This should probably be a separate thread. Maybe @Admin could split the posts about Isle of Man corporate services into a new thread?
...or...
It is recommended to use local trustees.
First of all, Isle of Man and a few other jurisdictions (like Jersey, Guernsey) should be approached differently than for example BVI or Seychelles. In jurisdictions like BVI and Seychelles, the founder is often the shareholder and director. You retain full control of the company. Nominees aren't nearly as common and when they are used, they don't do much beyond just being appointed directors and/or holding shares. This often makes it very hard to open bank accounts.
In Isle of Man, it has always been standard that when a company is formed, the company's shareholder and directors are the trustee through which you form the company. This goes back to the medieval concepts of trusts. Nowadays, it helps qualify the company as tax resident in Isle of Man. Your role is purely as UBO giving instructions to the directors on what agreements to sign.
Since this is a well established structure and trustees often have decades long relationships with banks, it's generally easy to open bank accounts for Isle of Man companies like this. The trustees are licensed, so the bank can be confident that clients they present are trustworthy.
As for your two options, I would prefer option 1, since you then aren't tied to a single individual, in case of death, illness, incapacitation, or resignation. But only if you are working directly with the trustee. Don't rely on an intermediary. Having an agent is fine but you should always sign an agreement directly with the trustees and can go to them yourself if you ever need to.
You can find a list here: Register Search
If your introducer isn't on there, ask for the name of the company they work with.
One drawback is it adds costs, complexity, and time to your business since everything has to pass through the directors provided by the trustee. Consider the full scope of costs and the impact to your business.
It is NOT recommended to NOT use local trustees.
...or...
It is recommended to use local trustees.
First of all, Isle of Man and a few other jurisdictions (like Jersey, Guernsey) should be approached differently than for example BVI or Seychelles. In jurisdictions like BVI and Seychelles, the founder is often the shareholder and director. You retain full control of the company. Nominees aren't nearly as common and when they are used, they don't do much beyond just being appointed directors and/or holding shares. This often makes it very hard to open bank accounts.
In Isle of Man, it has always been standard that when a company is formed, the company's shareholder and directors are the trustee through which you form the company. This goes back to the medieval concepts of trusts. Nowadays, it helps qualify the company as tax resident in Isle of Man. Your role is purely as UBO giving instructions to the directors on what agreements to sign.
Since this is a well established structure and trustees often have decades long relationships with banks, it's generally easy to open bank accounts for Isle of Man companies like this. The trustees are licensed, so the bank can be confident that clients they present are trustworthy.
As for your two options, I would prefer option 1, since you then aren't tied to a single individual, in case of death, illness, incapacitation, or resignation. But only if you are working directly with the trustee. Don't rely on an intermediary. Having an agent is fine but you should always sign an agreement directly with the trustees and can go to them yourself if you ever need to.
Yes, so make sure you work directly with a licensed trustee.
You can find a list here: Register Search
If your introducer isn't on there, ask for the name of the company they work with.
That's a long and probably separate discussion, but in essence it shields you (to a degree) from public disclosure and even certain liabilities, and it may help to establish tax residence. You should always consult with a local tax adviser first to make sure your structure is fine.
One drawback is it adds costs, complexity, and time to your business since everything has to pass through the directors provided by the trustee. Consider the full scope of costs and the impact to your business.
