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Early Interest In The New Manx Corporate Vehicle 12 October 2006

Subject to Tynwald approval, the Companies Act 2006 will come into force on 1 November 2006.

The Financial Supervision Commission has decided to allocate the number 1 to an applicant for incorporation under the Companies Act 2006, selected randomly at a draw on the morning of 1 November 2006. Each incorporated company is allocated a number and considerable interest has been expressed in being the first company to be incorporated under the new legislation.

Mr John Aspden Chief Executive of the FSC, said “It is very exciting to see the level of prospective interest being shown in the new Manx corporate product. We thought the fairest way of allocating the first number was to pick the applicant randomly from a hat. This will happen on the day when the new Act comes into operation.”. Mr Aspden added that “it is difficult to gauge how many of the new style companies will be formed at the outset. However new incorporations of existing companies (under the Companies Act 1931) have recently been over 35% up on the same period last year, so the indications are very positive.”

The Commission will not be able to receive incorporation papers before the 1 November 2006 since the new legislation will at that stage not be in operation. However applications which are to be included in the draw will need to be submitted to Companies Registry by 10am on the day itself.

Further information on the launch of the new vehicle will be made via the Commission’s website, www.fsc.gov.im

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