Our experienced financial services team assists companies conducting designated business
We provide comprehensive legal and administrative services to both new and existing companies across a range of designated business.
The Isle of Man continues to be a highly attractive and recognised centre of excellence for international financial services. With its high level of regulation, and long established freedom to flourish approach to business the Island has created a great environment with a reputation for innovation and expertise.
To ensure that those individuals and businesses entering and working within the financial services sector remain compliant, the Isle of Man Financial Serives Authority have laid out set regulations, including Designated Business.
The Act requires any person who undertakes designated business in or from the Isle of Man to register under the Act and to comply with all Isle of Man legislation concerning Anti-Money Laundering and Countering and the Financing of Terrorism. Listed below are the details of the different types of Designated Business for the purposes of the Act:
- A legal professional undertaking any of the following activities –
- managing any assets belonging to a client;
- the provision of legal services which involve the participation in a financial or real property transaction (whether by assisting in the planning or execution of any such transaction or otherwise) by acting for, or on behalf of, a client in respect of –
- the sale or purchase of land;
- managing bank, savings or security accounts;
- organising contributions for the promotion, formation, operation or management of bodies corporate;
- the sale of purchase of a business; or
- the creation, operation or management of a legal person or legal arrangement.
- An external accountant.
- A tax adviser.
- A payroll agent.
- A business which provides lending in respect of products other than consumer products for and on behalf of customers.
- A business which provides financial leasing arrangements in respect of products other than consumer products and on behalf of customers.
- A business which provides financial guarantees and commitments in respect of products other than consumer products for and on behalf of customers.
- An estate agent.
- A business which (including dealing as an auctioneer) whenever a transaction or series of linked transactions involves accepting a total cash payment (in any currency) that is equivalent to at least €15,000.
- A business which provides safe custody facilities for cash or liquid securities, deposit boxes or other secure storage facilities.
- A business engaged in convertible virtual currency activity.
- A specified non-profit organisation
Designated Business | What we do
We have extensive experience working with those individuals and businesses who operate a designated business, and provide advice, counsel and legal support to those clients.