Isle of Man to assist new corporate arrivals
News on 30 Jul 2015
News on 30 Jul 2015
The Isle of Man, already home to a flourishing online gambling industry, could well see more companies relocating or starting up on the island following news of a new government initiative to attract corporates.
Chief Minister Allan Bell this week announced the creation of a new Enterprise Development Fund to support local businesses and encourage new companies to relocate to the Isle of Man.
The £50 million fund, which will eventually be self-sustaining, will provide grant, loan and equity investment to new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island.
There are three core support types proposed in the new scheme:
• Fledgling: For start-ups on-Island (typically with 1-10 employees)
• Accelerator: For Small to Medium Enterprises (typically with 5-20+ employees) entering the next growth phase.
• Relocator: For relocating medium to large firms to the Island.
John Garland, Head of Corporate Financial Services, said Thursday:
“This new fund is just one of a range of measures under the Enterprise Isle project (a key initiative under Vision 2020) which will empower us to find those new start-ups and on-Island businesses ready to accelerate to the next level and give us more ‘tools for our tool box’ to attract new job-creating businesses to establish on our shores.”
An Expression of Interest has also been published by Treasury seeking the appointment by competitive tender of private investment managers for the management and investment of the fund, in particular the ‘Accelerator’ and ‘Relocators.’
