The Isle of Man is open for business and

welcomes new businesses relocating to

the Island.     

 

There is an old adage that size isn’t everything

and that is certainly true of the Isle of Man.

 

While it may be just 33 miles long and 13 miles

wide the Island has plenty to offer. 

 

Whether you’re a start-up, or established business the Island offers an open and safe place to live and work; with a strong sense of pragmatic independence, steeped in history.

 

With 1 Manx resident to every 125,000 people worldwide it’s impressive that the Island has enjoyed 28 years of continuous economic growth, the Island and its business community is clearly doing something right.   Its diverse economy is home to a range of sectors including financial, IT services, engineering, e-business/gaming, aircraft registration, cleantech and biotech, local food production and space commerce.

 

The Island has invested extensively in its IT infrastructure, with proven services supported and regulated with legislation that complements the needs of the economy.  The Island’s communications and hosting hub has enabled the Island to rapidly become a world class Island supporting innovation, whilst enjoying true Public/Private Cooperation. 

 

The Department of Economic Development (DED) has a range of initiatives of inward and investment support to help those starting and growing their business. 

 

The Small Business Start-Up scheme is a perfect resource enabling budding entrepreneurs to receive funding, and advice of what a small business needs to operate on a daily basis, how to write a business plan and basic accountancy. The scheme, also highlights the differences between setting up a business in the IOM compared with the UK, along with information on employment law, National Insurance and tax.    

 

Going forward the DED continues to support business growth with grant assistance and guidance. 

 

Plans for Incubator work spaces on a large scale “brownfield/greenfield” site development are being drawn up to assist in the ‘soft landing’ approach to incoming businesses in the technical innovation area.  The work spaces will provide state of the art ‘modular’ accommodation that can grow with your business requirements, as well as creating a clustered environment with your peers.

 

House prices on the Island are on a par with London and the South East. There is no capital gains tax, inheritance tax or stamp duty, the latter of which is a huge benefit to those buying both commercial and residential property on the Island.

 

Furthermore success is rewarded, as once your business is established and you’re making a profit on the products and services you sell to customers, there is a very a simple tax regime. So simple in fact that the standard rate of corporate tax is zero per cent.  The standard rate of tax for individuals is ten per cent, a higher rate of 20 per cent. In 2014 the Government introduced a tax cap of £120,000 a year for high net worth individuals.

 

ICT is one of the fastest growing sectors of the global economy.  There is a global skills shortage in IT with over 100,000 IT vacancies in the UK, which is mirrored on the Island, where the largest recruitment agency currently has 67 registered IT vacancies  

The IOM has a strong proposition for ICT and is an attractive base for locating either some or all of the functions of an ICT SME , especially if the entrepreneur/owner is prepared to relocate. 

 

The Island offers excellent ICT Infrastructure