The Isle of Man's Financial Supervision Commission on Wednesday announced a reduction in the fees payable by companies applying to redomicile to the Isle of Man under the Companies (Transfer of Domicile) Act 1998.
With the Treasury’s approval, the Tynwald has approved a significant reduction in the fees payable to £300, effective from the 1st August 2004, in a bid to stimulate and encourage new business.
Previously, only listed companies or their subsidiaries were able to transfer their domicile from their jurisdiction of incorporation into the Island, and only listed companies incorporated in the Isle of Man were permitted to transfer their jurisdiction out of the Island.
Companies undertaking licensable business were also prevented from redomiciling. Changes contained in the Companies, etc. (Amendment) Act 2003 removed all of these restrictions so that all types of company may now apply.
The fees payable by companies applying to redomicile out of the Isle of Man remain unchanged.
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