Isle of Man 2006 Act Companies
The “New Manx Vehicle”
The Isle of Man Companies Act 2006 was introduced after much lobbying by local law firms Cains and Dickinson Cruikshank. It is substantially based on the famous British Virgin Island’s IBC Act and gives the Island an excellent up to date and highly flexible framework for company registration.
Most of the archaic and prescriptive rules and requirements of the old 1931 Act were swept away in favour of a more flexible approach which allows the shareholders the choice of tailoring the Articles to their own requirements. Where bespoke Articles are not adopted then the relevant model articles, which are prescribed under s6 of the Act apply.
Company 00001V, the first company formed under the new Act, was incorporated by Martin Katz and John Middleton of Middleton Katz Chartered Secretaries LLC.