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Financing a Business on the Isle of Man

There are a number of government and tax financial incentives for small to medium UK businesses looking to invest in the Isle of Man.

Tax Incentives

The Isle of Man has attractive tax incentives for foreign investors including:

• Coroporate income tax between 0 and 10%
• Personal income tax between 0 and 20%
• No capital gains tax, wealth tax, stamp duty, or inheritance tax.
• Low import and export duties.

Government Finance Incentives

Financial Assistance Scheme

The government offers various packages to qualifiying businesses who fulful certain environmental and commercial criteria. The incentives include:

• Up for 40% for new equipment
• Up to 40% in building grants, for either new build or rent.
• Up to 50% towards training of staff
• Up to 40% revenue grants to assist with research and development, marketing, relocation, consultancy and environmental standards.

Further information can be found at

www.gov.im/dti/grants/financeassist.xml

Business Support Scheme

The Business Support Scheme offers a grant of up to £4500 towards business projects. The scheme also offers consultancy, business solutions and business development support (inlcluding mentorship)

Further information can be found at

http://www.gov.im/dti/grants/bss/?menuid=7836

Private Finance

A good starting point for investigating private finance options on the island is the Isle of Man Finance website www.gov.im

The website offers free advice for businesses and details on the taxation and finance regulations. It is advisable to consult an accountant before making any formal approaches to a bank and to make sure that you have an extensive business plan in place.

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