Isle of Man vs Gibraltar
Gibraltar is £750 cheaper in year 1 and £450 a year cheaper after that.
| Isle of Man1931 Act or 2006 Act company | GibraltarPrivate limited company | |
|---|---|---|
| Costs | ||
| Minimum, year 1 | £1,680 | £930 |
| Minimum, per year after | £980 | £530 |
| Typical year 1 | £3,580 | £2,515 |
| Government fee | £100About £100 | £100About £100 |
| Indirect setup | £600–1,500 | £800–1,900 |
| Running per year | £980–3,880 | £530–3,600 |
| Share capital | £1 | £1 |
| Rules | ||
| Directors | No local directorYou need a licensed registered agent. | No local director |
| Remote setup | Through a providerRemote through a licensed corporate service provider. | Through a providerRemote through a licensed company manager. |
| Audit | No audit for small companies | No audit for small companies |
| Time to form | 1 to 3 days | 1 to 2 weeks |
| Ease for foreign owners | 3/5 | 3/5 |
| Tax and banking | ||
| Corporation tax | 0%0% for most companies. Banking and large retail pay 10%, Isle of Man property 20%. | 15%15%, on profit earned in Gibraltar only. |
| Dividend withholding | None | None |
| VAT / GST | 20%VAT 20%, as in the UK. | None |
| Banking | 3/5Isle of Man and UK banks. Easier than most offshore centres. | 2/5Gibraltar banks are very selective. |
| All company setup fees in the Isle of Man | All company setup fees in Gibraltar | |
Questions
Is the Isle of Man cheaper than Gibraltar for company setup?
No. Gibraltar is cheaper, at least £930 in year 1 against £1,680 for the Isle of Man.
Which is cheaper to run each year?
Gibraltar, at least £530 a year against £980 for the Isle of Man.
Which needs a local director?
Neither. You can run a company in either without a local director.
Which is faster to set up?
The Isle of Man, in 1 to 3 days. Gibraltar takes 1 to 2 weeks.
How does corporation tax compare?
The Isle of Man: 0% for most companies. Banking and large retail pay 10%, Isle of Man property 20%. Gibraltar: 15%, on profit earned in Gibraltar only.
Sources: Isle of Man Government · PwC