Is your company in scope?
Companies that are tax resident in the Isle of Man and earn income from 'relevant sectors' may be required to comply with economic substance legislation. Some examples of relevant sectors, which are defined within the legislation, are banking, finance and leasing, insurance, and companies holding intellectual property.
To meet these requirements, companies must demonstrate that they have adequate substance on the Island which includes the company being directed and managed here, maintaining a physical presence and carrying out core income generating activity here.
Failure to comply with the legislation can result in financial penalties, regulatory sanctions or the company being struck off Companies Registry.
Our team is experienced in identifying whether companies fall within the scope of this legislation and operating them in a manner which ensures ongoing compliance.
Who leads this work
Regulatory & Industry Bodies
Other Ownership & Corporate Services
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