Isle of Man
Entering the Market in Isle of Man
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Isle of Man Entering the market
Each year 50,000 people descend on the Isle of Man for its famous TT motorcycle race, where reams of motorbike enthusiasts line the islands unrestricted roads, as their heroes scream past at terrifying, break neck speeds. Aside from motorsport, the Isle of Man is the home to the worlds oldest continuous parliament and the islands population enjoy an environment of rugged coastline and beautiful scenery. With a diverse economy and a rich history, the island is a unique destination, famed for its low taxes and autonomous nature, perfect for anyone expanding a business.
Why expand to the Isle of Man?
The main attraction for who is interested in setting up, licensing or incorporating a business in the Isle of Man is its low taxation. With corporate tax between 0% and 10% and personal income tax capped at 18%, the Island offers far lower rates than the UK. The islands government advertises that over ninety percent of supported business start-up schemes are successful, which is an indication of the level of backing potential investors can expect. The small size of the island also means that there is a close relationship between the private and public sectors, where politicians and economic decision makers are easy to reach. The financial industry has a large presence on the island and the Isle of Man is the most popular location for non-UK companies wishing to incorporate when listing on the London stock Exchange's Alternative Investment Market (AIM). Some 75% of the Indian companies listed on AIM are incorporated in the Isle of Man. The Isle of Man also has a good communications infrastructure and a skilled workforce and is located within easy reach of the UK and Europe.
Main Industries/Business opportunities
- Financial Services - Accounting for around 35% of the Isle of Mans income and employing over 20% of its workforce, financial services is the islands biggest industry sector. With fund management and administration, insurance, fiduciary services and banking all found on the island, there is a diverse financial services presence.
- E-Gaming and E-Business - With a world class communications infrastructure, low taxation and government financial incentives, the e-gaming industry now employs 400 people on the Isle of Man. Online gambling is well regulated on the island and the government actively promotes the sector. The island also offers IP (intellectual property) legislation and support for e-business companies.
- Manufacturing - With growth of almost 50% over the last five years, manufacturing now contributes around 6% to the islands GDP. Schemes such as the IOMAC (Isle of Man Aerospace Cluster), which provides favourable conditions for investors in the aerospace industry, has seen employment in the sector reach around two thousand. Other examples of manufacturing on the island includes electronics, ship building and laser optics.
- Film - Having been involved in the production of over 80 films, the Isle of Man is one of the busiest areas of film production in the UK.A low cost place to make films; the island also has a variety of architectural and natural locations, which are used by the industry.
- Tourism - Tourism contributes over £100million annually to the Isle of Mans economy and employs over 2500 people. The islands TT motorcycle race is one of the famous events held on the island.
- Ship Management - With its low taxation and reputation for expertise in the registration of super yachts, the island is a hub for ship and yacht management. The industry covers marine law, finance and insurance.
- Aircraft Registration - The island established the Isle of Man Aircraft Registry. As well as providing a registration service for aircraft, the island also offers finance and insurance for the aviation industry. The islands reputation for low and simple taxes offers an advantage over some of its competitors.
- Space and satellite communications - The Isle of Man is currently filing for orbital positions and associated radio frequencies, with a view to providing the worlds first zero percent tax centre for the space and satellite communications industry. The government is offering support and incentives to interested investors.
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Organisations that can assist with Entering the Market
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> Blue Marble Global Payroll
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> Business Consultancy Services.
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
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> Company formation services.
Need to register a company or setting up a company?