Overseas companies which have a place of business in the Isle of Man or hold Manx land are required to register with the Department of Economic Development via the Companies Registry as F-Companies under Part XI of the Isle of Man Companies Act 1931.
Application requires the delivery of certain documents to the Companies Registry, including M&A (Form 1F), Registers of directors & Secretaries (Form 2F) and other information including place of business on the Island, person authorised to accept service locally and persons authorised to deliver documents to the registrar (Form 3F). See practice note here for full details.
Additionally all charge / mortgage documents relating to Isle of Man land must be registered locally be effective and copies of all other charge / mortgage documents must be kept in a designated place on the Island.
Once a company is F-registered any changes in its particulars must be notified to the Registrar on an ongoing basis and an annual declaration must be completed and filed with the prescribed fee.
The purpose and effect of F-registration is essentially to place a foreign registered company under an equivalent reporting and disclosure regime as a local Isle of Man one.
There are currently some plans to amend the legislation by replacing Part XI of the 1931 Act with some stand alone legislation. This has been consulted and resulted in the Foreign Companies Bill 2013 which will not come into force for another 12/18 months. The net result of this will clarify what constitutes a place of business on the Island; however it will not result in any relaxation of the required disclosures.
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