Companies Bill 2005
Isle of Man, 03 August 2005 - It was announced by The Isle of Man Treasury on 2 August 2005, that a consultative document entitled The Companies Bill 2005 was available.
The Companies Bill has been researched and prescribed in response to representations from Corporate Services Providers and other professional bodies for an update of the legislation and the creation of a new Manx vehicle. After a considerable investment of time, the Government has produced its consultative paper.
The document recommends the introduction of an 'International Company'. It is envisaged that the International Company will be simple and inexpensive to administer and be based on stand alone legislation.
International Companies will exist alongside companies incorporated under the Companies Acts 1931 - 2004 and Limited Liability Companies.
Although this is a consultative document, the Government have expressed a wish that the legislation be in place by early 2006.
If you are interested, the consultative document may be found at :http://www.gov.im/lib/docs/treasury//companiesbill010805.pdf