Thanks to its political stability and forward-thinking, dynamic Government, the Isle of Man is a fantastic place to do business, and one of the most competitive offshore jurisdictions there is. Where else can you stop and chat to the Chief Minister in the sandwich shop queue or get your local politician’s mobile number from the phone book and call them to discuss an issue that’s affecting you?
Personal income tax is capped at a maximum of 20% per annum on earnings over £120,000, with certain reliefs available. Corporation tax is set at zero, with the exception of banks who pay a rate of 10%. A world-class telecoms and IT infrastructure including state of the art data centre and Disaster Recovery facilities mean it poses a very attractive proposition to business leaders.
The Island is one of the world’s leading lights in the finance, e-business, space commerce, manufacturing and film sectors, and its shipping and aircraft registries are attracting global registrations thanks to the favourable regime and ease with which owners can licence their craft. Tourism is also a major income stream.
The Department of Economic Development has a team of dedicated business advisors ready to help both SMEs and global corporations re-locate to the Island, and runs a number of initiatives to help companies grow and develop including the small-business start-up scheme. Its Minister and his team work closely with the Chief Minister to continually develop regimes and initiatives to keep the Island at the forefront of international business and ahead of the competition of other jurisdictions.
The heart of the financial sector is in the capital, Douglas, and all major Governments and Industry bodies are within walking distance of each other. The Island operates a work permit system to protect jobs for Manx residents, although this is favourable and the Government recognises the need for those with specialist skills to complement its existing workforce.