The New Manx Corporate Vehicle is the alternative name for the Isle of Man Companies Act 2006, but what exactly does it mean, and how will it affect the offshore market?
Details of the NMV were published in August last year in an industry consultation on the Companies Bill 2005, and since then the Companies Bill 2006 passed through Tynwald, the Isle of Man Parliament, on 13 June and is scheduled to receive Royal Assent to become the Companies Act 2006 on 1 November. The new act has been designed to sit alongside existing company law on the island rather than replace it, but the new legislation aims to make it easier to set up businesses on the island. Under the NMV, a similar concept to the British Virgin Islands(BVI) Companies Act 2004, the changes mea...
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