Isle Of Man to Revise Companies Law

Isle Of Man to Revise Companies Law

The Isle of Man Government launched a consultation on a draft Companies Bill 2013 aimed to modernize the corporate legislation.

The Treasury and the Department of Economic Development opened the consultation for a period of 18 weeks taking into account the volume of the legislation to be redrafted (more than 900 clauses). There are also proposals for a separate Foreign Companies Bill to cover companies that do business in the Isle of Man but are incorporated abroad.

Currently the Isle’s corporate legislation consists of series of separate Acts that must be cross referenced with each other. These are the Companies Acts 1931-2004. This lead to a situation where some provisions are perfectly adequate for the present, while others are not. The Isle’s company legislation should be redrafted if the island is to hold its lead as a jurisdiction that is both business-friendly and responsible.

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