Albany Posted October 15, 2022 Share Posted October 15, 2022 (edited) Hello, I am planning to start a new consulting company and have a solid cash position to fund the company. I know my sector well, having worked in it for over 15 years. I am a British citizen and also looking to move to the Isle of Man. I'd like the to enjoy the twin benefit of low / zero corporation tax rate and also a lower income tax rate. Being honest, I'm also not a massive party animal (I do enjoy the outdoors and going for a few drinks to the pub / cafe with close friends), so I know I won't miss the busy city life at all. I just want to hunker down and build my business and live in a peaceful, healthy environment. Based on the information above, please can some kind folks on here advise me on the following: - Would I need a work permit to work for my own company as a Director (once the company has been incorporated and I have registered my residence on the Island)? - Are there any good websites or IOM government agencies that provide support for people looking to do what I am planning? Any other useful general advice would be much appreciated. I am in the initial planning phases, but really serious about this. Planning a visit to the Island for a week to do a tour and potentially some networking & research. Thank you, Albany Edited October 15, 2022 by Albany Quote Link to comment Share on other sites More sharing options...
x-in-man Posted October 15, 2022 Share Posted October 15, 2022 (edited) https://www.locate.im/relocating 30 seconds on Google - I take it you are not consulting in IT. Edited October 15, 2022 by x-in-man 1 2 Quote Link to comment Share on other sites More sharing options...
Albany Posted October 15, 2022 Author Share Posted October 15, 2022 (edited) 15 hours ago, x-in-man said: https://www.locate.im/relocating 30 seconds on Google - I take it you are not consulting in IT. LOL Thank you - it will be in the technology / SaaS sector 😁. I did a lot of googling and was looking at a bunch of the sub-websites on https://www.iomdfenterprise.im/ and other forums. Somehow missed the site you shared 😁 Most of the resources seem to focus on an employee relocating, or starting an offshore business. In my case, I want to move all my affairs at once to IOM and couldn't seem to find a section that deals with that. Couldn't seem to find a definitive answer on whether a UK citizen can just easily incorporate and start working for their own business, or whether there are any particular barriers to navigate. Edited October 16, 2022 by Albany Quote Link to comment Share on other sites More sharing options...
Albany Posted October 15, 2022 Author Share Posted October 15, 2022 That website is great - thanks. Some good contacts on there that I plan to reach out to. In the meantime any other advice would be appreciated. I'm sure there are many on these forums that would have done something similar and have experiences / knowledge to share. Quote Link to comment Share on other sites More sharing options...
Apple Posted October 15, 2022 Share Posted October 15, 2022 It's a leap of faith, but one well worth it. Good luck. Hope it works out. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted October 17, 2022 Share Posted October 17, 2022 On 10/15/2022 at 6:00 PM, Albany said: Hello, I am planning to start a new consulting company and have a solid cash position to fund the company. I know my sector well, having worked in it for over 15 years. I am a British citizen and also looking to move to the Isle of Man. I'd like the to enjoy the twin benefit of low / zero corporation tax rate and also a lower income tax rate. Being honest, I'm also not a massive party animal (I do enjoy the outdoors and going for a few drinks to the pub / cafe with close friends), so I know I won't miss the busy city life at all. I just want to hunker down and build my business and live in a peaceful, healthy environment. Based on the information above, please can some kind folks on here advise me on the following: - Would I need a work permit to work for my own company as a Director (once the company has been incorporated and I have registered my residence on the Island)? - Are there any good websites or IOM government agencies that provide support for people looking to do what I am planning? Any other useful general advice would be much appreciated. I am in the initial planning phases, but really serious about this. Planning a visit to the Island for a week to do a tour and potentially some networking & research. Thank you, Albany I stand to be corrected, but if you're a UK resident, you won't need a Visa and I think you can realistically just move over, as if you're setting up a company/doing consultancy you also wouldn't need a work permit. You'd need to register ASAP with the tax office here as usually the tricky part is losing your UK residence, so you need to ensure you're all signed up for everything here and also make sure you don't get anywhere near the 183 days in the UK to ensure you can lose your UK residence. Depending on how 'accounty' you are, you'd probably need to get someone to do your payroll (NI and income tax) to ensure that you can claim you're now resident here. There are quite a few accountants around who could do this, but also outsourced payroll companies/software that'll do it for you. If you need a hand with Company incorporation PM me. It's fairly simple, but a couple of hints can make it a lot easier. 1 Quote Link to comment Share on other sites More sharing options...
The Old Git Posted October 17, 2022 Share Posted October 17, 2022 1 hour ago, The Phantom said: Depending on how 'accounty' you are, you'd probably need to get someone to do your payroll (NI and income tax) to ensure that you can claim you're now resident here. I found DPN’s Manx payroll software quite easy to use for a small business. 1 Quote Link to comment Share on other sites More sharing options...
