Global Business Centre
The Island’s independent spirit, enterprise and innovation have made it a successful centre for quality international business. Our diverse and thriving economy is currently enjoying its 27th consecutive year of growth.
The period since the mid-90s witnessed a particularly impressive economic performance with real growth averaging almost 10% p.a. between 1997 and 2002. Although there followed a minor slowdown, the economy was performing with a growth rate of around 8% p.a. prior to the onset of the global financial crisis.
The key sectors in generating this performance have been financial services (this sector has grown by around two-thirds in the last six years) and professional services (growth of 50%). Banking generates typically around one fifth of the Island’s gross domestic product, with the rest of the finance industry adding another 15 to 20%. In the last few years new economic activities have been developed, such as with aircraft registration and most significantly, e-gaming and other areas of e-commerce.
An important element of the Island’s fiscal strength is the long established and self-imposed legislative requirement that Government must budget for a surplus in respect of its annual revenue spending. Whilst meeting this requirement Government has continued to invest in developing and updating the Island’s infrastructure for economic as well as social benefit.
Businesses in the Isle of Man can also take advantage of a world-class telecommunications infrastructure and services which cater for the full range of modern corporate voice and data communications requirements. It has –
- Resilient high capacity fibre optic cables connecting the Island to the North of England and Northern Ireland
- State of the art business continuity/disaster recovery facilities widely available
- Part of the UK numbering range
- Direct dialling to 99% of numbers globally
- High internet and ADSL penetration
- Island wide mobile data (GPRS)
- Quality of service to world standards
- High quality web hosting/co-location
- 100% broadband availability
- Short lead times for telephone and broadband installation
- Higher speed connectivity for business available via extensive Island wide fibre and radio networks
The Island is a core asset for the City of London, serving to boost its competitive edge in a way unmatched by other international business centres, due to the Island's close relationship with the UK. Legitimate business can be done in the Isle of Man, founded upon its high standards of regulation, its extensive professional services offering, and nimble government.