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IoM Targets Unregistered Businesses

by Jason Gorringe, Tax-News.com, London

09 December 2011


The Isle of Man's Department for Economic Development has urged business owners that have yet to register their company to do so on the Department's Companies Registry, as required under law in the Isle of Man.

Legislation in the Isle of Man requires that any individual, firm or company which conducts business or trading activity under a name other than its own be registered.

Registering a business also has benefits in that the name chosen receives increased protection and provides official notice to others that it is already taken. The Registry will not register any other entity that it deems confusingly similar to an existing business name and it gives a protection should someone infringe upon it. The Registrar also has the authority to take legal action against any business using the same name.

The Registry has recently compiled a list of around 400 businesses that do not appear to be registered and will shortly be circulating letters to those businesses, enclosing copies of practice notes and registration forms. The practice notes outline the benefits and how a business will be protected once registered.

Commenting on the government's initiative, Alan Crowe, Political Member for Isle of Man Department of Economic Development’s Companies Registry, said: "There are numerous benefits to registering a business name and it is in everyone’s best interest to register for their own protection. It deters others from using the same name and logo, which is often a company’s most valuable asset and the owner has exclusive use of that name in the Isle of Man."

John Wilkinson, Companies Registrar, added: "I would strongly recommend anyone who has not yet registered to contact our team in the Companies Registry either by email or in person at our offices in St George’s Court, Douglas. Once processed, a Certificate of Registration will be issued to display at your premises showing the business name, place of business and date of registration."

TAGS: Isle of Man | tax | business | company formation | law | international financial centres (IFC) | offshore company formation | offshore

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