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Isle Of Man Targets 'Rogue Businesses'

Friday, March 23, 2012

The Isle of Man government has emphasized the importance of verifying the legitimacy of businesses which advertise offerings from the Isle of Man, after an exercise by the government found 400 businesses operating without meeting the legislative requirement to register with the Companies Registry.

Since the exercise in December 2011, 70% of new business registrations received were from the 400 companies targeted. However, the Companies Registry together with the Isle of Man Office of Fair Trading has released a statement reminding consumers of the importance of checking that a business is registered in the island, as part of efforts to tackle so called 'rogue traders'. In order to verify the authenticity of a business, the Companies Registry offers an online search facility.

Commenting on the review, Alan Crowe, Political Member for the Isle of Man Department of Economic Development’s Companies Registry, said: "The Companies Registry is probably one of the oldest operations within the government and one that has a relatively low profile outside of the business community. However, the information held by the Companies Registry is there to assist not only members of the business community involved in international trade and commerce, but residents looking for a local trader or a business offering a service. Registering a business name not only helps to protect the particular company, it is a public statement of the company’s existence and the service it offers."

"The information held by the Companies Registry is principally for statutory purposes and does not relate to the knowledge, expertise or competence of the trader or business named, other checks on their quality of service would need to be made," the government emphasized. "However, it does provide some assurance that customers and clients are dealing with a resident business and how they can be contacted."

Businesses that fail to meet legal requirements to register their business in the Isle of Man are liable to fines of up to GBP5,000 per offence on conviction, in accordance with The Registration of Business Names Act 1918 and 1954.

David Quirk, the Chairman of the Office of Fair Trading, said: "I would urge consumers to only deal with businesses that are registered in accordance with the law. Rogue traders are afraid of being traced which is why they often do not register. The Office of Fair Trading supports the steps being taken by the Companies Registry to encourage compliance."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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