craggy_steve Posted October 17, 2022 Share Posted October 17, 2022 On 10/15/2022 at 6:00 PM, Albany said: Hello, I am planning to start a new consulting company and have a solid cash position to fund the company. I know my sector well, having worked in it for over 15 years. I am a British citizen and also looking to move to the Isle of Man. I'd like the to enjoy the twin benefit of low / zero corporation tax rate and also a lower income tax rate. Being honest, I'm also not a massive party animal (I do enjoy the outdoors and going for a few drinks to the pub / cafe with close friends), so I know I won't miss the busy city life at all. I just want to hunker down and build my business and live in a peaceful, healthy environment. Based on the information above, please can some kind folks on here advise me on the following: - Would I need a work permit to work for my own company as a Director (once the company has been incorporated and I have registered my residence on the Island)? - Are there any good websites or IOM government agencies that provide support for people looking to do what I am planning? Any other useful general advice would be much appreciated. I am in the initial planning phases, but really serious about this. Planning a visit to the Island for a week to do a tour and potentially some networking & research. Thank you, Albany I have done this. Moved from UK to IoM and brought my technology / business consultancy business with me. Set up a new company on the IoM which employed me to service my (primarily UK) clientele. That was before more recent changes to Work Permit legislation, so at the time I needed a work permit. I spoke nicely with the head of the work permits team and was granted one without difficulty. Since then the rules have changed, in your favour. See section 2 of the Work Permits guide and I think you'll find there are likely three categories of exemption that you can claim https://www.gov.im/media/1359068/guide20171102guide-to-work-permits.pdf Get yourself a decent small business accountant, I used Alistair Clarke-Wilson of Shimmin Wilson and was happy with their service and their charges. Alistair may have retired / semi-retired now, dunno, but they are worth considering and will be able to deal with your NI, tax etc. https://www.shimminwilson.com/about In respect of disentangling yourself from UK HMRC - you will basically need to sell up totally in UK, including terminating membership of any UK social clubs (golf clubs & the like) to show to UK HMRC that you have truly "left" (retaining professional memberships is OK, and IoM has sections of the Institute of Directors, BCS The Chartered Institute for IT etc.) Hope that helps. Good luck. I'm recently retired and left IoM earlier this year for personal reasons, but on the face of it I've done what you are hoping to do and it was fine. 1 Quote Link to comment Share on other sites More sharing options...
Mikimoto Posted October 20, 2022 Share Posted October 20, 2022 Is there then a "you must be here 183 days a year" obligation, if the OP were coming and going between IOM/UK. Quote Link to comment Share on other sites More sharing options...
John Wright Posted October 20, 2022 Share Posted October 20, 2022 38 minutes ago, Mikimoto said: Is there then a "you must be here 183 days a year" obligation, if the OP were coming and going between IOM/UK. No. It’s more not being somewhere else for the 183. And remember day of arrival and departure counts in each country. So, if you did a week in IoM followed by a week in UK, for a year, you’d actually end up with a 416 day year 208 days in each! Quote Link to comment Share on other sites More sharing options...
Mikimoto Posted October 20, 2022 Share Posted October 20, 2022 31 minutes ago, John Wright said: No. It’s more not being somewhere else for the 183. And remember day of arrival and departure counts in each country. So, if you did a week in IoM followed by a week in UK, for a year, you’d actually end up with a 416 day year 208 days in each! I guess you could also sail in your own boat to UK so it'd be hard to control where you were each week! Quote Link to comment Share on other sites More sharing options...
John Wright Posted October 20, 2022 Share Posted October 20, 2022 7 minutes ago, Mikimoto said: I guess you could also sail in your own boat to UK so it'd be hard to control where you were each week! You need to prove Quote Link to comment Share on other sites More sharing options...
Anyone Posted October 21, 2022 Share Posted October 21, 2022 On 10/15/2022 at 6:00 PM, Albany said: Hello, I am planning to start a new consulting company and have a solid cash position to fund the company. I know my sector well, having worked in it for over 15 years. I am a British citizen and also looking to move to the Isle of Man. I'd like the to enjoy the twin benefit of low / zero corporation tax rate and also a lower income tax rate. Being honest, I'm also not a massive party animal (I do enjoy the outdoors and going for a few drinks to the pub / cafe with close friends), so I know I won't miss the busy city life at all. I just want to hunker down and build my business and live in a peaceful, healthy environment. Based on the information above, please can some kind folks on here advise me on the following: - Would I need a work permit to work for my own company as a Director (once the company has been incorporated and I have registered my residence on the Island)? - Are there any good websites or IOM government agencies that provide support for people looking to do what I am planning? Any other useful general advice would be much appreciated. I am in the initial planning phases, but really serious about this. Planning a visit to the Island for a week to do a tour and potentially some networking & research. Thank you, Albany Low tax should be very low on your list of where to locate. Quote Link to comment Share on other sites More sharing options...
x-in-man Posted August 21 Share Posted August 21 Look, he didn't move over. It was one of Alf's office staff starting threads about moving. The office person has since been promoted to an HR position and has retired and claimed a pension thanks to this thread. Quote Link to comment Share on other sites More sharing options...
Notevery Posted August 29 Share Posted August 29 (edited) Starting a consulting company on the Isle of Man sounds like a fantastic plan! For working as your own company’s director, you’ll generally need a work permit, even though you’re setting up your own business. It’s a good idea to check with Isle of Man immigration or local business advisors to get the exact details. I used Sugar CRM when I started my own venture, and it really helped manage client interactions and keep everything organized. For local support, try visiting the Isle of Man government’s business section or connecting with local business networks during your visit. They can provide great resources and advice for new entrepreneurs. Edited September 2 by Notevery Quote Link to comment Share on other sites More sharing options...
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