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First "NMV" Incorporated 1 November 2006

The Companies Act 2006 came into force on 1 November 2006 and the first New Manx Vehicles, or “2006 Act companies” as they will now be known, were incorporated on the same day.

Each 2006 Act company will be allocated a number followed by the suffix “V” to distinguish the new-style companies from the more traditional companies which may still be incorporated under the Companies Acts 1931-2004. Following considerable interest in early incorporations under the new Act, the Financial Supervision Commission, which has been appointed Registrar of Companies under the new Act, held a draw to select the company to be allocated the number 1V.

The draw was made in Companies Registry on the morning of 1 November by Mrs Rosemary Penn MBE, Chairman of the Financial Supervision Commission, who commented:

I am delighted to see such interest in the new company. The Commission has worked hard to support this industry initiative by seeking to ensure that the launch of the new vehicle is as smooth as possible. There has already been an unprecedented upturn in company incorporations this year and we hope that the introduction of the 2006 Act company will further increase incorporation numbers and provide a catalyst for new opportunities for local businesses.

I2 registered agents had submitted 25 applications for new companies by the deadline of 10am on 1 November and, following the draw, the number 1V was allocated to “International Car Rent Limited”, whose registered agent is Middleton Katz Chartered Secretaries LLC.

The Commission has published a number of Practice Notes (guides) on the 2006 Act company. These, together with the relevant legislation, forms and details of incorporation and other fees can be found on the Commission’s web site (www.fsc.gov.im).

Jane Bates
Head of Authorisations & Companies
Tel: 01624 689334

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