Dixcart Isle of Man Office
Professional services include family office services for individuals as well as corporate structuring and assistance in establishing and managing companies.
Isle of Man Office Services
Succession Planning and Asset Protection
The Dixcart Isle of Man offers wealthy families a stable and well-regulated base in which to structure family wealth, as well as business succession planning. Robust legislation, an excellent reputation, and tax efficient vehicles contribute to the Isle of Man’s attractiveness for establishing a Trust or Foundation. Dixcart can provide expertise in relation to the formation of both trusts and foundations.
- Trust and Executorship Services – There is no Isle of Man taxation on trusts formed by individuals not resident in the Isle of Man, for the benefit of non-resident beneficiaries. Dixcart is experienced in the establishment and administration of trusts. Trust law in the Isle of Man is well established and based on corresponding legislation in the United Kingdom, but Manx trusts are allowed to accumulate interest without restriction.
- Foundations – An Isle of Man foundation is another attractive succession planning and asset protection vehicle often used as an alternative to a trust and can provide a number of tax advantages. A distinctive feature with regard to Isle of Man foundations, unlike foundations in other jurisdictions, is that they will not always require a guardian or enforcer (unless the foundation has been established to carry out a specific non-charitable purpose).
- The Isle of Man office also offers the potential of a Trust / Foundation Hybrid structure. The traditional Common Law jurisdiction solution of a Trust, or a Civil Law jurisdiction solution of a Foundation, may not, in isolation, prove to be an optimum solution for an individual’s needs, if they are moving between Common and Civil Law jurisdictions. Our professionals in the Isle of Man can assist with the establishment of a Trust-Foundation hybrid, whereby an Isle of Man Foundation is created with the sole purpose of acting as Trustee of an Isle of Man Trust. The Trust is settled in the usual way, with all of the assets being under the legal but not beneficial ownership of the Foundation, as Trustee.
Moving to the Isle of Man
The Isle of Man is a popular jurisdiction for individuals to take up residence. One of the key advantages that immigration to the Isle of Man can offer is that it entitles successful applicants and their family to receive British citizenship, if all of the relevant criteria are met. Dixcart Domiciles provides advice and assistance to individuals and organisations seeking to move to this attractive and tax efficient jurisdiction. For non-EU nationals visa and immigration rules are comparable to the UK.
The Dixcart Isle of Man team has a significant amount of expertise in dealing with commercial and residential property and with the associated corporate administration. We have experience in dealing with property development, from planning to disposal. The Dixcart Isle of Man office has extensive experience in dealing with commercial and residential property and its corporate administration.
Corporate Formation and Management of Companies
The Dixcart Jurisdiction Notes listed below for the Isle of Man provide additional information regarding the Isle of Man and the formation of companies in this jurisdiction.
- Formation of Companies in the Isle of Man Companies Act 1931 (as amended)
- Formation of Companies in the Isle of Man Companies Act 2006
- We can provide full management and control of companies, as well as offering advice regarding the statutory obligations for companies incorporated in the Isle of Man and compliance with substance rules requirements.
- Companies on the island enjoy a zero rate of tax on trading, capital gains and investment income. Businesses can also register for VAT, where they will be treated by the rest of the EU as if they are in the UK.
- The Manx Government, through its legislation, has actively encouraged the financial sector. Consequently, the island is extremely well served by international service providers, fully licensed and regulated banks and insurance companies.
- Dixcart provides a comprehensive incorporation service in the Isle of Man. We initiate the organisation and incorporation of companies in many locations around the world and provide continuing management and secretarial services to those companies. Dixcart managed companies are established with a complete corporate organisation. This includes the maintenance of statutory records, preparation and completion of financial statements and full documentation relative to the operation of the company.
Dixcart Isle of Man have significant experience in providing services to holding companies formed in a number of jurisdictions and working where necessary with other Dixcart offices and our network of global contacts.
The Isle of Man is able to offer both low and zero tax companies the opportunity to register for VAT, enabling such companies to benefit from the simplification procedure. This procedure enables companies trading with European member states to issue invoices without adding a VAT charge, as the company they supply will be required to account for VAT in its own country on behalf of the Isle of Man VAT registered company.
Dixcart Management (IOM) Limited can provide local agent services for VAT registration on the island to companies that are not resident in the Isle of Man. It should be noted that in order to qualify for VAT registration within the UK, the company seeking registration needs to undertake an economic activity within the UK or have an establishment in the UK.
The Isle of Man operates an aircraft register, of interest in particular to private owners of business jet aircraft. Not only is the Isle of Man a respected jurisdiction but a number of tax efficiencies are also available.
Shipping and Yachts
In July 1985 the Isle of Man became a full convention shipping nation and has its own shipping surveyors. A considerable tonnage is registered on the island’s Shipping Register. To register a vessel under the Isle of Man flag the vessel must be owned by British citizens, British Overseas Territories citizens, citizens of the EU or EEA or citizens of certain other prescribed relevant countries. Alternatively, a vessel must be owned by an entity incorporated in the Isle of Man, UK, EU, EEA, Channel Islands or certain other prescribed relevant countries.
Dixcart can establish structures that allow owners and operators of ships and yachts to take advantage of the island’s attractive corporate tax regime and beneficial VAT arrangements. Such services include vessel registration, company management and administration, and additional corporate services.
The Dixcart Isle of Man office can provide serviced business offices with workstations and internet connection, plus fax and telephone lines. A comprehensive range of administrative support and professional services can also be provided, including reception and secretarial duties, professional accounting, legal and HR support. These services are particularly relevant to meet the needs of international businesses seeking to establish a presence in the Isle of Man.
Isle of Man Information
Dixcart Management (IOM) Limited has over 30 years of experience in providing services to international clients, both companies and individuals, seeking to benefit from the organisation of their activities in the Isle of Man.
P. A. Matthews BSc (Hons) FCCA FICA
S. Doyle ACIS
P. Harvey BA (Hons) TEP
R.Woolford FCA TEP
VAT Registration Number: GB 000 8920 15
Registered in Isle of Man
Company Number 45258
Dixcart Management (IOM) Limited is licensed by the Isle of Man Financial Services Authority