Isle of Man
Starting a Business in Isle of Man
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Why Start A Business On The Isle of Man?
The Isle of Man is located in the middle of the North of the Irish sea, between Great Britain and Ireland. The Isle of Man also includes some nearby small islands; the Calf of Man, which is partially inhabited, and the uninhabited Chicken Rock and St. Patrick's Isle. The terrain across the island is hilly and the island typically enjoys British weather.
The Isle of Man is a self-governing British crown dependency but is not part of the UK.
The standard of living is very good; there is a low crime rate, almost no unemployment and a strong community spirit. Life on the island is comparable to life in North England and Wales. The island is made up of small seaside towns and villages and there is relaxed and quiet way of life.
The country has a long history of Manx people who speak the language of Manx Gaelic. English is the first language of the modern Manx people but the 'old' language is Manx Gaelic.
Economic Overview
The Isle of Man's economy has been steadily expanding since the 1970s. The country boasts a low tax economy with no capital gains tax, no wealth tax, no stamp duty, and no inheritance. The top rate of income tax is 18%. There are also very low unemployment and inflation rates.
The key sectors of the economy are offshore banking, manufacturing, and tourism. The government offers incentives to high-technology companies and financial institutions to move to the island. The Isle of Man has excellent telecommunications services and the island's infrastructure is one of the reasons why it has attracted so much foreign investment.
Trade is mostly with the UK and the Isle of Man has free access to EU markets. The country's main exports are tweeds, herring, beef, lamb, and processed shellfish; and the main imports are timber, fertilizers and fish.
Business Laws
Minimum Wage: Minimum wage for an adult (18 years or above) is £6.20 per hour From 1st October 2013 £6.40
Holiday: There is no legal requirement to grant a period of leave. However, four weeks paid holiday is usually given in most industries.
Working hours: There is no maximum legal working week.
Useful Contacts
The following contact will provide you with very useful information on how to set up a business in the Isle of Man:
The Department of Trade and Industry
Hamilton House
Peel Road
Douglas
IM1 5EP
Tel: 01624 682354
Fax: 01624 682355
Click here to Ask an Expert about Starting a Business in Isle of Man