The Isle of Man/ Economic and Commercial Opportunities

The Island's Government has positively 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, particularly for the manufacturing industry and tourism. In addition, 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 overcrowded and expensive, the Isle of Man is in the fortunate position of being able to provide affordable high-quality commercial and residential accommodation in a spacious and scenic environment. It has the capacity for sustaining growth for many years while continuing to retain these virtues.

Telecommunications, operated through Manx Telecom, are of the highest standard, using the most modern digital technology.

There are many economic and commercial opportunities available in the Isle of Man. The existing prime industries are: Finance Tourism and Leisure Agriculture, Fisheries and Forestry Film ECommerce

The Department of Trade and Industry operates a highly successful Financial Assistance Scheme aimed at encouraging diversification of the economy. This Scheme provides a range of grant, loan and tax holiday support to eligible businesses that can meet the commercial environmental criteria laid down.

The DTI 's financial assistance scheme can offer a generous package of 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, a100% capital allowance combined with maximum capital grant support can give an effective rate of support of 60% of the costs of capital assets;

DTI Web Site