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Top 5 Reasons to Start a Business in the Isle of Man
From excellent networking opportunities to superior infrastructure to support your business, we take a look at the top 5 reasons to choose the Isle of Man as the base for your new business.
From excellent networking opportunities to a superior infrastructure to support your business, Locate looks at the top five reasons to choose the Isle of Man as the perfect jurisdiction to start, grow and relocate your start-up business.
The Isle of Man is home to a world-class telecommunications infrastructure which includes an extensive broadband network and a number of wi-fi hotspots. Everybody - residents and businesses alike - benefit from great internet connectivity. In fact 99% of the Isle of Man’s population has access to 4G coverage – a must for any business owner who needs to stay connected.
Despite its location in the middle of the Irish Sea, the Isle of Man is remarkably well connected. The Isle of Man has air links with many major airports situated in the UK, Channel Islands, Ireland and further afield along with sea links to the UK and Ireland. Most airlines operate daily flights to the Island, some taking as little as 40 minutes. Whilst via sea, both fast craft and conventional ferry services are offered.
The Isle of Man is a well-regarded business centre and home to many of the world’s foremost organisations, leading the way in many new and diverse sectors. An internationally recognised digital centre of excellence and home to an award-winning financial and professional services sector, the Island is renowned for its innovation, and diversified economy, which encompasses both traditional sectors and emerging industries; all set against a backdrop of rolling hills and jaw-dropping vistas.
As a financially stable and politically progressive jurisdiction, it appeals to both individuals and businesses thanks to its financially rewarding system and simple taxation environment (the Island has some of the lowest tax rates in Europe). With annual salaries on average 14% higher than the UK, the Island really does afford individuals and companies the opportunity to retain more of their hard-earned money.
“I can build the company much, much faster in the Isle of Man due to the Government support and a more favourable economic climate, especially in the tech industry. Because of this, I can hire more software developers looking to relocate to the Island from all over the world who are absolutely thrilled at the idea of making the Isle of Man their home because it’s so idyllic.”
Nick Bolton, CEO Symless
The Isle of Man offers a supportive ecosystem for people looking to start, grow or relocate their business. From training and mentoring, to grant, loan and equity investment, there are a number of opportunities for entrepreneurs looking to start and develop a business in the Isle of Man.
The Department for Enterprise offer a wide range of support schemes allowing for greater accessibility and funding for modern and cutting-edge technologies and business scenarios.
If you are looking to take your first steps into self-employment, the Micro Business Grant Scheme has been designed to give start-ups and early stage small businesses the necessary financial support, training and business acumen to get their business off the ground. Business owners can benefit from funding of up to £15,000, 16 hours of flexible training and 18 months of one-to-one business mentoring.
My business benefited from a grant of £5,000 towards the purchase of a fixed asset within the company. Financial support aside, the scheme provided excellent all-around business advice from how to set up your business, to how best to promote your business capitalising, for example, on social media.
Darren Whyman, Manx Whippy
For businesses looking for support with recruitment off Island, the Employee Relocation Incentive (ERI) provides a grant of up to £10,000 towards the cost of relocating an employee to the Isle of Man. The scheme, which has been designed to encourage job growth and the import of skills from outside of the Isle of Man in certain sectors, is perfect for businesses looking for skilled workers and continued growth and success in the Isle of Man.
Similarly, the Graduate Role Incentive (GRI) provides financial assistance to businesses looking to create new graduate roles, with support including funding of up to £6,000 of the graduate’s first-year salary and an employer National Insurance rebate for each graduate hired through supported roles. The scheme, which was implemented to encourage the expansion of the Island’s graduate workforce, not only stimulates local job creation, but encourages new or returning graduates to move to the Island, while supporting local businesses in growing their workforce.
Download Our Employers Guide to: Inward Migration HERE
Some Island residents would argue that the work-life balance they benefit from on the Isle of Man is almost unparalleled, with 86% of them rating their quality of life as ‘excellent’. The Island has a wide variety of landscapes from open moorland, rolling mountains, wooded glens and beautiful beaches to discover. Because of its small size, residents benefit from short commutes and can enjoy these great natural resources on a daily basis as a result.
Our close-knit communities are some of the safest in the British Isles; our schools and healthcare are first-rate, and our rewarding economy allows you to enjoy more of your hard-earned money.
Back in Kenya I would be commuting to work for up to an hour each way. Here in the Isle of Man I can be at work within 10 minutes! This has made a huge difference to my day; it means I have more time to do the things I love.
My work-life balance has drastically improved - my working days are far more structured, and I work far less overtime compared to my previous role where I would be getting calls at midnight!
Daniel Magale, Kenya
The Isle of Man Government is highly supportive of new business ventures on the Island. Some business sectors benefit from 0% corporation tax, dramatically lowering company overheads.
The Island's size means that new local businesses are never far from their target market and that gives an unparalleled opportunity to build contacts and network at relatively low costs – a must for any start-up. If you have a quality product or service, the Isle of Man is the place to develop and scale it into a viable business.
