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Transfer of Domicile Costs Less 28 July 2004

The Financial Supervision Commission is pleased to announce a reduction in the fees payable by companies applying to redomicile to the Isle of Man under the Companies (Transfer of Domicile) Act 1998. With the concurrence of Treasury, Tynwald has approved a significant reduction in the fees payable to £300, effective from the 1st August 2004.

This is the second major change introduced by the Commission in this area and is intended to stimulate and encourage new business. In December 2003 the Commission introduced a number of amendments to the Companies (Transfer of Domicile) Act 1998. Previously, only listed companies or their subsidiaries were able to transfer their domicile from their jurisdiction of incorporation into the Island; or listed companies incorporated in the Isle of Man to transfer their jurisdiction out of the Island. Companies undertaking licensable business were also prevented from redomiciling. Changes contained in the Companies, etc. (Amendment) Act 2003 removed all of these restrictions so that all types of company may now apply.

The fees payable by companies applying to redomicile out of the Isle of Man remain unchanged.

Copies of the new fees order are available from the Central Reference Library in Government Office and the Companies Registry.

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