Banking

The majority of banks in the Isle of Man are engaged in providing private banking services to expatriates of the United Kingdom and to foreign nationals. The services offered by banks often extend beyond deposit taking to establishing and administering trusts and managing the underlying companies and assets held by those trusts, including investment management. Client requirements have grown ever more sophisticated in recent years and an array of wealth solutions have evolved to meet this demand. The growth in other areas of the Island's finance sector, including captive insurance, life assurance, collective investment schemes, investment management and ship management means that these organisations have sums of money to lay off in the money markets and increasingly, will require investment management services. Some banks also act as custodians and trustees to collective investment schemes.

Building Society

A building society is defined as a society for the purposes of raising, by membership subscriptions, a stock or fund. The Financial Services Act 2008 is the primary legislation for deposit taking.

Insurance

Insurance business conducted in and from the Isle of Man, and by Isle of Man companies anywhere in the world, is controlled by the Insurance Act 1986 (and Amendment Act 2004). In addition, companies which only insure risks external to the Island can apply for exemption from Manx tax on underwriting profits and investment income.

Investment Business

Those persons carrying on investment business either in the Isle of Man or through a Manx incorporated company are required to hold a licence under the Financials Services Act 2008. The types of organisation range from brokers selling life and pensions and unit trust products to discretionary portfolio managers and managers/administrators of collective investment schemes. (Refer also to the Collective Investment Scheme Act 2008).

Fiduciary Service Providers (Trust and Corporate Service Providers)

Corporate service providers are licensed and regulated by the Financial Supervision Commission. As with Trust Service Providers, this move has further enhanced the Isle of Man's reputation as a well-regulated centre for fiduciary business.

Professional Services

Although English law does not extend to the Isle of Man, the Manx legal system is based on the principles of English common law, like the legal systems of most Commonwealth countries. Lawyers in the Isle of Man are known as advocates and combine the roles of solicitors and barristers in England.

Shipping

The Isle of Man has a long established maritime industry and its Shipping Register forms part of the British Register - the first ships having been registered in 1786. The implementation of the 1991 Merchant Shipping Registration Act provided the Isle of Man with a forward-looking legislative framework within which the shipping industry operates.

Acknowledgement: isleofman.com

Aviation

The Isle of Man Aviation Register opened for business in March 2007 and was designed to attract owners of private, non-commercial aircraft in Europe. A Registry in a European time zone was required to look after the steadily increasing number of European-owned aircraft. Generally, a purpose trust is established to own the aircraft but specialists in the Isle of Man can provide appropriate guidance.

Over the past five years, the Isle of Man has steadily built a portfolio of space-related businesses and incentives, with the result that the Island is now recognised as a significant niche player. Proposed legislation in the Island will ensure compatibility with existing international space law.

Space Industry

Over the past five years, the Isle of Man has steadily built a portfolio of space-related businesses and incentives and the Island is not recognised as a significant niche player. Proposed legislation in the Island will ensure compatibility with existing international space law. The Island is thus well-placed to take advantage of space developments, particularly in space tourism and extending in the future to the possibility of mineral extraction.

The Island is host to the world's first International Institute for Space Commerce (IISC), which is based at the International Business School in Douglas and opened in October 2008.

E Business

The Isle of Man offers an ideal location to facilitate the growth of global e business. With a first-class telecommunications structure and a low tax environment, it is able to attract e-business from around the globe. It is a key location for high-tech financial services and continues to develop its legal and technological structure to cope with growing business demand. It offers comprehensive support services such as website design, software and hardware suppliers and internet payment gateway facilities.

E Gaming

The Isle of Man Government is committed to the development of internationally competitive e gaming business enviroment. A highly advanced technical and telecommunications structure, low duty and a zero-rated structure enable the Island to be at the forefront for future expansion.