IoM Company Fees To Rise
Tuesday, March 9, 2010
The Isle of Man government has provided details of changes, announced in the
February budget, to company registration rules.
The changes will affect every Isle
of Man incorporated and registered company, business name and limited partnership.
They will also affect those who conduct searches or request information from the
Company registry fees were increased in the budget, as part of the Isle of
Manís biennial review. The government increased the fees to ensure they
maintain their value against changes in the annual rate of inflation, and also
to provide the Isle of Man government with much needed revenues.
The change takes effect on the Tuesday after the Easter Bank Holiday (April 5). If the
due date for an annual return or any other document falls between April 2 and
April 5 then the due date becomes April 6.
Anything delivered on April 6, where the due date was April 2 to April 5 will
be treated as if it was delivered on time Ė provided it is correct.
The government has summarized the changes, to take effect on April 6, 2010:
- The incorporation fee for a company incorporated under the 1931 or the
2006 Companies Act will increase from GBP190 to GBP195.
- The annual return fee for companies other than an excepted company, a qualifying
membersí club or a dormant company will increase from GBP320 to GBP360.
The annual return fee has not increased since January 2006.
- The annual return fee for a dormant company or a qualifying membersí
club from April 6, 2008, will increase from GBP75 to GBP85. Late filing fees
will apply if the annual return form is not delivered within the prescribed
- There is no annual return fee for a charity or a property management company
but they will be subject to late filing fees if they do not deliver their
annual return within the prescribed filing period.
- From January 1, 2009, every business that has registered a business name
is required to file an annual declaration in the Companies Registry confirming
they continue to trade and that there have been no changes to the particulars
required to be delivered to the Companies Registry. The declaration should
be filed each year on the anniversary of the name being registered. There
is no registration fee.