Over the past three decades the Isle of Man has attracted a wide variety of international businesses and individuals, many of whom are still resident in the Isle of Man and have made it their head office and/or home.
Moody’s Investor Services Limited has recently (September 2016) released a statement stating that the Isle of Man is ‘more diverse and less volatile’ when compared to other offshore financial centres. The latest report by the agency's analyst, Stefan Triendl, points to a complete lack of direct national debt; an economic picture matched only by the Chinese territory of Macau.
The report also refers to figures released in September 2016, which show that island’s GDP grew by 5% last year – the thirty-second year of growth.
Reasons that the Isle of Man is a Popular Location
Some of the original reasons for companies moving to the island were the low tax rates, and its tax neutral status in relation to Capital Gains Tax and Inheritance Tax.
However if you speak to those companies today they will give many additional reasons why a move to the Isle of Man is an attractive proposition:
- Clusters of excellence on the Island (IT data hosting, Biomed, e-gaming, cleantech, and wealth management)
- Innovation in IT sectors and a world class IT infrastructure
- Secure infrastructure (power and travel)
- Engaged Government which consistently innovates and offers a “can do” attitude
- The ability to build alliances (business and private) quickly, assisted through a community spirit which has been lost in many cities
- Educated, skilled and motivated employees
- The work/life balance is fairer and not heavily compromised
- The safety and security of the island (very low crime levels)
- The ease of raising funds for private and public ventures
- Travel and IT has improved to the point you can be based anywhere in the world
- Low cost of living compared to other tax neutral jurisdictions
The island offers advantages that are not just tax driven, it is also an attractive place to live and work.
The Isle of Man Government has an optimistic approach that is spearheaded by the Island Department of Economic Development (DED) and it follows a strategy of open communication with business and the electorate.
New business on the island can easily interact with the Government to discuss development plans and any problems or concerns that might have arisen. The Government also takes a very positive approach towards international business in general and responds swiftly and appropriately to initiatives and change.
- Government Support for Inward Investment
In 2016 the Isle of Man Government launched a £50m Enterprise Development Scheme (EDS), which offers investment to businesses based on or relocating to the Isle of Man. The fund has been created to support direct job creation on the island, the fund can invest as equity, venture debt or microloan. The scheme provides support to small and medium sized businesses, and is also designed to assist with the expansion of established and ‘new to island’ businesses, particularly those providing their goods and services to off-island customers.
When new companies visit the island to consider relocating, DED will often appoint an officer directly to hand-hold and ensure any move is managed as efficiently as possible.
The Isle of Man has one of the lowest crime rates in the EU, and in 2015 it achieved the highest crime detection rate in the British Isles at 44% of all crime. This is further enhanced by the strong community spirit that the island offers and a sense of belonging.
The Isle of Man has a high quality of education. Recently the Government invested in a programme to modernise all of the schools and the island achieves one of the top sets of comprehensive school results in the UK, with private schools also positioned well in the UK rankings.
The Isle of Man is consistently rated as offering a standard of living equal to that of the regions with the highest standards of living in the UK. House prices however, are only about 10% of the value of the London area and there are no restrictions on buying property for those not born or raised on the Island.
The natural resources of the island enable residents to pursue a variety of recreational and sporting activities. The growth of the sporting community on the island has been supported by the Isle of Man Sports Council and the Manx National Lottery Fund.
The island has excellent transport links. The large international carriers, including British Airways, EasyJet, Flybe and Loganair, offer routes from the Isle of Man to Dublin, Edinburgh, Liverpool, London and Manchester. In addition, the island has the runway capacity to handle large private aircraft, including the Global Challenger 7000.
How Can Dixcart Help?
The Isle of Man offers a range of benefits to organisations and individuals and is an attractive location for international companies.
- The Dixcart office in the Isle of Man provides practical advice regarding the advantages available in the Isle of Man and how to access these. We can help ensure a smooth and efficient move to the island.
- The Dixcart Business Centre in the Isle of Man helps organisations establish themselves in a cost effective manner, with serviced offices and a comprehensive range of professional support services available.
Dixcart has a strong network of contacts within the wider professional and commercial sectors on the island and can introduce businesses to the relevant individuals.
If you would like further information regarding the advantages offered by the Isle of Man please speak to Simon Kelly at the Dixcart office in the Isle of Man: email@example.com or to your usual Dixcart contact.
Dixcart Management (IOM) Limited is Licensed by the Isle of Man Financial Services Authority.