* IoM's New Companies Act Comes Into ForceThe Isle of Man's Companies Act 2006 came into force on November 1, and the first New Manx Vehicles, or '2006 Act companies' as they will now be known, were incorporated on the same day, the Manx authorities have announced.
Each 2006 Act company will be allocated a number followed by the suffix “V” to distinguish the new-style companies from the more traditional companies which may still be incorporated under the Companies Acts 1931-2004.
Rosemary Penn, Chairman of the Isle of Man Financial Supervision Commission, commented:
“I am delighted to see such interest in the new company. The Commission has worked hard to support this industry initiative by seeking to ensure that the launch of the new vehicle is as smooth as possible. There has already been an unprecedented upturn in company incorporations this year and we hope that the introduction of the 2006 Act company will further increase incorporation numbers and provide a catalyst for new opportunities for local businesses.”
12 registered agents had submitted 25 applications for new companies by the deadline of 10 am on November 1 and, following a draw, the first NMV designation, 1V, was allocated to “International Car Rent Limited”, whose registered agent is Middleton Katz Chartered Secretaries LLC.