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Reduced Annual Return Fee for Qualifying Members’ Clubs 14 May 2008

The Financial Supervision Commission, with the concurrence of Treasury will be seeking Tynwald approval at the June sitting to reduce the annual return fee for qualifying members’ clubs from £320 to £75.

In order to qualify for the reduced payment a “qualifying members’ club must be able to satisfy the following conditions. “qualifying members’ club” means a club or association: -

  1. which is constituted as a company limited by guarantee and not having a share capital;
  2. which has published written club rules that constitute a contract between the club and its members;
  3. membership of which is dependent upon payment of an annual subscription fee;
  4. whose profits must be exclusively used for the continuance or improvement of the club and the service it provides to its members;
  5. whose rules prohibit the distribution of any profit to members or third parties; and
  6. at least 90% of whose members are resident in the Isle of Man throughout the period covered by the annual return submitted to the Registrar of Companies.

Subject to Tynwald approval the change will take effect from the 1st July 2008. The Financial Supervision Commission will be amending the annual return form to reflect the change and this will be available of the Commissions’ web site at www.fsc.gov.im . As the change will effect a relatively small the number of companies the Companies Registry will continue to accept the existing annual return form when it is submitted by a company that is not claiming any form of relief from payment of the full annual return fee.

Enquiries:

John Wilkinson
Senior Manager
Companies Registry
Financial Supervision Commission
P O Box 345,
Finch Hill House
Bucks Road,
Isle of Man,
IM99 2QS

Tel:(44) 1624 689343
Fax:(44) 1624 689397

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