Banking & Insurance
The Island's banking industry is dominated by subsidiaries or branches of the main UK clearing banks, although there are many other UK and foreign banks and also branches and subsidiaries of major UK building societies. Whilst the Island's currency is sterling, deposits are accepted in all major currencies of the world. The banking system is similar to that in the UK. Current accounts, deposit accounts and all other services offered by UK and international banks are also offered from the Isle of Man. Interest rates are comparable to those prevailing in the London Money Market. Competitive returns are available in all currencies.
Financial Supervision
With the rapid growth of the Isle of Man as an international finance centre came the need to strengthen the Island's image and reputation, with such activities being properly supervised and effectively regulated. This task falls to the Financial Supervision Commission (FSC) and the Insurance and Pensions Authority (IPA). The FSC and IPA, set up by Tynwald in 1983 and 1986 respectively, are charged with developing and operating systems to protect the interests of depositors, investors and policyholders and also the good name of the Isle of Man. The Financial Supervision Commission licenses and supervises all banks, investment businesses, fiduciary businesses, collective investment schemes and building societies carrying out business in the Island.
The Manufacturing Sector is a main provider of full time employment on the Island and second only to finance in terms of growth and contribution to the economy. Some two hundred firms are engaged in this sector, varying from small family concerns to major employers. All are eligible for support from the Government under a discretionary financial incentive scheme designed to encourage the growth and development of exports and to increase the range of employment opportunities available to the Island's people.
Tourism & Commerce
Tourism in the Isle of Man is in transition. There is a constant and steady improvement in the basic quality of the general infrastructure and accommodation facilities that serve the Island's visitor. Mass tourism, which was prevalent in past decades has certainly become a thing of the past. The Island's tourist market has moved away from the traditional main family holiday market and is now focused on short break and specialist 'niche' sectors including special interest and special event traffic. The Isle of Man is well-placed to develop further walking and activity holidays; the market for heritage and vintage transport, and motor sport events beyond the TT festival.
Agriculture, Fisheries & Forestry
Whilst these traditional industries and their ancillary services play a less significant role on the Isle of Man than they once did, they still provide considerable employment and have political, social and strategic importance. The Isle of Man Government, through its Department of Agriculture, Fisheries and Forestry, a
cknowledges this importance by making available a wide range of financial support measures and services by way of grants, loans and subsidies to farmers and growers. Also provided are advisory/technical services relating to disease and pest control, all aspects of agronomy, animal husbandry, farm management, horticulture and the fishing industry.
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.
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 now 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-gambling 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.
