in the Isle of Man
Time to experience a new way of working and a new way of living
Support for the Island’s entrepreneurial spirit
RELOCATING TO THE ISLE OF MAN
A new way of working, a new way of living
THRIVING IN A UNESCO BIOSPHERE
A skilled workforce, a supportive Government and a diverse economy
…don’t forget your Santander International Charge Card
A Charge Card is similar to a credit card as you can spend on it the same way as a credit card, but it has a monthly spending limit and requires that you pay the statement balance in full every month. The Black World Elite Charge Card offers a range of world-class benefits, including; worldwide lounge access, premium concierge service and extensive travel and lifestyle insurance cover. The Silver Charge Card offers a comprehensive suite of travel and lifestyle insurance cover giving you invaluable peace of mind. See the world without limits.
Welcome to more magazine, designed especially to give you an array of information and insight into life on this beautiful Island.
As well as its obvious natural beauty, the Isle of Man is a highly successful economic model, envied by many jurisdictions and countries around the world.
Many organisations have enjoyed, and continue to enjoy, considerable success here, benefiting from the favourable economic conditions in which they operate, the various support available, higher than UK national average wages and a close working relationship between the private sector and various Isle of Man Government departments.
It is the partnership between the Isle of Man Government and private sector companies and organisations which, over many years working together to achieve a common goal of increased prosperity, has helped the Isle of Man see continued economic growth year after year.
Out of working hours - bearing in mind you’ll enjoy a short commute wherever on the Island you choose to live and work - quality leisure and family time will be yours in abundance, something that those who have already made their move value above all else.
Take a close look through the following pages and discover how and why the work / life balance works so wonderfully well here in the Isle of Man.
It is with great honour that I introduce this edition of More Magazine, which celebrates the unique character, charm and opportunity that make the Isle of Man the perfect choice – whether for business, lifestyle or adventure.
Nestled in the heart of the Irish Sea, the Island offers a rare combination of natural beauty through our UNESCO Biosphere, a thriving economy, and a welcoming community. With stunning landscapes that range from rugged coastlines to rolling hills, our Island is not just a backdrop but a catalyst for the quality of life we cherish.
But the Isle of Man is more than a scenic destination; it is a dynamic hub of innovation and enterprise. As Minister for Enterprise, I have seen first-hand the resilience and ambition of our people and businesses. Our forwardthinking economy is home to a diverse range of sectors—from finance and professional services to technology, eGaming, manufacturing and renewable energy. We are constantly evolving to meet the demands of a rapidly changing global market, while remaining steadfast in our commitment to sustainability and growth.
Through the Economic Strategy, underpinned by Our Island Plan, the Isle of Man Government is dedicated to fostering an environment where businesses can thrive and ensuring our economy remains sustainable for future generations. Our pro-business policies, and robust regulatory frameworks make the Island an attractive option for entrepreneurs and investors alike. We believe in empowering businesses to innovate and succeed, offering the support and infrastructure necessary for growth. Whether you’re a start-up seeking your first break or an established company looking to expand, the Isle of Man provides the ideal platform.
Yet, life on our Island offers more than just professional opportunity. For individuals and families, the Isle of Man presents a unique lifestyle that is hard to find elsewhere. Our community-style way of life, high-quality education, and low crime rates make the Island an ideal place to raise a family. At the same time, the wealth of outdoor activities—from hiking the scenic Raad Ny Foillan footpath to enjoying our picturesque beaches —ensures a fulfilling and balanced way of life.
Whether you are an entrepreneur looking for a dynamic environment to launch your next venture, an investor seeking long-term growth, or a family in search of a safe and vibrant community, the Isle of Man offers a unique and compelling proposition.
I invite you to explore all that the Island has to offer throughout the pages of this magazine, hear stories from people and businesses and learn for yourself, why the Isle of Man is the perfect choice to live, work and do business.
TIM JOHNSTON, MHK MINISTER FOR ENTERPRISE
A
skilled workforce, an ambitious and supportive Government, and a diverse economy make the Isle of Man an attractive place for business. Whether you're a global powerhouse or an ambitious start-up, the Island’s thriving business ecosystem welcomes companies at every stage of their journey, making it the perfect place to grow and succeed.
Here is an overview of just a few of the thriving sectors which make up the Isle of Man’s diverse economy.
The Isle of Man boasts a rich heritage of over 50 years’ experience in financial services and continues to thrive as a leading international financial centre. Known for its quality and being a world-class regulatory environment, the Island’s financial sector encompasses a wide range of offerings, including banking, insurance, fiduciary services, fund and wealth management, and pensions.
As a leading competitor, the Island’s financial sector does not shy away from opportunities to modernise or innovate, with recent years seeing the development of InsurTech and FinTech, with the latest focus on Sustainable Finance.
n Over 9,500 highly skilled workforce, helping businesses thrive n 1,300 employers spanning banking, insurance, fiduciaries, pensions, funds and professional services
The Isle of Man’s digital sector is a dynamic and rapidly expanding hub, recognised for its innovation, advanced infrastructure, and supportive regulatory environment. With expertise in eGaming, blockchain, fintech, data hosting, and emerging technologies including data stewardship and AI, the Island attracts global businesses while nurturing homegrown talent.
Its commitment to digital transformation and sustainable growth makes it a leader in fostering a thriving and future-ready digital economy.
n The only Digital tech hub centre in the world located in a UNESCO Biosphere
n Global Innovation Challenge placing the Isle of Man on the map as a leading jurisdiction for innovation with the 2024 event attracting 50 applications from 20 countries across AI, Cleantech, Fintech and Data
The Isle of Man’s domestic and export sector plays a vital role in the Island’s economy, thriving on a supportive business environment and a reputation for quality and creativity. From manufacturing and aerospace to engineering, food and drink, and exciting new industries like medicinal cannabis and cleantech, the Island’s businesses are making their mark around the world.
Supported by strong infrastructure, government initiatives, and international trade relationships, the Island continues to thrive as a competitive and reliable player in global commerce.
n Award-winning food and drink production industry
n Over 150 manufacturing companies based in the Island
The Isle of Man’s visitor and tourism sector is a thriving part of the economy, celebrated for its breathtaking landscapes, rich history, and diverse cultural experiences. As the only entire nation to hold UNESCO Biosphere status, the Island offers visitors an unparalleled connection to nature, from rugged coastlines and rolling hills to pristine beaches and scenic glens.
