Review of company legislation will keep Island competitive and cut red tape

A review of company legislation will help keep the Isle Of Man competitive and cut unnecessary red tape, according to ministers.

The updating and consolidation of the 1931 companies act by the Treasury has been backed by The Department Of Economic Affairs, along with the introduction of new companies registration systems.

Aspects of the current legislation were outdated or unworkable according to Minister for Economic Development, Alan Bell, while Juan Watterson said that areas of concern had been identified and the Departments will be seeking to work with both business representatives and regulators.