NMV now part of Isle of Man law

Introduced to operate alongside existing Company Acts 1931-2004, the new law is a development of the International Business Company (IBC) model which is already available in a number of other offshore jurisdictions. The Island’s Treasury says the new Act, which received Royal Assent on 14 October, updates and modernises company law by introducing a new simplified corporate vehicle which also allows companies formed under the previous Acts to convert to the 2006 version in the future. Companies may wish to do this as the new Act offers a more streamlined process for setting up and runnin...