The Isle of Man Government has published draft legislation for the creation of a new type of business-friendly company.
The new Manx corporate vehicle, or ‘NMV’, is designed to be simple and inexpensive to administer and to meet the Island’s obligations in terms of the commonly adopted benchmarks of international standards.
The concept, developed following a study of company law around the world, is scheduled for introduction early next year and will coincide with the Isle of Man’s move to a zero rate of corporate tax. NMV companies will be available in addition to existing Isle of Man companies, which will be retained.
"This new NMV corporate vehicle is designed to be both competitive and reputable," observed Treasury Minister Allan Bell.
"Combined with the zero rate corporate tax regime the aim is to give the Isle of Man an unbeatable package to attract international business," he added.
The Isle of Man Treasury has now published a draft Companies Bill 2005 for industry consultation, closing on September 30 this year.
The full text of the consultation on the 2005 Companies Bill can be found in the Tax News Resources section.
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