Benefits of Doing Business on the Isle of Man

• Date
  20 January 2023
• Category
  Guides & Helpful Hints
• Author
  Signature Acquisitions

Starting the New Year no doubt everyone is looking at ways to make their business more cost-efficient (and to grow and diversify) and the Isle of Man is an ideal location to do business in 2023 for several reasons. This article will go over why you should do business on the Isle of Man!

Location

The Isle of Man is located between England and Ireland in the Irish Sea, only a 45-minute plane journey from most locations in the UK the Isle of Man has a long history of trade and connections globally as well as with the UK.

History

The Isle of Man has a long history involved in global trade dating back to the Viking period. This continual connection to global trade has only continued as the Island has continued to develop up to the modern day where it is now a global hub for the financial services industries and there are several reasons why the Isle of Man is so well suited for the financial services industries globally.

Infrastructure

The Isle of Man’s Government is very much enabling growth when it comes to the different sectors of the Isle of Man with many different business schemes.

These schemes range from start-ups and small businesses to incentives to get employers to relocate to the Isle of Man. They are always willing to have a conversation with you and help where they can. Bringing business to the Isle of Man is a major driver for them.

A taxation system was put in place which allows businesses more freedom than in the UK while still having the benefits of being connected to the United Kingdom economy and its trade alliances while being a separate country with its own Parliament which can act independently of the UK.

The Isle of Man had also put in a great deal of infrastructure for telecommunications, even though the Isle of Man is a mainly rural location a majority of the Island’s people have aced to 4G coverage. Keeping people connected is essential for any business.

Taxation

The Isle of Man as explained above sits in a very enviable position when it comes to its connections but also disconnects with the UK. The disconnect allows the Isle of Man to set its own rules and laws when it comes to trade and work on the Isle of Man.

The Isle of Man operates at a lower income tax of 10%, which is a real draw for people looking to relocate here for work. However, there is also as well a lower rate of corporate tax from 0% up to 20% depending on the type of business in operation on the Island. As such establishing your business on the Isle of Man has a major benefit for your company.

Work-Life Balance

The Isle of Man is beneficial when it comes to allowing yourself and your workers to have a better work-life balance. With the average person having a maximum of a 10-20 minute commute to work people can use their time a lot more efficiently. This is a winning factor after Covid people’s priorities have changed to want more time and a better quality of life. Both of which the Isle of Man prides itself in having. Happy employees and more efficient and effective in the workforce.

Ready to purchase a business in the Isle of Man?

Contact us at:

Email info@signatureacquisitions.com

Telephone - 01624 678148