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 compliance is a criminal offence carrying a hefty fine, it is important to ensure a nominated officer is appointed at all times.
For newly incorporated 1931 Act companies, the first nominated officer’s details are required to be included on the Form 1 and they are appointed as from the date of incorporation. To change the nominated officer follow the steps below:
Step 1 – Decide who the new nominated officer will be.
Step 2 – Convene a Directors meeting for the purpose of replacing the Nominated Officer. See draft minutes – Minute re Change of Nominated officer (1931)
Step 3 – Complete and file the Form-NoCsp at the Companies Registry.
Step 4 – File the original board minute together with a copy of the NoCSP form in the director’s minute book.