The island has unveiled an ambitious plan to double the size of its economy by 2032
In 2019, Canfields Law helped me set up a business consulting company in the Isle of Man that enabled me and my family to obtain an entrepreneur visa. The Isle of Man is a British Crown dependency in the Irish Sea midway between Great Britain and Ireland.
The company, Seed Mentors Entrepreneurs (IOM) Limited, provides services to entrepreneurs looking to start a business in the Isle of Man, including carrying out market surveys, compiling project reports and obtaining government and other regulatory approvals.
Individuals from countries including Nigeria, India and Pakistan have registered with the company with a view to setting up a business on the island under the government’s entrepreneur and innovator programmes. We have helped a handful of entrepreneurs set up on the windswept island that is about 53 kilometres long and 22 kilometres wide. The Isle of Man has turned out to be wonderful place to do business in and live, with its helpful government services, breathtaking scenery, and friendly people.
The island itself may now be poised for robust economic growth. In November 2022, the Isle of Man government announced an ambitious plan to double the size of its economy over the next ten years that promises new opportunities for businesses and entrepreneurs.
Called `Our Island Our Future’, the new strategy aims to raise gross domestic product to £10 billion by 2032 as well as create and fill 5,000 new jobs over the period.
Home to about 84,000 people and part of the British Isles, the Isle of Man is widely known as a low-tax jurisdiction with zero corporate tax and personal income tax capped at 20 percent. That compares with the U.K.’s highest personal income tax rate of 45 percent. The island has its own parliament, government and laws with the U.K. only responsible for its international relations. Per capita income was $79,300 in 2022 compared to the U.K.’s $48,890, according to World Bank data, and its agriculture and manufactured products have free access to the European Union.
The new economic strategy also aims to develop infrastructure and services to serve a population of 100,000 by 2037 as well as generate over £200 million of additional annual income to reinvest in services and quality of life by 2032.
A rejig in policy was needed after the pandemic hurt the economy. GDP fell 8 percent in 2020/21 to £5.01 billion, following a 0.1 percent increase in the preceding year, government data shows. Information and communications technology, eGaming and the banking sectors were the biggest contributors to the decline.
The Isle of Man has a start-up and innovator programme that could enable you to set up a company on the island. If you would wish to, please get in touch with Canfields Law and they will answer all your queries.