There are no nationality requirements for the team members, but there are other requirements for the Registered Agent and Directors such as having a sound financial background and holding the appropriate license form the Isle of Man Financial Supervision Commission.

Registered Agent(Only for Companies Act 2006)

The idea of the registered agent is a new concept introduced into Isle of Man law by the Companies Act 2006.

It is a fundamental principle of the Companies Act 2006 that every company incorporated under the Act has, at all times, a registered agent in the Isle of Man. In fact, the failure by a company to have a registered agent is one of the grounds upon which a company can be struck off the register by the Registrar of Companies. In addition it is a criminal offence under the Act for a company not to have a registered agent.

The registered agent has an important role to play throughout the whole of the Companies Act 2006. The registered agent is one of the key people responsible for ensuring that a company is properly administered and various statutory registers and documents have to be maintained at the office of a company’s registered agent. In addition, only the registered agent of a company is permitted to make certain filings with, and submit certain applications to, the Registrar of Companies.

In addition, a registered agent could find itself liable for any offence committed by a company under the Companies Act 2006 if the offence is proved to have been committed with the consent or connivance of, or to be attributable to neglect on the part of, the registered agent.

To reflect the responsibility placed on the registered agent and the importance of the role played by the registered agent, only persons holding the appropriate licence granted by the Isle of Man Financial Supervision Commission under the Isle of Man Fiduciary Services Acts 2000 and 2005 can act as registered agents

Director

Unlike companies incorporated and registered under the Isle of Man Companies Acts 1931-2004 in which companies are entitled to have at least 2 directors, companies subject to the Companies Act 2006 are entitled to have a single director which can be an individual or a body corporate.

In order for a body corporate to be eligible to act as a corporate director, it, or another body corporate of which it is a subsidiary, must:

• hold the appropriate licence granted by the Isle of Man Financial Supervision Commission under the Isle of Man Fiduciary Services Acts 2000 and 2005; or
• be permitted to do so by regulations made by the Registrar of Companies.

The following persons are prohibited from acting as a director of a company under the Companies Act 2006:

• an individual who is under 18 years of age;
• a person who is disqualified from acting as a director;
• an undischarged bankrupt;
• a person who, in respect of a particular company, is disqualified by the memorandum or articles of
• association from being a director of the company;
• a person who ceases to exist.

Register of Members

A company is required to maintain a register of members containing:

• in the case of a company limited by shares, a company limited by shares and by guarantee and an unlimited company with shares:

  • the names and addresses of the persons who hold shares in the company; and
  • the number of each class of shares held by each shareholder;
• in the case of a company limited by guarantee and a company limited by shares and by guarantee, the names and addresses of the persons who are guarantee members of the company;
• in the case of an unlimited company, the names and addresses of the persons who are unlimited members;
• the date on which the name of each member was entered in the register of members; and
• the date on which any person ceased to be a member.
• The register of members is prima facie evidence of any matters required or permitted by the Companies Act 2006 to be contained in it.

Sources

• 2006 Companies Act