Fiduciary Services Introduction
The Isle of Man has established an enviable reputation throughout the world as a centre of excellence for fiduciary services. There are over 200 licensed Corporate and Trust Service Providers (‘CSPs’ and ‘TSPs’) who provide a full range of company and trust services in a very professional manner.
The Island is a common law jurisdiction, with trust law modelled on that of the UK, and it closely follows English legal precedents and legislation.
Modern, flexible legislation, international standards of regulation and supervision, and a well-developed business infrastructure consolidate the Isle of Man’s position as a first-choice jurisdiction.
The Companies Act 2006 is the most current piece of company law, complementing earlier legislation such as the Companies Act 1931-2004. The Isle of Man Government worked with the fiduciary industry to develop the new legislation, which was designed specifically for international use. The Act complements the Island’s zero rate corporate tax regime and is well placed to encourage significant growth from the global marketplace. Speed of incorporation and flexibility of use were key factors behind the initiative.