Why Your Business Should Consider the Business Migrant Route When Starting a Business in the Isle of ManWhy entrepreneurs from outside of the UK and Ireland should consider the Isle of Man Business Migrant Route when relocating their business to the Isle of Man.
The prospect of setting up or relocating a business to a new jurisdiction can seem daunting. The Isle of Man however is very much geared up to support and help businesses from outside of the UK and Ireland in their relocation. Sat at the heart of the Island’s diverse economy is its internationally renowned business centre and strong financial ecosystem of professional services, which are underpinned by a world-class tech infrastructure and supportive Government. These however are just a handful of reasons why the Isle of Man has become a leading jurisdiction of choice for businesses – read on to find out why and how so many enterprises have chosen to make the Isle of Man their home.
Business Migrant Route
The Isle of Man offers both a progressive and straightforward work permit and immigration system for individuals and businesses considering a relocation to the Isle of Man.
The Business Migrant Route is an effective immigration route available to individuals from outside the Common Travel Area, that are looking to set up a business in the Isle of Man. This progressive immigration route is available to any type of business, operating in any type of sector or industry. In comparison to other jurisdictions, in particular the UK, the criteria to achieve indefinite leave to remain in the Island, is far more favourable.
The Business Migrant - Start-up
This route is for migrants looking to set up an innovative, viable and scalable business on the Island. There is no minimum investment requirement, however applicants will need to demonstrate the business is sustainable. This route offers leave for two years and four months but does not lead to Indefinite Leave to Remain (ILR), which can only be achieved by progressing to the ‘Innovator’ route.
The Business Migrant - Innovator
This route is for migrants with business experience looking to set-up, join or take over one or more businesses in the Isle of Man. Unless progressing from the Start-Up route, migrants must have a minimum of £50,000 to invest in the business. As with the ‘Start-Up’ route, applicants will need to have an innovative, viable and scalable business idea. This category may lead to ILR.
All applications must be endorsed by the Isle of Man Government’s Department for Enterprise before the immigration process begins, however unlike some jurisdictions, no endorsement fees are required.
What Else Makes The Isle of Man A Great Place To Relocate A Business?
Politically And Financially Stable Jurisdiction
The Isle of Man is financially stable and politically progressive, offering a low taxation environment which is open, transparent, and compliant with international standards.
The Isle of Man is appealing to both individuals and businesses thanks to a financially rewarding system offering no capital gains, no inheritance tax, no corporate tax and low rates of personal income tax.
The Island’s mature and globally connected financial sector ensures that there is a comprehensive range of services on offer for those considering relocating their existing business or establishing a new operation in the Isle of Man. Commercial activity within the Island spans a wide range of sectors, including: aviation, tech, eGaming, fintech and emerging technologies, manufacturing, CleanTech, BioMed, the visitor economy and more recently medicinal cannabis.
As a ‘first mover’ in a number of areas of business and with a history of entrepreneurialism, with 92% of businesses recommending the Isle of Man as a good place to do business, the Island has a natural taste for innovation and collaboration. By investing and doing business in the Isle of Man, you are joining a community of like-minded individuals who think differently and have a strong desire to accomplish their business goals.
Along with the Business Migrant Route, the Isle of Man Government, along with many private sector entities, offer 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. The Department’s Financial Assistance Scheme provides a range of grants and soft loan support for new start-ups and businesses relocating to the Isle of Man. The discretionary scheme, offers a generous package of support, which can include up to 40% funding towards capital and operating items, and an Employee Relocation Incentive of up to £10,000 to support businesses in relocating employees to the Island to help them grow.
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.
Another Government initiative which can be extremely beneficial to new arrivals to the Island, in particular entrepreneurs setting up a new business or a key employee being hired to develop or expand a new or existing company is the Key Employee Incentive. The incentive provides that an individual will only be liable to Manx income tax on Manx source income. In essence, only the individual’s Manx source employment income, including benefits in kind and rent arising from property in the Island is subject to Manx income tax. This means that an individual’s non-Isle of Man source income (and certain Isle of Man source income such as dividends and interest) is not subject to Manx income tax.
For other reasons why you should consider setting up or relocating a business to the Isle of Man, read Locate Isle of Man’s Top 5 Reasons to Start a Business in the Isle of Man article.