Reply to: registering a ltd company in isle of man

[JohnM]

I was contacted about a role in the IOM this morning.

Politely declined it.

I have done contract work over there - I thought it was great, a really relaxing way of life right next to the sea. Its a bit like the UK in the 1970s

[DaveB]

There are several online gambling firms over there which are recruiting for contractors. Same applies for Malta and Gibraltar.

Nothing wrong with the roles and the work is quite interesting generally ... some even encourage workers to place bets on their systems during working hours

Like this one....

Shed Coordinator Job in Isle Of Man - Jobsite


Some many jokes, so little time.

[redgiant]

I was contacted about a role in the IOM this morning.

Politely declined it.

There are several online gambling firms over there which are recruiting for contractors. Same applies for Malta and Gibraltar.

Nothing wrong with the roles and the work is quite interesting generally ... some even encourage workers to place bets on their systems during working hours

[DaveB]

Think your missing the whole point here fella.

The difference between you working through IoM and all the others who start a thread on it, is that you would actually be going there.

WHS. Nothing wrong with working there, it;s trying to run your Ltd from there as an excuse to run your tax affairs offshore that is the issue.

[Pondlife]

I was contacted about a role in the IOM this morning.

Politely declined it.

Think your missing the whole point here fella.

The difference between you working through IoM and all the others who start a thread on it, is that you would actually be going there.

[BolshieBastard]

I was contacted about a role in the IOM this morning.

Politely declined it.

[DaveB]

Don't, seriously just don't. Go read the BN66 thread to see what can happen.

If you really really think you want to then get some proper legal advice. Anything anyone tells you here is worth precisely what you paid for it.

Edit : yes I know that applies to this post as well but you know what I'm getting at.

[yasockie]

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

Surely there must be a way around it if they really want to attract business.
What are the residency requirements for Isle of Man?
Can IoM Co employ foreigners,working abroad and if so where is their personal tax due?

[BrilloPad]

Con: most pimps nowadays won't go near you

all

[moorfield]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Con: most pimps nowadays won't go near you

[BrilloPad]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

as tesco say "every little helps"

The last place before the money goes offshore is responsible for the tax. the iom umbrella that works has a uk limited company to take away this risk. have you read the Sanzar thread?

[Fred Bloggs]

Extremely complex area this I believe, but the kernel of the matter, I think, is that it doesn't matter where you register the company from a taxation perspective if you operate in a different tax domain. So you can have a company registered in "A" but if you work in "B" your company can be deemed to be managed in "B" by the "B" authorities and taxed there. In turn that off sets any tax that would otherwise be due in domain "A".

[bid1]

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

Can you expand on this pls as I was also looking into this option?

tks

[backgetyou]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

as tesco say "every little helps"

Waste of time now due to changes in law, there are ways of operating a front end Ltd and backend offshore but you can read about this on web. Bottom line though is any money paid to you worldwide has to be declared so not really worth hassle unless your missue leaves on the IOM and you make her the director.

[BrowneIssue]

I was just curious to what the pro's & cons are of registering a ltd company in iom.

Or if its possible at all.

just thinking of possible tax benefits etc

http://www.gov.im/fsc/companies/companiesregistry.xml

I would be surprised if you could get any tax advantage unless you were a resident there.

I would also be surprised if the average recruitment agency would do business with a contractor with an IoM-based Ltd Co. - assuming they even noticed!