Enterprise Development Scheme
The Enterprise Development Scheme (EDS) is suitable for a range of organisations including:
- New start-up businesses
- Isle of Man businesses looking to expand
- Businesses relocating to the Isle of Man
The main purpose of the scheme is to grow the Isle of Man economy and create jobs on the Isle of Man by providing funding for businesses entering or in their commercial phases.
The scheme is primarily open to undertakings engaged principally (i.e. more than 50%) in export-focussed activity or are the only local company serving the local market in the following sectors:
- Biomed / Life Science
- Clean Technology
- Digital and Creative
- E-Business (including e-Gaming, FinTech and ICT)
- Financial & Professional Services
- Manufacturing (including Food & Drink)
- Ship and Aircraft Management
- The scheme provides a range of investment options including:
- convertible instruments
- Investments will have a minimum value of £100,000 and a maximum value of £1 million
- Total Government investment will be up to 40% of the required funds for each investment round
- Support is typically available over a 5 year period
- Funding obtained from the Department or any other Government Department in the 12 month period before or after application in relation to the project will be taken into account in determining the total support available
- The scheme is internally managed, with external investment advice sought when required
How to apply
All applications require an initial online enquiry form submission, if this meets the scheme criteria, the Department require a completed application form and an Isle of Man relevant business plan.
Some or all of the persons employed by the business are or will be Isle of Man staff.
The principal activities in respect of which financial assistance is sought will take place in the Isle of Man.
Examples of sectors and types of business not supported are:
- Businesses without substance
- Local (non-unique) service providers
- Pubs, clubs and restaurants
- Real estate / property development
- Tourism accommodation providers
The Department will not consider support which would lead to it being the majority investor or shareholder in the business.