Isle of Man Jurisdiction
Although a British dependency, the Isle of Man is not within the jurisdiction of the UK nor does it form part of the UK. With the oldest established legislature in the world, the Tynwald, the Isle of Man is self governing and not bound by the laws of the UK. The independence of the Isle of Man in respect of its laws offers advantages to local residents, individuals and companies from overseas.
In respect of the EU, the Isle of Man is an associate member, meaning that it is not required to follow the EU’s legislation but gains many of the benefits which the members are privy to.
The reputation of the Isle of Man as an offshore jurisdiction is second to none, particularly with respect to company registration within a system of political and economic stability which successfully combines a flexibility with strict and efficient regulation by the Financial Supervision Commission. The benefits include a zero rate of tax for many companies. The Manx Government does not levy capital gains tax, inheritance tax or wealth tax.
In addition, it has been revealed in research by Hemscott that the Isle of Man is the jurisdiction most preferred by non-UK companies wishing to incorporate when listing on London’s Alternative Investment Market. This reported that there is more than twice the number of Isle of Man companies than Bermuda or Canada. The Island’s standing has been further reinforced by the awarding of an “AAA” accreditation making the Isle of Man an ideal offshore centre for all your corporate and personal needs.
Isle of Man Online Gambling Commission
The Isle of Man Government actively encourages the development of gambling and e-gaming business on the island. It remains committed to delivering a stable government and strong regulatory environment, supported by a wide range of attractive business benefits.
In 2001, the Isle of Man Government was one of the first jurisdictions in the world to introduce legislation specifically designed to benefit gambling and e-gaming firms and fully protect customers. Following further recent changes, the licensing and regulatory controls are now more responsive to the needs of the gambling and e-gaming industries.
The Isle of Man Gambling Supervision Commission was founded in 1962 and is fully independent and committed to player protection.
The Isle of Man Government and the private sector have worked hard to ensure that the island has a world class infrastructure and full range of support services in place for the gambling industry.
The Isle of Man Gambling Licensing Process
For more information on the range of commercial and business benefits which the Isle of Man can offer to your company, see the information provided by the Department of Trade & Industry.
The main objectives of The Isle of Man gambling commission are as follows:
- ensuring that gambling products promoted by operators in the Island can compete effectively throughout the world
- facilitating competition
- facilitating the provision of modern products and services
- ensuring that gambling is conducted in a fair and open way
- protecting children and other vulnerable persons from being harmed or exploited by gambling
- preventing gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime
The licensing application fee is £1,000. The annual license fee for a betting site is £35,000. There is a 1.5% tax on gross gaming yield up to £20,000,000. Yields over that amount are taxed at a reduced rate.
The corporation tax is 0%, provided the site does not accept bets from Isle of Man residents. As with land-based gaming, e-gaming regulations are reviewed and enforced by the Gambling Control Commissioners.
Legal Law Practices Contacts
1. Dickinson Cruickshank
33 Athol Street
Douglas IM1 1LB
Isle of Man
Phone: +44 01624 647647
Fax: +44 01624 620992
Website: www.dc.co.im
2. Cains – Attorneys in Douglas, Isle of Man
15-19 Athol Street
Douglas
Isle of Man
Tel: 44 1624 638300
Fax: 441624638333
3. Conti – Attorneys in Douglas, Isle of Man
17 Circular Road
Douglas IM1 1AF
Isle of Man
Tel: 44 1624 670003
Fax: 44 1624 612281
4. Cooper Chan – Attorneys in Douglas, Isle of Man
Victoria Street
Douglas
Isle of Man
Tel: 44 1624 639000
Fax: 44 1624 612138
5. Corbridges – Attorneys in Douglas, Isle of Man
Rosemary House
Mount Havelock
Douglas IM1 2QG
Isle of Man
Tel: 44 1624 670940
Fax: 44 1624 613161
6. David Capps & Co. – Attorneys in Douglas, Isle of Man
P.O. Box 27331-37 North Quay
Douglas
Isle of Man
Tel: 441624662977
Fax: 441624662988
