The Isle of Man has long been known as a welcoming home to entrepreneurs and innovators. It has achieved this over the years by playing to its strengths, having strong communication with the private sector, supporting new ideas and new ways of thinking, changing legislation quickly, and because it has wanted to lead not follow. E-business, for example, has found a home in the Isle of Man, with many companies becoming significant employers on the island.
The Financial Assistance Scheme
For Isle of Man Companies wanting to expand, the Financial Assistance Scheme (FAS) aims to encourage diversification of the local economy by providing a range of grants and soft loan support to eligible businesses.
The Isle of Man FAS provides support to eligible businesses that meet the commercial and environmental criteria. The criteria is a mix of employment, benefit to the community, on island expenditure, investment etc.
The FAS encourages businesses on the island to adopt new technologies and practices. The opportunity is not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts.
The Isle of Man FAS is discretionary and offers a generous package of support to qualifying businesses. The general grants that are available include:
- Up to 40% of the cost of new buildings, building improvements and new plant and machinery, including hardware and software.
- Up to 40% of non-recurring costs associated with the establishment of a project (e.g. special first year expenses and excluding statutory changes).
- Up to 40% of the costs of specific new marketing ventures.
- Up to 40% of the costs of implementing quality standards, energy conservation etc.
- Up to 40% of training costs directly associated with purchased plant and equipment.
- Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project.
- For finance and professional services, ICT, creative and e-business, where 80% of turnover is off-island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area, excluding Douglas.
- Training grants are considered but must relate to a project with which financial assistance is being given.
The above incentives are apply to existing and new ventures and can be applied for on an annual basis.
The Isle of Man may provide assistance to an eligible business where, in its opinion, “the eligible business undertakes, or will undertake, an economic activity in the island; the assistance is likely to encourage sustainable economic growth in the island; and the form and amount of the assistance is reasonable having regard to all the circumstances”.
If you would like additional information regarding how Dixcart Management (IOM) Limited can help you with an application to the Isle of Man FAS, please contact Simon Kelly: email@example.com or your usual Dixcart contact.
Dixcart Management (IOM) Limited is licensed by the Isle of Man Financial Services Authority.