A radical new company law designed to ensure that the Isle of Man corporate product is at the forefront of the creation and development of modern businesses is to be introduced this autumn.
The 2006 Companies Bill – which completely revamps the way businesses are set up and run in the Island – has completed its passage through parliament and is due to receive Royal Assent before the November General Election.
The new ‘Manx corporate vehicle’ has been structured to complement the Isle of Man’s zero tax policy and present a highly competitive corporate package to international business.
Treasury Minister Allan Bell believes company reform is fundamental to business benefiting from the equally radical tax reforms the Island has introduced under his stewardship. He wants company structures to be more flexible and appealing to fast moving global business and has worked with the industry to bring forward the legislation. ‘The new Act will be far more streamlined and relevant to the needs
