Background
There are over 200 licensed Corporate and Trust Service Providers (CSP's and TSP's) who provide a full range of company and trust services to entities incorporated in the Isle of Man plus other offshore jurisdictions. The incorporation of companies and the provision of services to companies and trusts in the Isle of Man generally is regulated by the Isle of Man Financial Supervision Commission.
The Isle of Man offers an excellent location for trusts as it is a common law jurisdiction and has adopted the principles of Equity as they developed in the English courts.
It also has a number of corporate law statutes which co-exist to provide a choice of corporate form. These include:
Company Registration
The Companies Registry is the body responsible for the incorporation or registration of the following:
- Companies in terms of the Companies Acts 1931 to 2004
- Foreign companies in terms of Part XI of the Companies Acts 1931
- LLCs in terms of the Limited Liability Companies Act 1996
- Companies under the Companies Act 2006
- Limited partnerships under the Partnership Act 1909
Trusts
The Isle of Man is a common law jurisdiction and is therefore a recognised and pre-eminent jurisdiction for establishing trusts.
Services provided to trusts in the Isle of Man are regulated and normally undertaken by Trust Service Providers who are licensed by the Financial Supervision Commission under the terms of the Financial Services Act 2008 and the Financial Services Rule Book 2008.
Trust Service Providers are therefore required to conduct their business in accordance with Regulatory Codes, which ensure that the standards and practices in the Isle of Man are maintained at the highest level of professionalism.
Trusts are often used as part of sophisticated wealth or succession planning structures or in conjunction with companies. There are various forms of business organisation available under Isle of Man law, and these include Partnerships, LLC’s and Trusts.