Isle Of Man FSC Releases Consultative Paper On Companies (Amendment) Bill

by Amanda Banks, Tax-News.com, London

13 September 2001

The Isle of Man Financial Supervision Commission (FSC) has this week issued a Consultative Paper on a new Companies (Amendment) Bill which aims to make some long overdue changes to the Companies Acts 1931 - 1993 and other related laws.

In addition to the implementation of new Protected Cell legislation as reported earlier, revisions proposed by the FSC include: changes to the way in which companies are dissolved; changes to the requirements for an overseas company to register in the Isle of Man to remove the confusion surrounding the definition of "place of business"; the simplification of the system for registration of charges; and the abolition of the requirement for all directors' names to be shown on letterheads.

The proposed legislation also features the introduction of a fully on-line company incorporation, filing and searching service at the Companies Registry.

In a statement released by the FSC, the Commission confirms that the majority of the proposals have been included 'at the request of representatives of the finance and commercial sectors', whilst others are aimed at adopting internationally accepted standards of best practice and corporate governance, thus adding to the Isle of Man's reputation as being in the forefront of well-regulated jurisdictions.'

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