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...
The location of the registered office of a company is generally a matter for the directors to determine, therefore its location can be changed by way of a simple resolution of the directors. Step 1 – Decide where the registered office should be. Step 2 –...
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