Isle of Man company formation and support

[stevy777]

Anyone got a super quality firm for incorporation and all the help that we need to come after that. The jurisdiction i'm after is the Isle of Man.

I saw Turner Little recommended in the article here, but judging by the negative reviews online, i'm avoiding that one.

Not looking for the cheapest but the most quality with lots of support and advice for years to come.

 

[Sols]

Lots of good options in IOM. Sovereign, Appleby, Dixcart, Baker Tilly, Aston International, ILS, and Vistra.

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[stevy777]

Sols said:
Lots of good options in IOM. Sovereign, Appleby, Dixcart, Baker Tilly, Aston International, ILS, and Vistra.
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That's really helpful and some great leads. I'll be analyzing then now

Do you think it's better going with the above rather than local lawyer places on the ground in the isle of man?

For others i found a couple of potential local lawyers on the ground:
GreenFinch - Accountancy | Book-Keeping | TAX & VAT | Payroll | Isle of Man (IOM) | Greenfinch Accountancy
Cavindish Trust - Cavendish Trust Company - Independent, International Corporate Service Provider based in the Isle of Man
Aston International - Corporate and Trust Service Provider - Aston International Limited (mentioned above but also found on the IOM itself)

And i found what looks like a large law firm not local on the IOM but had many reviews at 5 stars on google
Healy Consultants - https://www.<<snippet>>

Any thoughts appreciated ....

 

[Sols]

stevy777 said:
Do you think it's better going with the above rather than local lawyer places on the ground in the isle of man?
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The ones I mentioned are physically present on the island. They are all licensed by the IOMFSA as well.

stevy777 said:
And i found what looks like a large law firm not local on the IOM but had many reviews at 5 stars on google
Healy Consultants - https://www.<<snippet>>
Click to expand...

In my years, I have come across this one many times without being convinced that the price and quality are competitively aligned.

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[stevy777]

Very helpful thanks Sols

 

[stevy777]

Sols said:
Lots of good options in IOM. Sovereign, Appleby, Dixcart, Baker Tilly, Aston International, ILS, and Vistra.
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I was wondering , out of the ones you mentioned, is there a stand out one ?

 

[Sols]

They all stand out for different reasons.

Sovereign is known for having a high risk appetite and being able to solve difficult problems in challenging circumstances, to put it lightly. There are some very rich people out there whose connection to their actual businesses are nearly impossible to trace thanks to creative and legal (or legal enough) arrangements set up by Sovereign. They know that what they do is valuable so they charge quite a lot for it.

With Appleby, Dixcard, and Baker Tilly you get traditional tax planning and cross-border legal arrangements. They can help keep your name away from company records but there is a line they rarely cross that Sovereign would given the right circumstances.

Aston is an example of a smaller firm with more of a local and boutique feel. Excellent for getting up and running in Isle of Man but they will need to seek external counsel for cross-border dealings.

ILS, Vistra, and a few other like them have low risk appetites and put compliance first. Some people like that, others find it frustrating.

Soveriegn and also Appleby/Dixcard/Baker Tilly three can help unlock doors to valuable connections with banks, governments, and other clients. More so than the others, even if for example Vistra has quite good government connections.

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[stevy777]

That's very interesting Sols, thank you

 

[stevy777]

Sols said:
They all stand out for different reasons.

Sovereign is known for having a high risk appetite and being able to solve difficult problems in challenging circumstances, to put it lightly. There are some very rich people out there whose connection to their actual businesses are nearly impossible to trace thanks to creative and legal (or legal enough) arrangements set up by Sovereign. They know that what they do is valuable so they charge quite a lot for it.

With Appleby, Dixcard, and Baker Tilly you get traditional tax planning and cross-border legal arrangements. They can help keep your name away from company records but there is a line they rarely cross that Sovereign would given the right circumstances.
Click to expand...

In light of Sovereign's more high risk business, and the increasing worldwide regulations - would that be a reason to avoid them? and go with someone like Appleby ?

 

[Sols]

It's not like Sovereign is out there breaking laws (although their clients might be, to a somewhat higher degree than other service providers). They are just more comfortable than the others to take on higher risk clients.

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[stevy777]

I'll share a update here - still looking and accessing the information. I'm not after necessarily the cheapest but i like good value, I also like good advice and willing to pay for good advice to streamline tax obligation.

I wrote to Sovereign, Appleby, and Aston. I think i wrote to Baker Tilly too.

It's interesting that Appleby in Isle of Man jurisdiction got brought out by a different company, who wrote back to me - ocorian.com - they look comparable to appleby and pretty good.

Sovereign Global never got back yet which is disappointing. I like really responsive companies to work with.

Aston also got back quickly and were really helpful. There prices were similar to Ocorian but Aston a bit cheaper.

I thinking of going with Aston and outsourcing a good accountant to help with tax mitigation. A friend recommended Harris and Trotter based in London. I'll have a chat and see what they specialize in.

of course please share all your experiences here

 

[stevy777]

Just to update you all or anyone interested.

After much research and discussion i went with Aston, i'll do accounting through them too. I also found an expert IOM/ international tax lawyer through them.

Aston have awesome response to email , extremely knowledgable through chats on phone, good price, local to Isle of Man, well established pro company, that many other companies off the Island use as a proxy too. Can pivot from resident director myself, to managed company with substance with them, if necessary down the road.

Happy with this choice going forward.

 

[Sols]

Glad to hear and thanks for updating!

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