About ISLE OF MAN
Isle of Man offshore banks



Isle of Man is a British crown dependency but is not part of the UK.
It is a Western Europe island located in the Irish Sea, between Great Britain and Ireland.
As well as the main island of Man itself, the Isle of Man includes some nearby small islands: the partially inhabited Calf of Man, and the uninhabited Chicken Rock and St. Patrick's Isle.

Economy
Offshore banking, manufacturing, and tourism form key sectors of the economy. Agriculture and fishing, once the mainstays of the economy, now make declining contributions to the Island's Gross Domestic Product (GDP).

Trade takes place mostly with the United Kingdom.
The Manx government promotes island locations for making films by contributing to the production costs. Since 1995 over eighty films have been made on the island.

The government offers incentives to high-technology companies and financial institutions to locate on the island; this has paid off in expanding employment opportunities in high-income industries.

The Isle of Man also attracts online gambling sites. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

The rate of corporation tax is 0% for almost all types of income, the only exceptions are that the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings situated on the Isle of Man.

GDP: purchasing power parity - $2.719 billion (2005 est.)
GDP - per capita: $35,000 (2005 est.)

Currency:
Manx pounds (IMP) per US dollar - 0.5302 (2008 est.), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004)
note: the Manx pound is at par with the British pound.

The Isle of Man is a "low tax economy" with no capital gains tax, wealth tax, stamp duty or inheritance tax.

Some incorporation benefits:
• there is no specific minimum capital requirement. In most cases, a registration agent will only issue two shares. A Manx company can be capitalized with as little as two pence Sterling.
• public anonymity can be obtained by the employment of nominee directors/shareholders.
• branches of foreign companies in the Isle of Man may apply for exempt tax status. In other words, it may be possible to register a branch of a Delaware non-resident LLC in the Isle of Man and receive a Manx VAT number.
• no accounts or annual summaries need to be filed with the Manx Government in the case of Exempt companies.