IoM to hold draw to decide first user of NMV

Subject to approval by Tynwald, the Isle of Man's parliament, the Companies Act 2006 - also known as the NMV - will come into effect on 1 November 2006 and will allow companies to be incorporated on the Island under a more relaxed regime. Designed to make it easier to set up businesses on the Island, the NMV will include changes to current law including: No requirement for local directors; No public filing of accounts; No requirements for annual general meetings; Less prescriptive accounting requirements, and Reduced compulsory filings with the Companies Registry. The FSC say...