Corporate Service Providers Go Down....

[Gladys]

Hboy has it, I think. All the providers listed have CSP business as non-core. At one time, having given the advice on the appropriate structure, they then offered their services to run it. I suppose they are finding this ancillary business as a distraction to their main core activity and are divesting themselves.

 

There may also be some industry re-alignment in anticipation of the new Manx corporate vehicle which is being hailed as the saviour in some quarters, but as the death knell in others.

 

To Simon: CSPs are the businesses that run the companies and trusts that have been set up under tax and legal advice and must have IOM directors and trustees. They basically run the structures. I think CSP is a term peculiar to the IOM and more widely are known as fiduciaries or trust companies.

 

Anyway, if anyone has any substantive questions they should be addressed to the professional body on the island for this sector, the Association of Corporate Service Providers (although they have now changed their named to include the newly regulated area of fiduciaries and I can't, for the life of me, remember the new name).

[LoneWolf]

Hboy has it, I think. All the providers listed have CSP business as non-core. At one time, having given the advice on the appropriate structure, they then offered their services to run it. I suppose they are finding this ancillary business as a distraction to their main core activity and are divesting themselves.

 

There may also be some industry re-alignment in anticipation of the new Manx corporate vehicle which is being hailed as the saviour in some quarters, but as the death knell in others.

 

To Simon: CSPs are the businesses that run the companies and trusts that have been set up under tax and legal advice and must have IOM directors and trustees. They basically run the structures. I think CSP is a term peculiar to the IOM and more widely are known as fiduciaries or trust companies.

 

Anyway, if anyone has any substantive questions they should be addressed to the professional body on the island for this sector, the Association of Corporate Service Providers (although they have now changed their named to include the newly regulated area of fiduciaries and I can't, for the life of me, remember the new name).

 

What a very good post.

[M4nxk4t]

The FSC web-site lists three local CSP's that have handed in their licences - big name players...PKF...Standard Bank..CGI...if there is a booming economy how comes these firms are packing up ??

 

http://www.gov.im/fsc

 

Haven't PKF just changed their name, hence why they have handed in their licence???

[manxchatterbox]

but as CSP licences wil have cost a lot financially and in man hours of effort to obtain seem like bad financial management to surrender one just because your business changes its name..surely the regulations allow a business to keep a licence no matter what name it uses???