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 Companies Registry.

Company registry fees were increased in the budget, as part of the Isle of Man’s 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 – 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 members’ 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 members’ 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 filing period.
• 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.