A focus on sustainable and responsible tourism ensures that the Island preserves its natural beauty and heritage for future generations. Complemented by warm hospitality, and a wide range of accommodation and dining options, the Isle of Man continues to grow as a premier destination for visitors worldwide.
n Attracted over 315,000 visitors in 2023, contributing to over £180 million visitor spend
n 27 nature reserves and 134 various activities and attractions to get involved in
The Isle of Man’s dynamic business ecosystem is open and ready to support both new ventures and established industries, making it an ideal place to grow and thrive. The Isle of Man Department for Enterprise, through its Executive Agencies, provides dedicated support to local businesses and those looking to relocate to the Island. By working closely with the private sector, these agencies help to create real opportunities, foster job creation, and drive sustainable growth across the Island.
To find out more about the business environment in the Isle of Man, visit: www.dfe.im
Guy Wiltcher of Locate Isle of Man explores the Isle of Man as a relocation opportunity - a vibrant, safe and secure place to live, work and invest.
The Isle of Man, a self-governing crown dependency in the British Isles, located in the heart of the Irish Sea, has always been a popular holiday and short-break destination for those living in the UK and beyond. Many however, are now choosing to make a permanent move to the stunning UNESCO Biosphere-designated Island, which has some of the lowest crime rates in the British Isles.
Home to a wide range of economic sectors including e-business and e-gaming, fintech and emerging technologies, cleantech, biomed and manufacturing; generous incentives are available for relocating businesses
One of the most uniquely beautiful places in Europe, the Isle of Man is 33 miles long and 13 miles wide, offering an unrivalled combination of space to thrive, financial rewards and a well-connected, safe community.
Much of the Island is uninhabited, with an average of 147 people per square kilometre, compared with 434 people per
square kilometre in England – offering an abundance of space and privacy.
It offers an excellent quality of life in a truly stunning environment. In fact, the Island is the only entire nation to have been awarded UNESCO Biosphere status, with 95 miles of coastline, 32 stunning unspoilt beaches and plenty of sheltered bays to explore and enjoy.
There are 26 official dark skies sites for stargazing, 18 scenic glens and 36 nature reserves (including 10 marine nature reserves) which are home to an abundance of marine life, wildlife and animals. Add wild wallabies, basking sharks, in addition to an official bird sanctuary site on the uninhabited Calf of Man to the list, and it’s clear to see the draw for residents and visitors alike.
For those looking to make the Isle of Man their home, there are a range of properties available to buy or rent, from secluded country estates set in acres of grounds, to modern homes with stunning sea views. Unlike the Channel Islands, the property market is open and prospective residents are not restricted in which properties they can purchase.
Residents also enjoy peace of mind knowing the Island is one of the safest places to live in Europe, with very low crime rates, and that their children will receive a high standard of education in one of the top-quality public and private schools.
The Island also has excellent connectivity with daily flights to 11 airports in the UK and Ireland, including Liverpool, Manchester and London, in addition to daily ferry services to Liverpool or Heysham. There is also a Private Jet terminal with executive lounges and crew rooms, and an abundance of helipads!
The Isle of Man is financially stable and politically progressive, and welcomes both individuals and businesses with its financially rewarding system offering no capital gains tax, no inheritance tax, no corporation* tax, no stamp duty on properties and low rates of personal income tax. Furthermore, there is a tax cap of £200k per person, per annum.
Home to a wide range of economic sectors including ebusiness and e-gaming, fintech and emerging technologies, cleantech, biomed and manufacturing; generous incentives are available for relocating businesses. Individuals can fulfil their career aspirations whilst benefiting from a better work-life balance.
There is a Manx saying, Traa-dy-Liooar, which means ‘Time enough’, and with the average commute being just 20 minutes,
the Isle of Man allows its residents to let go of stress, enjoy extra downtime and embrace life to the full.
With one of the many benefits to living in a stunning island location being shorter commute times, this provides more time to pursue personal hobbies, passions and interests. There are no shortage of ways to maximise the additional downtime in the evenings and at weekends, be it taking time out to enjoy a wide variety of eateries and pubs, or making the most of the fantastic leisure activities available.
Residents also enjoy the peace of mind knowing the Island is one of the safest places to live in Europe, with very low crime rates, and that their children will receive a high standard of education in one of the top-quality public and private schools
It might be a small island, but with so much of it being uninhabited, there is plenty of open space for the eight challenging golf courses, playable all year round. The award winning, uncrowded courses wrap the rugged coastline and boast stunning views, and will test even the best golfers.
Given the vast and beautiful coastline, it should come as no surprise that the Isle of Man also has a wide range of water sports activities to indulge in. Sailing is very popular, and there are several yacht clubs. With kayakers, sea swimmers, paddle boarders and scuba divers aplenty, spending evenings and weekends by the sea is the norm.
The Island has always been a mecca for motorsports enthusiasts. As well as the world-famous TT motorcycle races, there are a plethora of two and four wheel events taking place all year round, providing opportunities to get involved as a
competitor, marshal or spectator. The excellent driving roads have spawned a variety of sports and classic car clubs, in addition to attracting regular visits from supercar clubs from the UK and beyond.
Residents are blessed with acres of green lanes and open spaces that are perfect for walking, running, cycling and horse riding. There are plenty of private stables with many competitions and shows throughout the year, as well as a polo club and annual Polo tournament. Whether riders choose the scenic countryside or the beautiful beaches, there’s ideal terrain to be enjoyed on horseback, with breath-taking views guaranteed.
So, whether you prefer to spend your spare time recharging your batteries or running on them, the Isle of Man has much to offer.
* Banking, large retail and rental profits charged at 10-20%
Guy Wiltcher, Inward Investment Partner for Locate Isle of Man, oversees high-value active entrepreneurs, interested in relocating to and investing in the Isle of Man.
