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 time required (corporate establishment): 3–4 months from the submission of the license application form.

Highlights:

The license is valid in all markets where gaming is not regulated or is very lightly regulated.
Reputation is high.
Very stable regulatory framework and friendly regulatory authorities
Local bank account opening possible
1% corporate and dividend tax
Very low gaming duties (gaming revenue tax): 0.1%–1.5% of revenue
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

State fees:

Application fee: £5,250 (one-time application fee)
Annual license fee: £36,000 (paid annually after license approval)
Professional Service Fee (Our Fee): from £26,000 (*Fees vary depending on the complexity of the project)

Services included:

Management of the Isle of Man company until the license is issued (approximately 16–20 weeks)
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
Opening a bank account
VAT registration support and legal advice for service companies

Requirements · 03

Required Documents

1. A copy of the shareholder/director's passport 2. Original verification of the shareholder/director's passport

Korean passport: English passport copy certificate (issued by the district office or city hall)
Passport of another country: Certified True Copy or Notarial Certificate

Samples: Korean passport sample · Other country passport sample

3. Proof of address of shareholder/director (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)

Samples: Korean residence sample · Other country sample

4. Copy of ID (driver's license or resident registration card) + Certified True Copy (provided by the company)

5. Expert recommendation letter – Request to write an expert recommendation letter

Those who can sign a letter of recommendation: Accountant, lawyer, judicial scrivener, tax accountant, labor consultant, administrative scrivener, etc.

View sample

6. Reference Letter from the Bank (proof that you are a customer of the bank)

7. English resume

8. English criminal record report (*No criminal record)

9. Declaration of source of funds

10. Declaration of source of wealth

11. Company governance chart (stating shareholding and country of incorporation)

12. Business plan (general version acceptable)

Process · 04

Procedure

11. Submission of required documents by shareholders/directors
22. Service details and confirmation of acceptance:
33. Payment of fees
44. KYC and due diligence
55. Signing of incorporation documents
66. Establishment after receiving documents
77. Preparation of license application documents after incorporation
88. License application and government response
99. License issuance after government review
1010. Start of business after familiarization with operational policies and regulations