Important amendments to the Companies (Transfer of Domicile) Act 1998
10th January 2004
Amendments to the Companies (Transfer of Domicile) Act 1988 which widen the types of companies which are able to transfer their domicile between the Isle of Man and other jurisdictions came into force on 19 December 2003 under the Companies, Etc. (Amendment) Act 2003. Cains has already successfully transferred two companies under the new provisions, including the first bank.
Since 1998, companies incorporated outside of the Isle of Man have been able to seek redomiciliation or continuance within the Isle of Man and Manx companies have been able to seek continuance elsewhere. This process can bring tax benefits whilst avoiding the costs and inconvenience of liquidation and renegotiation of contracts. However, until the end of last year, the only companies which could take advantage of the procedure were listed companies or subsidiaries of listed companies which did not carry out certain regulated activities. The amendments to the existing law mean that companies carrying out licensable activities including banking, investment, or corporate service provider business may now redomicile if they wish.
Cains has considerable experience in co-ordinating the redomiciliation of companies between the Isle of Man and many different jurisdictions.
For further information on the redomiciliation of companies contact either Andrew Baker or Maria Barrett. |