To discover more about the Island’s way of life and opportunities for families, individuals, businesses and investors, contact guy.wiltcher@gov.im or visit www.locate.im.
n UNESCO Biosphere Status
n A clear and simple tax regime
n An accessible and accountable Government
n A model of political stability, transparency and financial supervision
n Best practice in international regulation and responsive to international needs
n Tax agreements compliant with international standards
n Exceptional business environment
n Time to breathe, space to thrive
n 20 minute average commute
n Rated best place to live in British Isles*
n Low income tax rates, no inheritance tax
n No capital gains tax
n Tax cap of £200k per person per annum and Key Employee concession
n Financial assistance for relocating businesses
n Diverse investment opportunities for economically active
n A community of innovators
* Source: HSBC Expat Survey 2019
Finance Isle of Man, an executive agency of the Isle of Man Government, is dedicated to promoting and supporting the Island’s Financial and Professional Services sectors. As part of the Isle of Man’s Department for Enterprise, the Agency collaborates closely with local businesses, regulators, and policymakers to ensure the continued growth, stability, and global competitiveness of the Island’s finance industry.
Sustainable Finance has become a key competitive factor for financial centres worldwide. Leading hubs like Luxembourg, Singapore, and London are establishing themselves as Sustainable Finance Centres (SFCs), focusing on developing green financial products, services, and best practices.
Initiatives like the UNDP-convened Financial Centres for Sustainability (FC4S) facilitate knowledge-sharing and collective action, with Europe expected to lead in ESG assets due to strong regulatory momentum. Luxembourg’s Green Exchange, Singapore’s green bond programs, and London’s green investment incentives are examples of how SFCs capitalise on Sustainable Finance to attract investors and gain a competitive edge.
Sustainable Finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector, leading to more long-term investments in sustainable economic activities and projects. The Financial Services sector is crucial in addressing global social and environmental issues. It is, and will continue to be, pivotal in mobilising the necessary funds to meet global sustainability objectives, positively influencing corporate behaviour, bolstering governmental efforts towards a sustainable economy, and setting a precedent for others.
The Roadmap outlines ten targeted actions spread across four development pillars and was developed in collaboration with the Ireland-based International Sustainable Finance Centre of Excellence (ISFCOE). This initiative was supported by extensive research and stakeholder engagement, ensuring a comprehensive approach to Sustainable Finance.
The Sustainable Finance Roadmap helps show that the Island is serious about being responsible and forwardthinking. With many people and businesses looking to invest in places that care about the environment and society, having a clear plan for Sustainable Finance makes the Isle of Man more attractive.
For the Isle of Man, this Roadmap is about more than just meeting global standards; it’s a way to build a stronger, more resilient economy. By creating new financial services focused on sustainability, the Island can attract clients who want responsible investment options, making it stand out from other places.
As the only UNESCO biosphere that covers an entire nation, the Isle of Man has a unique chance to lead on projects that protect nature and support biodiversity. This could bring in global attention, partnerships, and investments specifically for these sustainable projects.
Recently, Finance Isle of Man launched the Sustainable Finance Roadmap during the Sustainable Finance Symposium at the Villa Marina. This significant milestone was the culmination of several months of work by Finance Isle of Man and a public/private Steering Group. The team conducted a detailed baseline assessment programme in line with the UN’s Financial Centres for Sustainability (FC4S) principles. Following this launch, the team will develop a 2-year implementation plan for the Roadmap, with funding already agreed and allocated.
The Roadmap also helps the Island meet its own climate goals, ensuring it is actively working on solutions for climate change. By making Sustainable Finance a key part of its economy, the Isle of Man is preparing for a strong and competitive future in a world where sustainability is increasingly important.
For more detailed information, visit the Sustainable Finance page www.financeisleofman.com/sustainable-finance/ or email contact-finance@gov.im
As the only UNESCO biosphere that covers an entire nation, the Isle of Man has a unique chance to lead on projects that protect nature and support biodiversity. This could bring in global attention, partnerships, and investments specifically for these sustainable projects.
The Isle of Man’s advanced infrastructure, skilled workforce and supportive Government make way for a thriving, ever-growing economy, and job market. The Island is home to many of the world’s foremost organisations, leading the way in many new and diverse sectors spanning:
n Healthcare n Aerospace n Construction
n Aviation n Shipping n Education
n Esports n Education n Retail
n Biotech/Med n Medicinal Cannabis
n Engineering and Manufacturing n Creative Industries
n Tourism and Hospitality n Food and Drink
n Financial and Professional Services: (accountancy, compliance and more)
n Tech: (eGaming, programming, computer engineering, web development)
With several of the Island’s key sectors experiencing skills shortages, staff development and retention are vital for Islandbased companies. As a result, many Isle of Man employers are offering:
n Relocation incentives
n Fast career progression and graduate career pathways
n Competitive salaries
n Attractive benefits packages
n Opportunities for further career & professional development.
Measuring 33 miles long and 13 miles wide the Island is compact but home to a vibrant business centre and a stunningly diverse natural landscape. This means the average commute time is only 20 minutes. With a robust infrastructure across the Island and little overcrowding, there is ample space to breathe and enjoy what the Island has to offer.
With over 86% of employers adopting flexible working practices, residents have much more time to do what they love –whether it be exploring the great Manx outdoors or spending more time with friends and family. A typical day could start with a short commute to work, followed by lunch at a local spot enjoying the freshest seafood you can imagine, a 10-minute drive to the beach after work for a windsurfing or kayak session, ending with a glass of wine or a pint with friends at a local pub or wine bar.
Ranked as the best place to live for expats in the British Isles, the Manx people are proud of their heritage, yet outward looking and progressive. Crime statistics reveal that the Isle of Man is one of the safest places to live in the British Isles.
The Isle of Man’s close-knit and welcoming community affords its residents the opportunity to take part in a range of communitybased activities and groups across the Island. From music and theatre to arts and crafts, there is something for all ages and interests including over 50 sports and cultural activities in the Isle of Man.
The Island nation proudly celebrates its diversity and welcomes relocators from all backgrounds and cultures - its largest nonBritish populations are South African, Filipino, Polish, and Bulgarian.
In the Isle of Man food lovers can feed their soul with beautiful Manx food and drink specialities! With over 40% of the Island uninhabited and 12 nautical miles of surrounding waters, the Island has plenty of space to grow and catch some amazing local produce. Strict legislation means that many local delicacies are totally devoid of artificial additives, giving a full and fresh taste.
The Isle of Man is also home to over 400 hospitality establishments offering a variety of cuisines and dining experiences. From relaxed seaside bistros, harbour side cafés and quirky pubs to fine dining restaurants, and vibrant cocktails bars, there’s something to cater to every taste.
Work-life balance on the Island isn't just about opportunities outside of work, but is reflective of a holistic Island lifestyle, from community and activities - to where you live. For those that prefer the country life, but would prefer to work in a town, then Douglas, the Island’s main business centre is only a short commute with all the major roads on the Island leading to it.
