Move
Tax
The Isle of Man Government offers 0% corporate tax on trading profits and a rate of 10% for defined regulated businesses like banking and insurance companies. As of April 2006 the rate of corporate taxation for companies trading from the Isle of Man is:
Standard rate for all resident and non-resident companies 0%
Banking Business income 10%
Land and Property income from Manx sources 10%
Research and development expenses are tax deductible.
VAT
Although not a member of the EU or part of the UK, the Isle of Man operates the EU VAT system in collaboration with the UK and enjoys a ‘special relationship’ with the EU which gives access to EU markets for goods and simplifies VAT administration.
Financial Assistance
Businesses can be considered for grant assistance from the Department of Trade & Industry. The Financial Assistance Scheme can offer a generous package of support for qualifying businesses
- • Up to 40% plant and machinery grants, including hardware and software
- • Up to 40% building grants for new buildings, extensions or modifications to existing buildings
- • Up to 40% first year expenses incurred in relocating a business or key individuals, consultancy,
marketing, quality, and environmental standards - • Up to 40% training grants
The incentives apply to existing and new ventures and can be applied for on an annual basis.
The DTI’s scheme can accommodate capital assets obtained on lease/hire purchase finance.
The scheme is discretionary and grants are awarded only to companies satisfying certain environmental and commercial criteria.
Other Benefits
- • Very competitive base for high value manufacturing and services
- • Highly skilled labour force
- • Advanced telecom and IT infrastructure
- • Mature and efficient Logistics links with UK, Europe, USA and Asia
- • Enviable public and private sector collaboration and an agile government.
Visit : www.iombic.com
