, form L6 and the fee. It is a legal person; members' liability is limited to their capital contribution; management sits with the members; the name ends in "Limited Liability Company", "LLC" or "L.L.C.". Its profits are taxed as the members' income (Companies Registry, Limited Liability Companies page; im-corporate-income-tax)
• Other vehicles: Foundations under the Foundations Act 2011 (established on form MF01), limited partnerships (Partnership Act 1909), business names, and foreign companies registering a place of business in the Island, each with its own Registry fees. Protected cell companies are formed under the Protected Cell Companies Act 2004, whose Eligibility Regulations 2010 the Registry lists; their eligibility conditions are not covered here (Companies Registry, Fees page; Beneficial Ownership page; Acts and Regulations page)
• Incorporation fees and timing: Standard incorporation within 48 hours of receipt of the documents: GBP 100. Two-hour service (documents in before 2:30pm on a business day): GBP 250. While-you-wait service (documents in before 4pm): GBP 500. The same three fees apply to 1931 Act and 2006 Act companies, LLCs, foundations and limited partnerships. A foreign company registers for GBP 100 and files an annual declaration costing GBP 380. Fees may not be refunded if the registration does not go through (Fees page)
• Annual return: Every company files an annual return, a snapshot on the anniversary of incorporation, within 1 month of its made-up date, whether or not it trades. 2006 Act companies use form IMAR, 1931 Act companies form AR, foreign companies form ARF. Failing to file can lead to prosecution of the officers or striking off (Companies Registry, File an annual return page)
• Annual return fees: Standard companies: GBP 380 on time; GBP 480 if filed 1 month and 1 day to 3 months late; GBP 630 if more than 3 months late. Excepted companies and LLCs: GBP 95, GBP 195, GBP 345. Companies registered as charities: GBP 0, GBP 100, GBP 250. Foundations follow the standard scale (GBP 380, 480, 630). Limited partnerships file an annual statement at GBP 95, GBP 195, GBP 345. Foreign companies file an annual declaration at GBP 380 (Fees page; File an annual return page)
• Late fees on other documents: GBP 100 if filed 1 month and 1 day to 3 months after the due date; GBP 250 if more than 3 months. A document is registered only once checked; a rejected document can attract late fees (Fees page)
• Other Registry fees (examples): Registration of a charge GBP 25; re-registration of a 1931 Act company as a 2006 Act company GBP 100; application to restore a 2006 Act company under s.187 GBP 1,185 (Fees page)
• Beneficial ownership: Under the Beneficial Ownership Act 2017 every legal entity in scope must have a nominated officer: an Island-resident individual or a corporate services licence holder. Changes of nominated officer are notified within 21 days on form NO/CSP. The nominated officer files the registrable beneficial owners on the Isle of Man Database of Beneficial Ownership. From 2026 a registrable beneficial owner is a natural person who owns or controls 25% or more, or who controls the entity by other means (no threshold). Where there is none, the nominated officer files a statement and the senior managing official's details (Beneficial Ownership Act 2017 (Amendment) Order 2026; Beneficial Ownership Information Regulations 2026) (Companies Registry, Beneficial Ownership page)
• Annual corporate tax return: Every corporate taxpayer files an income tax return for each accounting period by the day after 12 months from its end, online, and pays any tax by the same date, even at the 0% rate. A company with no income still files and states why (for example dormant) (ITA 1970 ss.A66, B66; GN58; im-corporate-income-tax)
• Economic substance: A company carrying on a relevant activity must meet the economic substance requirements in Part 6A of the Income Tax Act 1970 and answer the substance questions in its return (s.A66(4A)). The rules were extended to partnerships and LLCs in 2021 (Income Tax Division, Economic Substance page)
• Employer and VAT registration: A company that pays staff registers as an employer within 14 days of the first payment (form T30c). A company whose taxable supplies pass GBP 90,000 in 12 months registers for VAT with Customs and Immigration (im-payroll-social; isle-of-man-vat)

Sources

Source	URL	Read on
Companies Registry, 2006 Act Companies	https://www.gov.im/categories/business-and-industries/companies-registry/registries/2006-act-companies/	2026-10-30
Companies Registry, 1931 Act Companies	https://www.gov.im/categories/business-and-industries/companies-registry/registries/1931-act-companies/	2026-10-30
Companies Registry, Limited Liability Companies	https://www.gov.im/categories/business-and-industries/companies-registry/registries/limited-liability-companies/	2026-10-30
Companies Registry, Fees	https://www.gov.im/categories/business-and-industries/companies-registry/fees/	2026-10-30
Companies Registry, File an annual return	https://www.gov.im/categories/business-and-industries/companies-registry/file-an-annual-return/	2026-10-30
Companies Registry, Acts and Regulations	https://www.gov.im/categories/business-and-industries/companies-registry/acts-and-regulations/	2026-10-30
Companies Registry, Beneficial Ownership	https://www.gov.im/categories/business-and-industries/companies-registry/beneficial-ownership/	2026-10-30
Income Tax Act 1970 (AT 3 of 1970), consolidated text [62], ss.A66, B66, Part 6A	https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1970/1970-0003/1970-0003_62.pdf	2026-10-30
Guidance Note GN58, Company Income Tax Return (31 December 2024)	https://www.gov.im/media/1386923/gn58-company-income-tax-return-20241231_compressed.pdf	2026-10-30
Income Tax Division, New Manx Vehicles (2006 Act Companies)	https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/business-and-corporations/new-manx-vehicles-2006-act-companies/	2026-10-30
Income Tax Division, Economic Substance	https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/economic-substance/	2026-10-30

Not yet confirmed: the Companies Act 2006 text itself (legislation.gov.im was not read for it; the 2006 Act facts come from the Registry's pages); no minimum share capital for a 2006 Act company, no requirement for a company secretary or an AGM, and whether 2006 Act companies file accounts or need an audit (all in the old version; no official source read today states them); which companies count as "excepted" for the lower annual return fee; the eligibility conditions and filings for protected cell companies.