For those that prefer living in a town, flats and houses in the towns of Peel, Douglas, Ramsey and Port Erin give you great access to shops and restaurants, with all necessary amenities on your doorstep.
With no property restrictions or stamp duty, the Island is home to a diverse set of properties ranging from quaint Manx stone cottages to large premium country and coastal properties – and everything in between!
As Artificial Intelligence (AI) and digital solutions continue to reshape the financial industry, the value of personal connection in sectors such as offshore banking and wealth management remains undeniable.
Mulenga Silwamba, Head of Personal and Private Banking at Standard Bank Isle of Man, notes, “At a time when technology is streamlining almost every process in the financial services industry, the human touch is what can set us apart. We believe in remembering that clients are individuals, with individual needs, and therefore we will continue to maintain the right level of personal interaction in our dealings with them.
With both African and other international clients alike increasingly relying on technology for ease of transacting and managing their money, an important question emerges: how can the financial services industry effectively balance technological innovation with the enduring value of personal relationships?
Adam Hunt, Head of International Wealth and Investment, emphasises, “We must leverage technology to enhance our service, but it should never detract from the personal connection that’s essential to building relationships and embedding trust within our clients.”
Mulenga and Adam champion a vision for the future where technology enhances, rather than replaces, the human touch. Here, they explore the nuances of human connection in private banking and wealth management, the strategic integration of technology, and the unique advantages that offshore jurisdictions offer for wealth diversification. Mulenga adds, “The Isle of Man,
for example, is not just a location; it’s a lifestyle choice that provides well-regulated stability and opportunities for clients looking to diversify their portfolios. At Standard Bank, our purpose is to drive Africa’s growth and this, of course, means its people. When we look at the African continent, we are connecting with a population that is starting to notice the value of international markets, and here is where the personal relationships we build here are invaluable to support this.”
We believe in remembering that clients are individuals, with individual needs, and therefore we will continue to maintain the right level of personal interaction in our dealings with them
In defining the "human touch" with a focus on wealth management, Adam stresses the importance of understanding clients at a deeper level. He introduces the concept of the "Wealth Quotient"™, which he describes as a unique framework for assessing how individuals earn, spend, and invest their wealth. “Speaking with the individuals across Africa and beyond, to recognise their personal financial values is key for developing tailored solutions,” he explains. “We don’t jump straight into
providing solutions; we invest time in getting to know our clients and their families comprehensively to offer solutions that meet their current needs and future goals.”
Mulenga echoes this sentiment, sharing insights from her extensive experience in banking. “Whilst I am new to the Isle of Man, my previous role at Standard Bank Zambia taught me the value of personal connections in banking; connections lead us to understand personal circumstances, which is paramount in mutual success. Our Group’s purpose is ‘Africa is our home, we drive her growth’ and for me, this encapsulates the personal investment and commitment we have to offer solutions that propel the continent and its people forward, from wherever we are based on the globe.”, she states
Both leaders recognise the challenges posed by their diverse client bases. While Adam centres on high-net-worth individuals client segment, Mulenga engages with a broader client base,
Mulenga Silwamba, Head of Personal and Private Banking, Isle of Man, Standard Bank Offshore
necessitating different approaches to personal interaction given the broad scope. “We have to show understanding in how we connect with our clients,” Mulenga explains. “Using real data to segment clients effectively allows us to tailor our outreach and communication to different groups that is specific to their service requirements.”
This prompts Adam to reflect on the power of genuine connections in building trust and loyalty—both essential for effective wealth management. “Clients want to know their advisors are there for them, especially during difficult times,” he asserts. “It’s about being present and available when they need us most, and in the way which they need us.”
We use technology to improve communication and accessibility, ensuring clients have the tools they need to manage their wealth effectively. But the crux of our service remains in building relationships that are meaningful and authentic.
Mulenga adds that, “The bank’s client engagement centre is trained to manage real-life, human, situations with not only professional expertise, but emotional intelligence too. This human element is critical, especially when clients are facing challenges.”. She points out, “Recognising their feelings and responding with care creates an atmosphere of trust that is invaluable.”
The evolving role of technology in wealth management inevitably leads to discussions on AI and digital solutions. Standard Bank Offshore recognises the transformative impact of technology, particularly in enhancing access to information and client interactions. Adam points to Africa's rapid technology adoption as a key driver in this evolution, noting, “The rapid take up of appbased innovations on the continent for easy money transfers and payments serve as prime examples of how technology can increase financial accessibility.”
Adam emphasises that these tools should complement client service—not replace—human interaction. “AI and digital solutions can handle certain tasks, but they cannot replicate the empathy and understanding, or complex advice that a human advisor provides.”.
As technology advances, client expectations are also shifting.
Mulenga highlights the changing needs of younger clients, who are more tech-savvy and accustomed to instant access to information. “They also care deeply about values such as sustainability and social responsibility and will want to work with advisors who understand and align with their personal values,” she states. Adam elaborates on how technology facilitates client engagement, adding, “We use technology to improve communication and accessibility, ensuring clients have the tools they need to manage their wealth effectively. But the crux of our service remains in building relationships that are meaningful and authentic.”
Adam draws on his four-decade career in financial services and wealth management, observing, “When discussing complex financial matters, clients always want to speak to a person, usually in the same room. Being together reinforces the shared investment in achieving the defined goals, allowing conversation to identify the detail that may make all the difference in decision making.”
Both experts predict an increasing emphasis on blending technology with personal interaction as AI continues to shape the industry. As human interaction diminishes in some sectors, the demand for authentic relationships will only increase. They simultaneously observe that when navigating significant financial decisions or discussing their future, the human touch is here to stay.
For clients looking to diversify their portfolios into international markets, the Isle of Man offers a distinctive and attractive option. Adam outlines several key advantages of the jurisdiction, including political stability, a well-regulated environment, and a stellar reputation for financial services. Many clients, especially those from Africa, may initially be unfamiliar with the Isle of Man. “However, the 162-year strong brand and reputation of Standard Bank provides
longevity assurance, allowing clients to feel confident in their investment decisions,” he affirms.
Whilst technology will enhance banking and wealth management services, the need for human empathy and trust will be more important than ever to ensure nuanced needs are met.
