Top 5 Reasons to Start a Business in the Isle of ManFrom excellent networking opportunities to superior infrastructure to support your business, Locate.im takes a look at the top 5 reasons to choose the Isle of Man as the base for your new business.
#1 You can stay connected
While the Isle of Man may be sat in the middle of the Irish Sea, it does not suffer from being out of the loop! We have extensive broadband throughout the Island and a number of wi-fi hotspots. Everybody - residents and businesses alike - benefit from great internet connectivity. The 2016 Q2 Akamai State of the Internet Report states that 97% of the Isle of Man's population has access to up to 4Mbps internet – 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 Island is served by airlines including Easyjet, CityWing, Flybe and British Airways providing regular flights to the UK and farther aflield. The Isle of Man Steam Packet Company sails to the UK twice a day and runs seasonal ferries to Ireland.
#2 There's a wealth of opportunity
The Island has a wealth of opportunity across a variety of sectors and is recognised internationally as a hub for financial and professional services, E-Gaming and E-Business development. There are over 200 manufacturing companies on the Island ranging from food and drink producers to blacksmiths to precision engineering and aerospace firms.
As a leading international business centre renowned for its innovation, the Isle of Man is home to a diversified economy encompassing both traditional sectors and emerging industries; all set against a backdrop of rolling hills and jaw-dropping vistas.
The Isle of Man is a self-governing and stable jurisdiction. We are entirely self-funded with 0 National Debt and nearly a 50-year history of budget surplus.
The Island also benefits from some of the lowest tax rates in Europe, allowing individuals and companies to keep 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 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.”
#3 You can get the support you need
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 creating and developing a business in the Isle of Man.
The Department for Enterprise have made recent improvements to their many support schemes allowing for greater accessibility and funding for modern and cutting edge technologies and scenarios.
If you are looking to take your first steps into self-employment, you will want to check out the Micro Business Grant Scheme which has been designed to give start-ups the necessary financial support, training and business acumen to get their business off the ground.
“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.”
#4 You can have a great work-life balance
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 are able to 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.
“My days start with a bike ride in the hills or a walk along the promenade in Douglas, before the short commute to work. There’s plenty of time to catch up on industry news and emails before meetings with my team to discuss the tasks for the day. I can be home by 5:30pm so there’s plenty of time to explore the countryside, mountain biking or hiking before dinner and drinks with friends.
The work life balance here is great – people work hard, but they appreciate that there’s more to life than just work.”
#5 There's a nurturing environment for new business
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.
If you are ready to start your business in the Isle of Man, contact a member of our team today.