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Newsletter | Articles Isle of Man Companies Listing on AIM AIM Since its launch in 1995 London’s Alternative Investment Market (AIM) has established itself as the international growth market of choice for companies and investors. Young international companies increasingly recognise the capital-raising opportunities that come from having their securities quoted and traded in London. Companies coming to AIM are attracted by its offer of a flexible way of entry to life on a public market. A steady stream of UK and international companies register every year: there are now over 500 international registrations. Many of these have used offshore financial centres to bring companies to market and the Isle of Man is proving to be the most popular jurisdiction for doing so. Figures for May 2007 show fifteen Isle of Man incorporations with a combined market capitalisation of £5222m in the top 100 non-UK listings. The nearest rival, Bermuda has 6 (£1884m). When all the Isle of Man companies listed on AIM are taken into account the total is 46 with an overall market capitalisation of £7478m. Why the Isle of Man? A number of elements have combined together to make the Isle of Man fertile ground for growing an AIM-listed company: AAA rated by both Moody’s and Standard and Poor’s, the Island has a first class reputation as a well regulated financial centre Zero per cent tax rate for companies and no capital gains tax, inheritance tax or stamp duty A common law jurisdiction whose company and trust law is largely derived from English law, which lends comfort to investment banks, institutional investors and their advisers when dealing with Isle of Man companies The facility to list an Isle of Man company without any requirement for prior regulatory approval Shares can be traded through CREST without the need for depositary arrangements Shares may be denominated and accounts prepared in any currency The provision of company services is a regulated activity in the Island, which means that it has developed a professional and mature corporate service provider sector Only one hour’s flying time from London, the Island has the professional infrastructure and an energetic approach to tackle the detail The Isle of Man Companies Act 2006 The 2006 Act introduced a simple, flexible and easily administered structure which contains a number of features which make it attractive to companies intending to list on AIM: The Act does not distinguish between private and public companies; any company may offer its securities to the public If a company issues an offering document the requirements for its contents are far less prescriptive than under earlier legislation The traditional concept of capital maintenance has been removed. A company may make a distribution by any method provided that it will pass a simple solvency test following the distribution Filing requirements have been reduced, for example there is no need to notify changes in directors in between annual returns, which contain the names of current directors There are few rules concerning meetings. Although a listed company will have a provision for annual members’ meetings in its articles of association it is not obligated to hold further meetings either in or beyond the Isle of Man Isle of Man Registered Agent One of the provisions of the 2006 Act is the obligation for a company to appoint a registered agent in the Island. Registered agents must hold the appropriate Corporate Service Provider licence which is granted by the Isle of Man Financial Supervision Commission. This ensures that a company’s administration is being overseen by a regulated professional. What can ILS provide? ILS holds a Class One Isle of Man Corporate Service Provider’s licence. As such we are able to provide: The right company structure for an AIM listing The registered agent Close liaison with other professionals to bring an offering to market Ongoing administration and filing requirements Bookkeeping, accounting and VAT services For more information contact Stephen Colderwood.