Mulenga highlights the Isle of Man's strategic location, offering clients access to international markets while providing a secure environment for their financial needs. “This stability is invaluable for clients seeking to hedge against economic volatility in their home countries,” she states, “The Isle of Man’s robust regulatory environment enables clients to navigate complex financial landscapes effectively, ensuring their assets are well-managed. The regulatory system prioritises transparency, security and stability for clients’ investments. This is particularly important for high-networth individuals looking to safeguard their wealth in stable currency and political environments as Adam has mentioned.”
Beyond its financial benefits, the Isle of Man offers a high quality of life that enhances the overall human experience. Its scenic landscapes, rich cultural heritage, and strong community spirit make it a desirable place for clients to live, work and visit to maintain balance. Mulenga notes, “
The island’s strong community focus and emphasis on quality of life is second to none. Having recently moved to the Island from Zambia, it’s clear that the local culture fosters a sense of belonging, making it an attractive and welcoming destination for visitors and residents alike.”
Adam adds, “Moreover, the Isle of Man community provides a wealth of professional expertise that clients can leverage for their financial needs.” Highlighting the importance of having knowledgeable professionals on the ground who can deliver tailored advice, he explains, “This local expertise ensures clients receive comprehensive support, allowing them to make informed decisions aligned with their long-term goals.”
Standard Bank Offshore is deeply committed to fostering growth within African markets. Adam reflects on his dedicated service in financial services, saying, “My commitment to Africa and its growth has been my motivation. I believe in building long-term relationships that can help clients achieve their goals.” His dedication to nurturing connections and supporting Africa’s financial landscape underpins his approach to wealth management.
Mulenga shares a similar passion, with a focus on financial literacy, “Having worked out of Zambia, and across the subSaharan continent, I have seen how financial education and inclusion can transform lives,” she says. “I am passionate about ensuring our clients receive not just the best financial advice but also support in their personal journeys.”
Adam remarks, “The beauty of our truly international business is that our global footprint brings different perspectives which allow us to approach client relationships holistically, ensuring we address the varied needs of our diverse client base. This collaborative dynamism ensures clients receive comprehensive support from experts in country and further afield.”
Both leaders agree that the future of full-suite financial services, which Standard Bank Offshore offers, will rely on finding the sweet spot between embracing technology and maintaining personal connections. As Adam summarises, “Whilst technology will enhance banking and wealth management services, the need for human empathy and trust will be more important than ever to ensure nuanced needs are met. The coalescence of these approaches is going to be both interesting and exciting to see unfold.”
…don’t forget your Santander International Charge Card
A Charge Card is similar to a credit card as you can spend on it the same way as a credit card, but it has a monthly spending limit and requires that you pay the statement balance in full every month. The Black World Elite Charge Card offers a range of world-class benefits, including; worldwide lounge access, premium concierge service and extensive travel and lifestyle insurance cover. The Silver Charge Card offers a comprehensive suite of travel and lifestyle insurance cover giving you invaluable peace of mind. See the world without limits.
For decades credit cards have been a useful, and sometimes essential, component of our financial arsenal. They occupy a place in our wallets and our lives, facilitating purchases and securing bookings, putting a layer of protection between our funds and those we pay, buying us time and peace of mind.
“We live in a world where we are used to having financial options that suit our individual needs.”
James Geldart, Managing Director – Isle of Man, Santander International
Recently, however, it has become harder for islanders to obtain credit cards, with some major providers rejecting applications, and even renewals, from people in the Crown Dependencies who do not have an easily verifiable UK credit score.
To fill this gap, Santander International has partnered with Accomplish to launch a Charge Card specifically for local residents in the Isle of Man and Jersey.
Charge Cards allow you to spend money in a similar way to credit cards up to an agreed personal limit. However, unlike credit cards where you may carry over debt from month to month through minimum payments, Charge Cards require repayment in full each month from a linked account.
James Geldart, Managing Director of Santander International, Isle of Man Branch,
said: “The Santander International Charge Card helps fill the gap between credit and debit cards, offering islanders a secure and convenient way to make purchases.”
Customers have a choice of two cards. The Silver Card offers comprehensive travel and lifestyle insurance and is currently available without a fee. The Black World Elite Card offers a wider range of exclusive travel and lifestyle benefits including complimentary global airport lounge access, premium concierge services and extensive travel and lifestyle insurance cover. This has an annual membership fee of £650, representing a real saving for frequent travellers and families who take regular international or UK breaks, buy annual travel and winter sport insurance, rent a car from time to time, and want to take the whole family to the airport lounge when they are going away.
Both cards are available in Sterling, Euro, and US dollar currencies, and come with physical and virtual card options which can be linked to Google Pay or Apple Pay for everyday spending. Customers can manage the card via the Charge Card app, using the app to activate a new card, view the PIN, balance, or transactions, get statements, add the card to a digital wallet or even to freeze or unfreeze a card or report it if lost or stolen.
James said: “We live in a world where we are used to having financial options that suit our individual needs. The new Charge Cards help address the spending requirements of islanders, offering viable alternatives to traditional UK credit cards, with an attractive range of additional lifestyle benefits.”
In 2025, enterprises function within a multifaceted and dynamic environment characterised by technology progress, shifting consumer expectations and economic uncertainty. Organisations, from start-ups to global enterprises, face continual pressure to adapt swiftly, scale effectively and optimise their resources to maintain competitiveness. SOPHI Outsourcing specialise across a wide range of disciplines with a global client base and operating with a staff in excess of 500 from the Philippines and London, have established offices in the Isle of Man to help businesses everywhere develop a crucial strategy for sustained growth and operational excellence.
SOPHI Outsourcing, a leading provider of outsourcing services, has announced a tenyear lease on newly renovated office space at Scarlett House on Hill Street, Douglas, in the heart of Douglas business centre. This strategic move aims to enhance service delivery to Isle of Man-based companies operating in key sectors, including Travel & Hospitality, Artificial Intelligence Support, On-Demand Services, Software as a Service (SaaS), eCommerce, eGaming, Crypto, and Dating.
For businesses starting up in the Isle of Man, SOPHI offers an outstanding opportunity to ‘hit the ground running.’ With such diverse talent operating across so many business sectors, SOPHI Outsourcing can provide directors and decision-makers the luxury of focusing on their own discipline, safe in the knowledge that client and customer support is taken care of efficiently and with the utmost professionalism.
