On Mar. 20, IOM GVT reported new director notification requirements.
IOM GVT reported on new director notification requirements re Companies Act 2006.
New Director Appointments
Registrar of Companies must be notified to within one month of the first appointment of directors, or any subsequent changes to the register of directors as per provisions.
In addition, any previous appointments that have not yet been notified to the Registrar must be submitted by May 1, 2025, as set out by IOM GVT's changes.
Annual return filing process will be streamlined under the 2006 Act, as director information will no longer be updated via the annual return to increase online filing.
New annual return form will be introduced by IOM GVT from May 1, 2025.
At present, more than 40% of annual returns for companies operating under the Companies Act 1931 are filed online, and this update will similarly enable companies.
Specifically, those companies operating under the 2006 Act to take similar advantage of the availability of online processes, according to IOM GVT.
Implementation for Existing Companies
Act 2006 is well established, and to assist smooth transition to these new requirements, the Central Registry will mean introduction of a new form.
Instead, all 2006 Act companies that have not already elected to file their register of directors (IMRD) must send a copy of their register accordingly before May 1, 2025.
Registrar must be informed of any subsequent changes to the register within one month of the change using Form IM12 on the notice of change in register of directors.
Details required of new director appointments are set out by IOM GVT.
Incorporated Companies Post-Apr. 1, 2025
Companies incorporated as per 2006 Act after Apr. 1, 2025 will have to submit their register of directors within one month of the appointment of their first directors.
IOM GVT advises that any subsequent changes to the register must be reported to the Registrar within one month of the change using Form IM12, accordingly.
Form IM13, notice of ceasing to file a copy of register of directors will not be accepted after Apr. 1, 2025, and will be removed by IOM GVT from Registry's forms list.
Effectiveness
Companies Act 2006 is undergoing changes that will take effect from Apr. 1, 2025.
Previous appointments not yet notified to Registrar must be submitted by May 1, 2025.
