An annual return must be filed with the authorities as at 1 January of each year accompanied by an annual registration fee of o120 by the end of February in the year concerned. The return is open to inspection by members of the public and discloses the names and addresses of the registered shareholders. For public companies the names and addresses of the directors are also disclosed, in addition to details disclosed in the Register of Directors. The identities of the beneficial owners are not required to be disclosed publicly.

Every company except private companies must hold an annual general meeting of its members in each calendar year in the Island. Accounts only have to be laid before the annual general meeting and not forwarded to the shareholders in advance. Only public companies must file their annual accounts. Minutes of shareholders' and directors' meetings must be kept. These are not open to public inspection.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Jonathan G. Hooley on Tel (indirect line): + 44 (0) 1481 721000, Tel (direct line): +44 (0) 1481 719544, Fax: +44 (0) 1481 722373.