With a robust 15 year track record in the outsourcing industry, SOPHI has established itself as a trusted partner for businesses seeking efficient and effective solutions. The company boasts a diverse workforce of over
Our investment underscores our commitment to providing cost effective, professional and scalable outsourcing services. With our talented team and a focus on tech innovation support, we are poised to help our clients succeed in a competitive landscape
Chloe Franken-Ututalum, CEO, SOPHI Outsourcing
500 dedicated professionals, each equipped with the expertise necessary to support clients across various sectors.
A key feature of SOPHI’s service offering is the ability to provide white-label solutions, allowing Isle of Man companies to incorporate outsourcing services as a seamless add-on to their existing offerings. This approach enables businesses to enhance their service portfolio without the overhead of managing additional resources. By partnering with SOPHI, companies will be able to deliver high quality support to their clients while maintaining their own brand identity.
As a growing sector in the Isle of Man and a key focus of the economy, artificial intelligence presents unique opportunities. While AI technologies continue to advance, they often lack the functionality of real human interaction, SOPHI already provides services to emerging AI companies that seek to integrate that critical human element, ensuring their offerings remain effective and responsive, bridging the gap between AI capabilities and the essential human touch that many companies still require.
SOPHI also aims to reduce business HR risk through outsourcing, allowing companies to scale up and down as necessary during busy and quiet periods of work. This flexibility enables businesses to respond to market demands without the burdens of fixed overhead costs or lengthy recruitment processes.
SOPHI's decision to expand its footprint reflects the increasing demand for outsourcing services in the current economic climate. As companies in the specified sectors continue to evolve and adapt to market challenges, SOPHI is well prepared to offer scalable tailored solutions that drive efficiency and growth.
"We are excited about this new chapter in SOPHI's journey," said Chloe Franken-Ututalum, CEO of SOPHI Outsourcing. "Our investment in this new office space underscores our commitment to providing cost effective, professional and scalable outsourcing services by establishing a local operations office in Douglas. With our talented team and a focus on tech innovation support, we are poised to help our clients succeed in a competitive landscape."
Outsourcing has progressed beyond merely serving as a costsaving exercise. It has evolved into a sophisticated collaboration model enabling organisations to focus on their core competencies while leveraging the specialist experience, innovative technology, and scalable infrastructure of external providers such as SOPHI. By delegating critical functions such as customer service, back-office operations and digital marketing to trustworthy partners, companies acquire the expertise and flexibility necessary to succeed in an increasingly competitive landscape.
Start-ups can enhance their efficiency and scalability by outsourcing customer support, online store management or social media coordination, enabling major time saving and control of finances.
For major businesses, outsourcing offers the potential to improve operational efficiency, decrease costs and maintain agility in a volatile market. These enterprises often have the capability to handle operations internally but choose to outsource non-essential functions to focus on innovation and strategic growth. For example, multinational firms may outsource data entry or email marketing to improve efficiency and reallocate internal resources for market expansion or research and development.
Outsourcing offers organisations the freedom to effectively tackle challenges and capitalise on opportunities, ensuring their resilience and competitiveness in an increasingly uncertain environment.
Outsourcing tasks such as customer care, backoffice operations and digital marketing enables firms to optimise performance and, as SOPHI continues to expand its services and capabilities, the company remains dedicated to its core values of excellence, collaboration and customer satisfaction
The outsourcing landscape is always evolving and, in 2025, numerous significant trends are transforming the manner in which businesses engage.
There is a growing emphasis on individualised outsourcing services as businesses today require partners capable of providing customised solutions that closely fit with their particular demands and objectives. For example, an e-commerce enterprise may collaborate with a provider specialising in online retail management and logistics, whilst a fintech startup would engage with a provider proficient in compliance and financial reporting. This is why SOPHI is engaging across a wider range of platforms as it already employs expertise across so many sectors, from the development stage right through to the customer-facing service.
Outsourcing is transitioning towards increasingly collaborative frameworks. Businesses and outsourcing providers are collaboratively developing solutions, a trend which highlights the increasing acknowledgement of outsourcing as a partnership rather than merely a delegation of responsibilities.
Artificial Intelligence has emerged as a significant solution for enterprises aiming to automate monotonous operations and enhance efficiency. Although AI presents significant advantages in data processing, predictive analytics and automation, it is inadequate in situations necessitating empathy, adaptability, and creativity - attributes exclusive to humans.
Back-office activities also benefit from human involvement. Tasks like data enrichment, lead creation and virtual support frequently require context and critical analysis which AI is unable to discern. SOPHI integrates human know-how with technology, delivering optimal solutions of superior quality.
The advance of AI has led SOPHI - who already employs in excess of 500 people - to continue recruitment and training as, for those engaging directly with customers - either online or over a telephone conversation - knowledge, professionalism, empathy and impeccable manners are absolutely key in providing
customers with a highly satisfactory experience, thus maintaining loyalty to the client or brand.
Crucially, SOPHI customer support staff function across many time zones, allowing firms to deliver round-the-clock service to their international clientele. Their continuous availability is especially advantageous in the networked world in which we live, where consumers anticipate immediate responses and uninterrupted service at all times.
Every successful organisation is supported by a strong back-office operation that facilitates the seamless execution of daily activities. Nonetheless, activities such as data input can be resource-demanding and time-consuming. Delegating back-office support to SOPHI enables firms to optimise operations, liberating internal resources for more strategic endeavours.
Data input is an essential yet monotonous process that demands accuracy, especially so for regulated businesses. The Isle of Man is one of the most progressive locations to do business in the world and has become a model of a well-regulated jurisdiction many others follow. SOPHI enables firms to manage their data efficiently and accurately, facilitating informed decision-making throughout the organisation.
Social media is inescapable in running a business, from the sole trader working from home to the largest multinational corporation and everything in between. Social media coordination guarantees that a brand’s messaging is uniform across channels, captivating viewers and cultivating loyalty. Content development, encompassing blog posts, videos, and infographics, enables organisations to convey engaging narratives that appeal with their target audiences. SOPHI excels in this field with teams exclusively focused on enhancing clients’ presence with the right message at the right time and in agreement with the client and its objectives.
