The Isle of Man/ Economic and Commercial Opportunities
The Island's Government has encouraged economic growth in recent years by creating a sympathetic tax regime and suitable legislative framework for expansion and by offering financial incentives where necessary.
The establishment of a Freeport on the Island has assisted the manufacturing sector to become one of the major income earners.
Whilst other offshore centres have become over-crowded and expensive, the Isle of Man is able to provide affordable high-quality accommodation in a spacious and scenic environment. It has the capacity for sustaining growth for many years whilst retaining these virtues.
The Department of Economic Development operates a successful Financial Assistance Scheme.
This scheme can offer support to qualifying businesses:
- 40% equipment grants, to include all hardware, software and maintenance contracts;
- 40% building grants either for new build or for rents payable;
- 40% revenue grants encompassing expenditure from research and development, relocation, consultancy, marketing, quality and environmental standards;
- 50% training grants;
- a tax holiday for up to five years may be applied for as an alternative to the above incentives;
- all capital grants are ignored for the purposes of calculating capital allowances, a 100% capital allowance combined with maximum capital grant support can give a rate of support of 60% of the costs of capital assets;
Department of Economic Development Web Site