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Business in the Isle of Man
As a self-governing Crown Dependency, the Isle of Man is neither part of the UK nor a member of the EU. The Island is also the world’s oldest uninterrupted democracy; the roots of its parliament, Tynwald, go back to the year 979. Over recent decades, the Isle of Man has repositioned itself as a successful international finance and e-commerce centre. A review by the International Monetary Fund has shown that the Isle of Man is a well-regulated jurisdiction, another factor that helps the island attract a growing number of businesses. The Island has an AAA rating from both Standard & Poor's and Moody's.
The key sector that continues to drive this growth is the financial services sector and typically the banking sector which generates around a quarter of the Island's gross domestic product.
The Isle of Man has won best International Finance Centre award seven times out of the last eight years. In both 2007 and 2008 Isle of Man-based companies won ten awards out of a total of 14 categories in the International Investment Fund & Product Awards, and 9 local companies were "highly commended" in 2008.
The Isle of Man has been recognised as "the leading offshore centre" in the City of London's second Global Financial Centres Index (September 2007).
In 2008 the Isle of Man was judged as one of the top five European Cities and Regions of the Future by Foreign Direct Investment Magazine, and in 2005 was named European winner of The Banker's Financial Centres of the Future.
The Isle of Man is recognised as a secure base, built on political stability, low taxation and a firmly established fiscal and regulatory environment independent of the UK. The Isle of Man’s growing economy is fully supported by a modern infrastructure. It is also one of the few international finance centres where Government’s objectives for economic growth are matched by the physical space and labour resources needed to sustain them.
In addition to the introduction of new investment and taxation vehicles designed to maintain and develop the Island’s status as one of the premier offshore locations, the Isle of Man Government has implemented a dynamic zero-tax strategy. To encourage further inward investment, the Government has initiated a strategy and provided funding to establish the Isle of Man as a leading e-commerce platform.
The Island's main commercial airport, in Castletown, can be reached from London-City and London-Gatwick in about 1 hour. For more information, visit www.gov.im.