Outsourcing is not simply a mechanism for operational efficiency; it is a fundamental element of contemporary company strategy. Outsourcing essential tasks like customer care, backoffice operations and digital marketing enables firms to optimise performance and, as SOPHI continues to expand its services and capabilities, the company remains dedicated to its core values of excellence, collaboration and customer satisfaction. The move to Scarlett House is an exciting chapter in SOPHI's ongoing expansion and commitment to empowering businesses in the Isle of Man and beyond.
For more information about SOPHI Outsourcing and its services, visit sophi-outsourcing.com
Lee Penrose, Head of Business Development at The Fortress Group, observes that the UK budget changes have had profound consequences for individuals and families that have relocated to the UK over the last few years looking to take advantage of the attractive remittance basis tax treatment for UK resident but non-domiciled individuals.
Prior to the budget individuals who were resident but not domiciled in the UK were liable to pay UK tax on income and gains in the year that they arose but they could also opt to only be taxed on foreign income and gains if, and when, they were brought into the UK thereby protecting their international wealth.
Also, with careful planning a non-UK domiciled individual could ensure that their non-UK situs assets (shares in the international family business or investments, private property and assets) were kept outside the scope of UK Inheritance Tax (IHT). This planning often involved setting up trusts to hold non-UK assets which at that point were exempt from IHT.
The UK Budget announced the abolition of the remittance basis of taxation on 5th April 2025 to be replaced with a new solely residence-based regime (with a limited four-year concessionary regime for new and recent entrants to the UK).
From 6th April 2025 new rules will apply to IHT on chargeable events where a person has been UK resident prior to the year of the chargeable event. Once a person meets this 10-year residency test they remain in the UK IHT net for the next 10 years whether still UK resident or not – this is called euphemistically the IHT “tail”.
Previously established Excluded Property trusts (and Protected settlements) will no longer be exempt overseas assets and come within the UK IHT regime (on an attributed and arising basis).
For new entrants to the UK, there is a new regime which exempts Foreign Income and Gains (the “FIG” regime) for the first four tax years of residence. After this exemption has expired foreign incomes and gains become taxable in the UK.
Those who are already resident may still benefit for a
proportion of the four-year FIG regime, if they have been UK resident for under 4 years and they may still be subject to the old “remittance basis rules” for unremitted income and gains and need to plan ahead in this regard before 5th April 2025. The budget introduced a new concessionary Temporary Repatriation Facility regime (TRF) under which such clients may be able to bring foreign income and gains that arose under the previous remittance basis regime onshore to the UK, but advice will be needed as, whilst there is a concession, utilising it could in itself create an additional tax charge as well as the concessionary rate in certain situations.
Where a previously non domiciled person has been resident in the UK for more than 10 years, they will if they are resident in the UK after the 5th April 2025, become liable to UK Income Tax, Capital Gains tax and Inheritance Tax on their world-wide assets (this will also affect any trust settlement that they have created previously where they or certain family members have an interest in the trusts income and/or gains (the trust income and/or gains attributed to them personally on an arising basis whether they have actually received those income or gains or not).
Firstly, clients affected by these changes should seek appropriate tax advice as a matter of urgency. There may be rebasing, trust restructuring (exclusions) and certain other options such as changing the format of investments (insurance wrappers, non-reporting funds etc..,.) will need to be considered to minimise or reduce some of the effects of the change. Where clients have set up structures under the Remittance Basis regime the advisor will need to consider the effect of changes under those rules as well as any taxes arising from a potential restructure needed under the new regime (especially should they consider using the Temporary Repatriation Facility).
In some cases, those affected by the changes will look to leave the UK before the regime comes into force and consequently may now researching how they leave the UK and where they can relocate to.
Some clients from countries with a double tax treaty with the UK that also covers inheritance tax may look to shelter assets under the double tax treaty concerned. It is possible that the UK government will seek to challenge and or change such arrangements.
There are also various regimes, such as Italy and Switzerland, which offer favourable international tax treatment in return for a lump sum yearly tax payment. Similarly, some regimes offer time limited tax concessions should a person work and/or invest in that jurisdiction (such as Spain and Portugal).
Finally, there are a number of low tax areas around the world that provide favourable concessions for people relocating there, though many being by nature smaller locations have population and geographical constraints and consequently have significant residency and wealth requirements to limit new entrants to their location. continued . . .
Jurisdiction choice - leaving the UK is not always the easy and expeditious option for many clients.
Many clients already in the UK have had to meet strict VISA requirements to immigrate into the UK. To relocate elsewhere they would have to apply for a new VISA and comply with the requirements of that jurisdiction.
Indeed, many of these clients will have strong cultural, language and family ties to the UK and moving somewhere with an unfamiliar legal system, different customs and language and distant from family connections in the UK may be difficult and undesirable.
Some clients with existing trusts (or indeed insurance planning structures like PPLI) may need to consider whether the jurisdiction they are relocating to recognises and treats such structures favourably.
In practice, whilst many clients, will look to leave the UK because of the negative effects of the forthcoming changes they may find moving elsewhere very difficult for the reasons already mentioned but also because it is just not practical, or desirable when they have family or business connections in the British Isles that cannot be immediately abandoned.
So, if I am a
British National Overseas passport holder (or
have
a leave to remain in the UK) can I leave the United Kingdom quickly but remain in the British Isles and still have a favourable tax treatment?
Yes, you can go come to the Isle of Man (though it may be necessary to apply for a change to your Visa in the case of a leave to remain).
Whilst the Channel Islands locations are within the British Isles and only an hour or so from London, they have strict entry criteria. Jersey requires new entrants to demonstrate wealth over £10 Million and they can only acquire a house on the Island over £3.5m). The scope to set up and manage a business in Jersey is difficult because of these restrictions and the costs involved.
The Isle of Man has never been part of the United Kingdom. It is larger than its Channel Island cousins and is looking to increase its population.
The Island is well connected to the major centres in the UK and Ireland with regular flights to London, Manchester, Liverpool, Dublin and other major UK centres. A person relocating to the Island can be with an hour’s flight of London or half an hour from Manchester, but they will be based outside of the United Kingdom (assuming they are careful to cease their UK tax residency) and the affects of the proposed budget changes.
