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Consultative Paper on Implementation of the Companies Bill 2006 - Annual Return; Filing Fees 4 August 2006

  • Prescribed content of Annual Return

  • Filing Fees

The Companies Bill 2006 completed its progress through the House of Keys and Legislative Council on 13 June 2006 and, subject to the Bill receiving Royal Assent at the October sitting of Tynwald, Treasury and the Financial Supervision Commission are preparing for its early implementation. Companies Registry (which is likely to be appointed as the first “Registrar”) is aiming to have the necessary systems and technology in place to allow for a New Manx Vehicle formed under the Bill to be incorporated from 1 November 2006.

The Commission has issued A Consultative Paper on Implementation of the Companies Bill 2006 - Prescribed content of Annual Return; Filing fees.

Although the first annual return would not be due until one year after a New Manx Vehicle’s incorporation, in order to provide certainty as to what information will be held on the public record, the contents of the annual return needs to be finalised so that the relevant regulations may come into operation concurrently with the Bill.

In order to ensure that the first incorporations can take place as soon as possible, much of the delegated legislation to be made under the Bill will need to be in place in October immediately after the Bill comes into operation. This is reflected in the length of the consultation period. To meet the time constraints, it would be appreciated if responses to this consultation could be submitted to the Commission by close of business on Tuesday 5 September 2006.

Your attention is also drawn to Companies Bill 2006 – Consultation on Draft Model Articles which can be found on www.gov.im/treasury/ dated 28 July 2006.

4th August 2006

Enquiries should be addressed to: Elizabeth P Berry (Liz), Mrs Senior Adviser - Policy and Legal Unit Email: liz.berry@fsc.gov.im

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