Fiscal Services Limited

Confidentiality and Financial Regulations

Naturally, our clients receive a confidential service. The Isle of Man Government's policy of responsible regulation has led to continuing and rapid expansion of the financial sector. This is a policy which we endorse. Therefore, in support of this policy, we do reserve the right to request professional letters of introduction. We strongly recommend that potential clients obtain professional advice from their local professional advisor. We may require a copy of such advice.

Clients should also note that whilst the beneficial owners of private Isle of Man companies do not have to be declared, certain jurisdictions require that the names and addresses of the beneficial owners of companies are advised to their Revenue authorities.

In accordance with the Isle of Man legislation and international recommended due diligence procedures all clients are required to provide proof of identity and address. In particular, a certified copy of their passport or national identity card, including a clear copy of the holders photograph. In addition, at least two of certified or original utility bills, bank statements or creditcard statements, as proof of address. Such documents must be less than three months old.

Whilst Isle of Man companies which include the term "PLC" in their name are required to file publicly available accounts, private companies with names ending in "limited" do not have to file such accounts. Whilst Company Law no longer requires all Isle of Man Companies to prepare Financial Accounts information should be available to prepare such accounts. Potential clients should also note that at any time the Isle of Man Assessor of Income Tax may require a set of Financial Accounts. Also to comply with our understanding of the "Know Your Clients" requirements, that Financial Accounts should be prepared on an annual basis. Also, when filing the required Annual Return, a declaration confirming that financial accounts have been prepared has to be attached to the Return. The date of the Annual Return is the anniversary of the company's date of incorporation.

Banks located in the Isle of Man also provide a confidential service. They will, however, require a bank reference with respect to the beneficial owner of the company. The bank will also require due diligence information to be provided.

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Phone: +44 (0)1624 670022 - Fax: +44 (0)1624 672504
e-mail: mail@fiscalservices.co.im
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