The Isle of Man Companies (Amendment) Act 2021 made a number of changes to Isle of Man company law in September 2021. However, one provision in that Act, which addresses public access to information regarding a company's directors, has remained in suspense until now.
That provision will come into force on 1 April 2025. From that date, all companies incorporated under the Companies Act 2006 (the 2006 Act) will have to notify any changes to their board of directors to the Companies Registry within a month after they occur.
Transitional provisions deal with existing companies that have not already notified the Companies Registry of their first directors, or of any changes to their board of directors that occurred before 1 April 2025 but that had not been notified to the Companies Registry by that date.
Since the registered agent of a 2006 Act company will usually maintain its register of directors, licensed corporate service providers should revise their procedures to reflect these new requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
