Register as Moneylender In Isle Of Man By Online
- To become a registered money lender in the Isle of Man, you have to apply at the Office of Fair Trading. The form can be downloaded of the form on the Isle of Man Government Website (a link is available under the “Documents to Use’).
- Be sure to have all the documents required. Make sure you’ve filled in all of the information required and make sure that the application forms are properly filled out. If you have any questions about the process of applying, OFT staff are a accessible to consult either on a formal or informal basis. Please note that the OFT cannot provide legal advice. In instances of doubt or difficulty determining whether you’re required to be registered as an authorised money lender, applicants are advised to seek out legal counsel.
- Complete the application form and additional documents submitted to the Office together with a cash payment made payable to “Isle of Man government” in the amount for application fees.
- Your application will be carefully scrutinized to ensure that you and your principals are qualified and competent to manage a business loaning money.
- After your application has been approved, an official certification of your registration is given to you. The certificate must be displayed in a prominent location in your primary place of business.
Required Documents For Register as Moneylender
- Application is complete
- A business plan for business
- A reference number for a bank
- A duly signed Declaration
- A representative or accountant’s reference with respect to the prospective moneylender
- Personal Questionnaires & Bankers’ Questionnaires.Completed Personal Questionnaires and Bankers’ Questionnaires for the controllers, directors, MLRO, resident manager & other key personnel
Office Locations and Contacts
Isle of Man Office of Fair TradingThie Slieau Whallian
Foxdale Road,
St John’s Isle of Man,
British Isles
IM4 3AS
Tel: (01624) 686520
Fax: (01624) 686504
E-mail: iomfairtrading@gov.im
Website: www.gov.im/oft
Eligibility
The applicant must be:
- an appropriate and qualified person to run the business of loaning money
- for someone who is not resident of the island, or is a firm or company, that they have an employee who is resident and an appropriate and fit person
- for a company it is essential that the partners of the company are competent and fit.
- for a business it is necessary to ensure that the controller directors and the executives of the company are competent and appropriate individuals;
- The applicant must have an office that is permanent on the island.
Fees
The application fee (non-refundable) Payable in the amount of PS500 to ‘IsleofMan Government’
Validity
Certificates of authorization as a moneylender can be issued over a time of 3 years.
Documents to Utilize
Formulary for submitting an application form to either a partnership or an individual
Instructions
- The Isle of Man Office of Fair Trading (OFT) maintains the register of people who are carrying loans to customers. Applications to register as a moneylenders is processed through the OFT office.
- In order to make the process of applying simpler for both the applicant and OFT. The Office has staff that can be consult either on a formal or informal basis during the process of preparing the application to register. They will attempt to provide adequate guidance when requested. However, the process of preparing the registration application is the responsibility of the applicant. The decision to issue or to not issue an application for registration falls under the control that of OFT.
Requirements Information
- The applicant’s full name and address or in the case an organization its name, its address, its registered office, as well as all the names, addresses and full details of its controllers and directors;
- The principal place of business on the island;
- Full name, address and phone number of the resident manager (if there is one);
- Any name that he uses any kind of business (including any other business than the lending of money) on the Island;
Documentation is needed
The act of operating as a moneylender in the absence of having been licensed by the Office of Fair Trading is an offense. Anyone found guilty of the crime will be penalized and could be required to pay an amount of not more than PS5,000.