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| IoM Targets Unregistered Businesses |
by Jason Gorringe, Tax-News.com, London
Friday, December 09, 2011
The Isle of Man's Department for Economic Development has urged business owners
that have yet to register their company to do so on the Department's Companies
Registry, as required under law in the Isle of Man.
Legislation in the Isle of Man requires that any individual, firm or company
which conducts business or trading activity under a name other than its own
be registered.
Registering a business also has benefits in that the name chosen receives increased protection
and provides official notice to others that it is already taken. The Registry
will not register any other entity that it deems confusingly similar to an existing
business name and it gives a protection should someone infringe upon it. The
Registrar also has the authority to take legal action against any business using
the same name.
The Registry has recently compiled a list of around 400 businesses that do
not appear to be registered and will shortly be circulating letters to those
businesses, enclosing copies of practice notes and registration forms. The practice
notes outline the benefits and how a business will be protected once registered.
Commenting on the government's initiative, Alan Crowe, Political Member for
Isle of Man Department of Economic Development’s Companies Registry, said: "There are numerous benefits to registering a business name and it is
in everyone’s best interest to register for their own protection. It deters
others from using the same name and logo, which is often a company’s most
valuable asset and the owner has exclusive use of that name in the Isle of Man."
John Wilkinson, Companies Registrar, added: "I would strongly recommend anyone who has not yet registered to contact
our team in the Companies Registry either by email or in person at our offices
in St George’s Court, Douglas. Once processed, a Certificate of Registration
will be issued to display at your premises showing the business name, place
of business and date of registration."
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