The Isle of Man is the only jurisdiction to strike a balance between full regulation, which would kill the opportunity by restricting innovation, and none, which would present significant money laundering and terrorist financing risks to the island.
The Isle of Man introduced the Designated Business (Registration & Oversight) Act, in 2015 (the “DBA”), under which we can register a company as a ‘Designated Business’, meaning anyone who undertakes:
“the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity”
An ICO is covered by the definition and the island is actively supporting many ICO’s. We can have a company in place and registered as a Designated Business in 3 weeks, much quicker than all competitor jurisdictions.
The benefits of conducting an ICO from the Isle of Man include:
- 4 weeks to incorporate and register to conduct ICO
- 0% Corporate tax
- no withholding tax
- no capital gains tax
- Low personal tax for residents
- flexible corporate structure; no ownership or director restrictions
- access to multiple crypto-friendly banking and payments institutions
- Internationally recognized jurisdiction; OECD Whitelisted & IMF approved
- world-class technology infrastructure
- Politically and economically stable jurisdiction; the parliament of Tynwald is over 1,000 years old; easy access to politicians and key industry decision-makers; the government is made up of individuals (not parties); over 30 years consecutive economic growth