What is an Isle of Man Registered Agent?

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The CA 2006 introduced the role of the Registered Agent into Manx legislation. Companies formed under that Act are commonly referred to as New Manx Vehicles (NMVs).

A Registered Agent is appointed to ensure proper recording and upkeep of company information to comply with regulatory obligations; including activities such as filing and maintaining statutory documentation. The Registered Agent is a key fiduciary, but is not an officer of the Company.

The person appointed must be permitted to act as Registered Agent, possessing the appropriate license granted by the Isle of Man Financial Services Authority (IOM FSA), under the Isle of Man Financial Services Act 2008.

Unlike a CA 1931 company, which requires the appointment of two Directors and a Company hungary mobile database Secretary, CA 2006 companies only require a single Director and do not require a Company Secretary. However, a Registered Agent must be appointed at all times.

Both a Registered Office and a Registered Agent are requirements for a CA 2006 company; more often than not, the two functions are carried out by the same licensed third-party provider, such as Dixcart.

The Registered Agent needs to be aware and understand the company’s activities at all times; therefore systems and procedures will be put in place to manage the flow of information on the company that services are being provided to.

When expressed in basic terms, it can be easy to think that the Registered Office and Registered Agent functions are simple and straightforward. However, there are many pitfalls that can result in penalties, or even worse, the company being struck off the register.