All 1931 Act companies are required to prepare annual financial statements. Part 1 of the 1982 Act sets out the requirements in detail and these are quite prescriptive. Step 1 – Ask the Accountant to provide draft accounts. Step 2 – Convene a Directors...
s94A & s144 of the 1931 Act requires that the following information is included within a business letter: (a) Company number and that it is registered in the Isle of Man (b) Registered office address (c) If the Company is a limited company that has been granted...
Section 111 of the 1931 Act says an Annual General Meeting (AGM) shall be held within 15 months of incorporation of the Company and then at least in every calendar year. However, The Companies Act 1931 (Dispensation for Private Companies) (Annual General Meeting)...
Companies require capital to enable them to undertake their activities. The most common way for companies to raise capital is by issuing shares to their shareholders. For 1931 Act companies some care needs to be taken before issuing shares as:- (i) Companies may have...
The day to day activities of a company are under the control of its directors therefore, entering commercial agreements is directors’ business and it does not generally require consent of approval of shareholders. A simple board resolution is generally all that...
The appointment of Bankers is directors’ business and is dealt with as a directors resolution. Step 1 – Ask the nominated bank for their application form and complete it in draft. Step 2 – Convene a Directors meeting for the purpose of appointing Bankers....
Almost all 1931 Act companies are audit exempt, (see members resolution to dispense with the requirement to appoint auditors). The appointment of accountants is directors’ business and is dealt with as a directors resolution. Step 1 – Negotiate terms with the...
The Company Secretary of a 1931 Act company is appointed by a directors resolution. The steps below detail the necessary steps:- Step 1 – New Company Secretary signs a consent to act letter. The resigning secretary (if any) signs a resignation letter. See draft...
Generally (but not always), the Articles of Association of the 1931 Act company permit directors to be appointed by a directors resolution and in practice this is the usual mechanism for appointing directors. The steps below are relevant in this case. Step 1 –...
Subject to some minor exceptions, Section 6 of the Beneficial Ownership Act 2017, requires every Isle of Man incorporated entity to appoint a nominated officer. The nominated officer can be either an Isle of Man resident person or a corporate service provider. Non...
Under section 19 of the Isle of Man Companies Act 1931, a Company may, subject to the approval of the name by the registrar, change its name by Special Resolution. The Special Resolution can be passed in a general meeting but, for companies with a small number of...
Under section 10 of the Isle of Man Companies Act 1931, a Company may alter or add to its articles of association by Special Resolution. The Special Resolution can be passed in a general meeting but, for companies with a small number of shareholders it’s...
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