registering a ltd company in isle of man

[DaveP]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

as tesco say "every little helps"

[BrowneIssue]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

http://www.gov.im/fsc/companies/companiesregistry.xml

I would be surprised if you could get any tax advantage unless you were a resident there.

I would also be surprised if the average recruitment agency would do business with a contractor with an IoM-based Ltd Co. - assuming they even noticed!

[backgetyou]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

as tesco say "every little helps"

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

[bid1]

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

Can you expand on this pls as I was also looking into this option?

tks

[Fred Bloggs]

Extremely complex area this I believe, but the kernel of the matter, I think, is that it doesn't matter where you register the company from a taxation perspective if you operate in a different tax domain. So you can have a company registered in "A" but if you work in "B" your company can be deemed to be managed in "B" by the "B" authorities and taxed there. In turn that off sets any tax that would otherwise be due in domain "A".

[BrilloPad]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

as tesco say "every little helps"

The last place before the money goes offshore is responsible for the tax. the iom umbrella that works has a uk limited company to take away this risk. have you read the Sanzar thread?

[moorfield]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Con: most pimps nowadays won't go near you

[BrilloPad]

Con: most pimps nowadays won't go near you

all

[yasockie]

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

Surely there must be a way around it if they really want to attract business.
What are the residency requirements for Isle of Man?
Can IoM Co employ foreigners,working abroad and if so where is their personal tax due?

[DaveB]

Don't, seriously just don't. Go read the BN66 thread to see what can happen.

If you really really think you want to then get some proper legal advice. Anything anyone tells you here is worth precisely what you paid for it.

Edit : yes I know that applies to this post as well but you know what I'm getting at.