Background to the Isle of Man
Year on year economic progress has led to a successful and rapidly growing business community. Employers enjoy fiscal advantages. Employees and other residents enjoy consistently improving standards of living. This brings together the ingredients for sustainable growth, a stable and educated workforce, a second-to-none technology infrastructure, critical nuclei of high tech companies and a pro business environment.
The Isle of Man, situated in the centre of the British Isles, is an internally self-governing dependent territory of the Crown which is not part of the United Kingdom. Tynwald, the Island's 1,000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. External issues, such as foreign representation and defence, are administered on the Island's behalf by the U.K. Government and the Island makes an annual payment for these services. As a British Crown dependency, the ultimate responsibility for the Island's good government is vested in the Crown but by long standing convention, the U.K. Government does not legislate for the Island except with the specific consent of the Island's Government.
Total independence from the UK on matters of direct taxation creates a blend of factors that enable the island to successfully operate a pro-business tax regime. The proven experience of the Administration means the island economy can perform favourably compared to other island jurisdictions and has allowed the Isle of Man to emerge as a flourishing modern-day international offshore business centre.
The Island has a well balanced economy which combines traditional industries such as agriculture, fishing and tourism with areas of recent growth such as financial services, e-business, manufacturing, film and shipping.
The Government’s has actively promoted economic growth in recent years. A sympathetic tax regime, business-friendly legislative framework and the establishment of a Freeport ,have all helped manufacturing industry and tourism to become major income earners. These measures along with the established package of financial incentives is now set to bring similar success to the e business sector.
Whilst other offshore centres have become overcrowded and expensive, the Isle of Man is in the fortunate position of being able to provide affordable high-quality commercial and residential accommodation in a spacious and scenic environment. It has the capacity for sustaining growth for many years while continuing to retain these virtues.
The Isle of Man's colourful heritage, diverse scenic beauty and its quality of life, enhanced by many annual sporting events, hotel, conference and leisure facilities provide the basis of a long-established tourist industry.
The Island enjoys a special relationship with the European Union and this relationship allows streamlined movement of goods between the Island and the Union. Regular sea and air services for passengers and freight allow quick and easy access to and from the U.K., Republic of Ireland and beyond.
With a Next Generation Network nearing completion, the success of these island’s commercial sectors has been significantly enhanced by a continuing investment in the island’s telecommunications infrastructure operated through Manx Telecom.
The Island's economic progress in recent years has led to rapidly rising National Income and low levels of unemployment. With excellent educational, health and social amenities, the Isle of Man provides a unique quality of life which is appreciated and treasured by the entire community.
