Corporate Compass: Issue 5 (August 2024)

So You Want to Set Up an Isle of Man Company?

Are you an entrepreneur looking to start a new venture or an established business seeking to expand?

Our latest eBook, “So, You Want to Set up an Isle of Man Company?” is your ultimate guide to navigating the process of company formation in one of the world’s most business-friendly environments.

In it, you will discover…

An Introduction to the Isle of Man: Uncover the unique advantages of this self-governing British Crown Dependency, known for its robust financial sector, low taxes, and high quality of life.

The Isle of Man Advantage: Learn about the favourable tax regime, supportive regulatory environment, and the island’s position as a hub for innovation and technology.

Why Choose the Isle of Man? Explore the island’s regulatory excellence, transparency, political and economic stability, and investor protection that make it a top choice for businesses.

Legal and Regulatory Framework: Get insights into the comprehensive legal framework governing companies, including compliance and reporting obligations.

Types of Companies: Understand the various company structures available, from private limited companies to the innovative Manx Hybrid, and find out which one suits your business needs best.

The Company Formation Process: Step-by-step guidance on setting up your company, from choosing a name to preparing and submitting incorporation forms.

Post-Incorporation Requirements: Learn about essential post-incorporation tasks such as registering for taxes and opening a business bank account.

Frequently Asked Questions: Find answers to common queries about company formation, filing requirements, and more.

Setting up Your Company: Tips on choosing the right company structure, understanding taxation benefits, and meeting regulatory and compliance requirements.

Our Services: Discover how our team of experts can assist you with company formation, registered office services, director and company secretary services, and ongoing company administration and compliance.

This eBook is more than just a guide. With detailed information, practical advice, and a wealth of resources, you’ll be well-equipped to make informed decisions and take your business to new heights. Download it here.

Private Jets: Charter vs Ownership

Have you ever wondered whether chartering a private jet or owning one outright is the better choice?

Whether you're considering flexibility, cost-efficiency, or the sheer luxury of having a jet at your disposal, we have weighed up the key differences between ownership and charter to aid you in making an informed decision. Read more.

The Key to Preserving Wealth: Succession and Tax Planning

For high-net-worth individuals and families, succession and tax planning aren't just prudent—they're essential. By strategically planning for the future, you can ensure your legacy is preserved and your loved ones are protected. We look at some of the reasons this should be a priority and the role of Companies and Trusts in doing so. Read more.

Malta: A Preferred Choice for Superyacht Registration

Malta is a highly sought-after location for superyacht owners wishing to register their vessels in the European Union (EU) and is considered a ‘flag of confidence’ by major international shipping organisations.

Since the 1970s, Malta has maintained one of the largest ship registers in Europe. In recent years, there has been a substantial increase in the number of superyachts registered in Malta, particularly those over 24 metres.

In this article, we explore some of?the key reasons behind Malta’s success?in the superyacht sector and why it has become a preferred choice for yacht registration. Read more.

From Legal Mavericks to Risk Management Wizards: Unveiling the Isle of Man's Aviation Professionals

Looking for a top-notch jurisdiction for your aviation needs?

The Isle of Man offers a unique blend of expert services and a favourable business environment, making it a preferred choice for aircraft owners and operators.

From legal and corporate services to specialised insurance solutions, our article explores how the Isle of Man can support your aviation ventures. Read more.

Will we be Seeing You at this Year's Monaco Yacht Show?

We’re thrilled to announce that our Head of Marketing & New Business, Lesley-Anne Walker MCIM together with Roberta Mallia from our Client Services team in Malta, will be representing us at this year’s Monaco Yacht Show on the stunning Cote d'Azur.

Lesley and Roberta will be on hand to discuss how we can assist with tailored yacht ownership and registration solutions that support your yacht operations, whether pleasure or commercial.

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??????????????????: With a comprehensive understanding of the maritime industry, our dedicated team of professionals can assist owners and their representatives in understanding the diverse requirements associated with the ownership, registration and management of a range of vessels (including motor yachts and sailing yachts) whether being used on a commercial or private basis.

?????????????????????????? ??????????????????: Our yacht ownership structures are designed to help you navigate the complexities of yacht ownership, ensuring you make informed decisions that align with your financial goals and lifestyle. We give significant consideration to how and where an owner plans to use the vessel, in order to ascertain any tax or VAT exposure, whether the asset is intended to generate income and subsequently whether tailored tax planning could offer any fiscal benefits and/or minimise any liabilities.

???????????? ??????????, ???????????????? ??????????: While our reach is global, our approach is personal. We pride ourselves on building long-term relationships with our clients, offering support that goes beyond just the transactional.

Whether you’re a yacht owner, charter company, or maritime professional, we?can offer comprehensive information and assistance to help you navigate the world of yacht registration and flag administration.

If you would like to meet with Lesley and Roberta at this year's show, contact us at [email protected] to arrange a meeting.

Who, Where, What, Why and When?

Team Sentient have been busy this last month attending industry events and participating in various CSR initiatives.

The Power of the Manx Effect

Our very own Head of Marketing & New Business, Lesley-Anne Walker MCIM was recently asked to write the foreword for a special feature on the Isle of Man and its role in the superyacht (and wider maritime) industry by the esteemed ONBOARD Magazine - 100% superyachts. The feature delves into the Isle of Man’s rich maritime history, the Isle of Man Ship Registry, the Island's expertise in the superyacht industry, the sector's significant contribution to the local economy and its reputation as a preferred destination for superyacht registration and management. You can read her foreword and the full feature in the Summer edition here.