Isle Of Man Needs New Corporate Product Says ACSP

by Jason Gorringe, Tax-News.com, London

11 March 2004

The Association of Corporate Service Providers has called for the creation of a new corporate product that would stem the fall in new incorporations in the jurisdiction, and make the island better able to compete for international business.

“Such a product would reflect more accurately the needs and practices of the modern client and allow local CSPs to broaden their reach globally,” the ACSP declared in a position paper published recently.

The paper argued that new reforms to the jurisdiction’s corporate legislation, much of which is based on a 1930’s statute, would enable the Isle of Man to “become the leading European jurisdiction of choice by some considerable margin.”

“Our current competitors in this arena are Jersey, Guernsey, Gibraltar, Cyprus, Malta and Madeira. All of these jurisdictions are compromised to some degree or another and have less attractive corporate vehicles than the vehicle (the ACSP has) proposed.”

The ACSP claimed that a new corporate product would also help tempt business away from offshore jurisdictions placed further afield, none of whom have "the commercial reputation that the IoM has.”

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