Isle of Man Located in the centre of the British Isles, in the Irish Sea, the Isle of Man is 33 miles (52 kilometres) long and 13 miles (22 kilometres) wide. Offshore banking, manufacturing and tourism are key sectors of the island's economy. The Manx Government's policy of offering incentives to high-technology companies and financial institutions to locate on the island has paid off in expanding employment opportunities in high-income industries. Banking now contributes about 45% to the Manx gross national product. The Isle of Man also enjoys free access to European Union markets. The island's population is 76,300 (2001 census) - approximately half being Manx born and the rest are mainly British, although an increasingly varied mix of nationalities are moving here to work in both the financial and hospitality industries. The booming economy of the Isle of Man is largely due to the success of the financial services industry - the largest sector on the island. The main activities of the sector include deposit taking, asset protection and management, packaged investments such as unit trusts, life assurance and also corporate management. Markets for these services are worldwide. The Financial Supervision Commission and the Insurance and Pensions Authority carry out regulation of the finance sector in the Isle of Man. The Island is a Crown Dependency that, through its ancient parliament, Tynwald, enjoys a high degree of domestic legislative and political autonomy. The United Kingdom Government is, by convention, responsible for the conduct of the external relations and defence of the Island. The Isle of Man's economic and social achievements would not have been possible without the stability that its constitution and institutions provide. Her Majesty the Queen as Lord of Mann is Head of State. Her personal representative on the Island is His Excellency the Lieutenant Governor, who is appointed by the Crown for a five-year term. The Island's Government has positively encouraged economic growth in recent years by creating a sympathetic tax regime and suitable legislative framework for expansion. Several of the Isle of Man Government departments are pacifically tailored towards the island's finance sector and its growth. The contact details for these main governmental departments are included in this section. Company Statute: Non-Resident Company Taxation: A non-resident company is not subject to local corporate tax, except for the part of profits remitted over to Isle of Man. Shareholders/Members: The minimum number of shareholders is one. Directors/Managers: The minimum number of directors is two. Registered Office Required: Yes. Non-resident company though must maintain local registered office with a local corporate secretary. Name Restrictions: A name that is similar to or identical to an existing company. A name that is known to exist elsewhere. A name that implies illegal activities. A name that implies royal or government patronage. Many names require justification or high capitalisation to allow use. Words such as "International", "European" or other words indicating an international presence will only be approved if the Company is incorporated with an authorised capital of 100,000, which must be paid up. Use of the words "Trust", "Trustees" or "Fiduciary" will only be approved if the company is incorporated with an Authorised Capital of 250,000, which must be paid up. Use of the word "Holdings" will only be approved if the Company can provide documentary evidence that it holds 51% or more of an underlying company. Use of the word "Group" will only be approved if the company can provide documentary evidence that the company owns a group of companies. Financial Statement Requirements: Whilst there is no requirement to file audited financial statements with the authorities, it is important to note that a company is required to keep financial records, which reflect the financial position of a company. Annual Report/Licence Fees: A non-resident company pays an annual tax of EUR830 .

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