The Isle of Man is an internally
self-governing dependent territory of the Crown that is not part of
the United Kingdom.
Tynwald, the island's 1000-year-old Parliament, makes its own laws
and oversees all internal administration, fiscal and social
policies, though the UK Government administers external issues
- such as foreign representation and defence.
Banking
& Insurance
The banking system is similar to that in the UK
- all current accounts, deposit accounts and other
services offered by UK and international banks are
also offered by the Isle of Man.
Interest rates are comparable to those prevailing in the London
Money Market, and whilst the island's currency is sterling,
deposits are accepted and competitive returns are available in all
major currencies of the world.
The Island's banking industry is dominated by subsidiaries or
branches of the main UK clearing banks and building societies,
although there are many other UK and foreign banks present.
Financial Services
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 proper supervision and effective
regulation. This task falls to the Financial Services
Authority (FSA).
The Financial Services Authority was formed in 2015 when the
then Financial Supervision Commission (FSC) and Insurance and
Pension Authority (IPA) merged. The FSC and IPA having been
set up by Tynwald in 1983 and 1986 respectively, 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 Services Authority licenses and supervises all banks,
investment businesses, fiduciary businesses, collective investment
schemes and building societies carrying out business in the
Island.
Manufacturing
The manufacturing industry 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. Two hundred firms
are engaged in this sector, varying from small
family businesses to major employers.
All are eligible for support from the Government under a 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
Mass tourism, which was prevalent in past decades, has
given way to specialist 'niche' markets - such as short
breaks, special interests and special events.
With this in mind, 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 far beyond the TT
festival.
Although the tourism economy is in a transitional stage, there is a
constant and steady improvement in the basic quality of the general
infrastructure and accommodation facilities.
Agriculture,
Fisheries & Forestry
These traditional industries and their ancillary
services may play a less significant role on the Isle of Man than
they once did, but they still provide considerable employment and
have political, social and strategic importance.
The Isle of Man Government, through its Department of Environment,
Food and Agriculture, makes 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. It was designed to attract owners of private,
non-commercial aircraft in Europe, as 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
Since 2009, 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.
It 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 world's first International Institute for Space Commerce (IISC)
was established on the Island, and 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.
A key location for high-tech financial services, the
Island 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 Manx Government is committed to the
development of an internationally competitive e-gambling business
environment.
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.