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Company Formation Guide
Isle of Man Company Formation
Mirr Asia provides a comprehensive guide to Isle of Man companies and gaming licenses. We offer advice on VAT, MLRO, and KYC due diligence processes. Understand the key legal aspects and requirements for certification documents, letters of recommendation, and more to effectively navigate the business environment in the Isle of Man.
License · 01
Isle of Man eGaming License Information
Estimated Timeline
3–4 months from the submission of the license application form
Corporate Tax
1% corporate and dividend tax
Gaming Duties
0.1%–1.5% of gaming revenue
Highlights:
- The license is valid in all markets where gaming is not regulated or is very lightly regulated
- Very stable regulatory framework and friendly regulatory authorities
- Local bank account opening possible
- One license covers all gaming activities possible
- Cryptocurrency-friendly (casinos can accept cryptocurrency and fiat currency stakes)
- No minimum capital requirement
- No requirement for a physical office in the Isle of Man
Key requirements:
- Two local directors (residents of the Isle of Man) — we can provide them (estimated cost of £1,000 per month per person / estimated cost of £6,000 for local recruitment and preparation of employment contracts)
- MLRO — not mandatory
- Registered office address — We can provide (legal local address, not actual office)
- Local server — Connect to local service provider
Pricing · 02
State Fees & Services
| Fee Type | Amount |
|---|---|
| Application fee One-time application fee | £5,250 |
| Annual license fee Paid annually after license approval | £36,000/year |
| Professional Service Fee Our fee — varies depending on project complexity | from £26,000 |
Services included:
- Company management — Management of the Isle of Man company until the license is issued (approximately 16–20 weeks)
- Regulatory support — Communication with regulatory authorities and support in preparing the necessary documents, including: Application form, Examination form, Business plan, Risk assessment, Policies and procedures, 'Go Live' confirmation support
- Bank account — Opening a bank account
- VAT support — VAT registration support and legal advice for service companies
Requirements · 03
Required Documents
1. Passport — A copy of the shareholder/director's passport + Original verification
- Korean passport: English passport copy certificate (issued by the district office or city hall)
- Passport of another country: Certified True Copy or Notarial Certificate
Sample Korean passport copy | Sample passport of another country
2. Proof of address — Issued within 3 months of the date of issue + Certified True Copy (provided by the company)
- Residence in Korea: English certified copy (resident center)
- Living in another country: Utility Bill or Bank Statement (or equivalent official document)
Sample Korean address proof | Sample address proof from another country
3. Copy of ID — Driver's license or resident registration card + Certified True Copy (provided by the company)
4. Expert recommendation letter
Request to write an expert recommendation letter
Who can sign a recommendation letter?
Accountant, lawyer, judicial scrivener, tax accountant, labor consultant, administrative scrivener, etc.
View sample recommendation letter
5. Reference Letter from the Bank — Proof that you are a customer of the bank
6. English resume
7. English criminal record report — No criminal record required
8. Declaration of source of funds
9. Declaration of source of wealth
10. Company governance chart — Stating shareholding and country of incorporation
11. Business plan — General version acceptable
Process · 04
Procedure
- 1Submission of required documents — Passport, proof of address, and KYC package from shareholders/directors
- 2Service details and confirmation — Review of service scope and acceptance confirmation
- 3Payment of fees — Application fee and initial service charges
- 4KYC and due diligence — Compliance checks and verification
- 5Signing of incorporation documents — e-signature / notarization (if required)
- 6Company establishment — Registration after receiving documents
- 7License application preparation — Preparation of license application documents after incorporation
- 8License application and government response — Submission and review process
- 9License issuance — After government review
- 10Start of business — After familiarization with operational policies and regulations