There is no restriction on property ownership and clients relocating here could also look to setup businesses on the island (with minimal work permit requirements for unskilled staff). This is an attractive option for family offices looking to employ staff in the British Isles or indeed clients that are also looking to relocate their business operations as they move. The Isle of Man Government has several support packages in place to assist
business relocation to the Island. Unlike the other territories it is relatively easy to create and operate a structure on the Isle of Man with the expertise and economic substance needed for success. Once relocated to the Island a client is outside of the United Kingdom and after 10 years could consider a return to the UK under the new concessionary regime, effectively restart the clock. Whilst on the Island (with careful planning) they will not be subject to IHT, Capital Gains tax or wealth tax and will pay income tax at the favourable Isle of Man rate. They can also establish companies within the attractive corporation tax regime.
For clients that want to be based in the British Isles because of family or business reasons locating to the Isle of Man is a sensible solution as they are within easy access of most UK centres but when they come home, they are outside of the United Kingdom. It is possible to set up business with economic substance and use it for a base for operations. Advice as always will be key ensuring that they whilst based on the Island they do not also inadvertently become also tax resident elsewhere such as the UK.
For those that need to be physically based in the UK there may be merit in setting up a structure in Isle of Man to hold international investments and family business interests whilst they are able to benefit from the 4-year concessionary FIG period. If a stay is anticipated beyond the concessionary period advice should be taken beforehand to consider options tailored to the client’s requirements such as exclusions from trust structures, the use of PPLI style insurance products and wrapper (perhaps held under a trust) and restructuring investment portfolios considering OEIC and non-reporting
funds. The Fortress Group can assist with introductions to specialist advisors that may be able to assist in such situations.
Yes, you can.
The Isle of Man for those clients needing to be close to the UK (1 hour from London) but not in the UK is an attractive location to live and work, and is an immediately accessible location for those looking to move in the coming months therefore it should be considered as a priority.
Being based on the Isle of Man for 30 years, The Fortress Group working with the Isle of Man Department for Enterprise would be happy to assist clients where this is the most practical and timely option to relocate whilst they deal with the effects of the UK’s budget changes.
We can assist with introductions to specialist advisors and Isle of Man Government agencies involved in pre-immigration planning to review your existing structures and identify your relocation options to tailor a solution to your circumstances.
Link: www.thefortressgroup.co.uk
Whilst many choose to establish their companies in the Isle of Man using a Regulated and Licensed Corporate Service Provider (CSP), the ‘go to’ solution, it often comes without clarity as to the alternative options available and, in many cases, the opportunities that are accessible which may provide business owners with the ability to ensure the sustainability of their business control, whilst enhancing important areas such as compliance with economic substance rules, leading to financial benefits for both the company, its employees and the Island.
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The Isle of Man is an internationally recognised leading business centre known for its innovation, business-friendly climate and positive engagement with international standards of regulation, compliance and transparency. The Isle of Man’s agile and probusiness government, low tax regime and compliance with international standards of regulation and transparency provide a secure and competitive choice for companies, partnerships and trusts.
As a leading financial centre that is strategic in its location, offering a high standard of living, political and social stability, it boasts a very competitive company taxation at 0-10%, with no withholding tax, capital gains tax or inheritance tax. It is accessible for business travel, more so than many other competitive jurisdictions such as in the Caribbean and Far East.
As a British Crown Dependency, the Isle of Man has a stable and reliable legal and regulatory system. This extends to the management and administration of Trusts and Companies which is a regulated and licensed industry. However, there is an alternative to using CSPs which can go unknown to clients and which, right now, offers an opportunity to those that require sustainability of their business control.
The solution lies with 500,000 square feet of unoccupied commercial offices, and a conversion available from a 2006 Act to 1931 Act Company. Reallocating professional fees paid to CSPs and instead directing those expenses towards acquiring office space and hiring real employees unlocks the potential for sustainability of business control, whilst enhancing important areas such as compliance with economic substance rules.
Representatives such as Advocates or CSPs can perform a lot of the administrative procedures to establish a business but, depending on the applicable companies act, it is not a statutory requirement for an application to form a Company or Trust to be made by or through them.
When evaluating the risk vs reward of working with a CSP, it is essential to consider both the advantages and potential downsides. CSPs offer a range of services for businesses from company incorporation and administration to compliance management and legal advisory, and the costs associated with engaging one can sometimes significantly impact a company's operations, growth and long-term success.
The Isle of Man’s agile and pro-business government, low tax regime and compliance with international standards of regulation and transparency provide a secure and competitive choice for Companies, Partnerships and Trusts
CSPs are often able to bring specialised knowledge and experience in corporate governance, tax laws, regulatory compliance, and financial management. Their expertise can help navigate the sometimes complex legal and regulatory environments in different jurisdictions. By leveraging their knowledge, businesses can avoid mistakes that may lead to fines, reputational damage, or non-compliance with local regulations. Effectively outsourcing administrative functions to a CSP allows business owners to focus on core business activities while the CSP handles the day-to-day regulatory, tax, and compliance tasks. CSPs typically have the infrastructure, tools and staff to implement solutions, allowing companies to scale and grow without having to build in-house teams for certain secretarial functions.
Engaging a CSP can be cost effective especially for smaller businesses or startups. Rather than investing in training, software, and compliance systems, businesses can access all necessary resources through the CSP at a lower cost. CSPs often have established relationships with service providers such as legal advisors and accountants, potentially passing along cost savings to their clients.
One of the key advantages of working with a CSP is their ability to ensure regulatory compliance. This includes AML (Anti-Money Laundering), KYC (Know Your Customer), financial reporting and other local regulatory requirements. CSPs help mitigate risks associated with non-compliance, which could result in hefty penalties or even the revocation of licenses. This is particularly beneficial in highly regulated jurisdictions like the Isle of Man but, in many cases, businesses can outgrow their CSP and it becomes a culture that doesn’t benefit the client.
It would be unreasonable to expect a CSP and its directors to understand and operate in a knowledgable and decision making capacity across multiple sectors, without the guidance and advice of their clients. While CSPs provide expertise in regulatory matters, they might not fully understand your business’s specific industry, culture or strategic goals. Without in-house knowledge, the CSP may not be able to provide the most insightful or tailored advice, potentially leading to misaligned strategies or inefficient operations. This is a particular risk when outsourcing important functions to a CSP as the CSP becomes liable and responsible for critical tasks such as executing agreements, banking transactions, financial reporting, tax filing, and regulatory compliance. If not managed correctly, this could lead to delays for clients, mistakes or mismanagement. In situations where a CSP is underperforming, it can be challenging to switch providers without disrupting business operations.
Across multiple jurisdictions, if a CSP fails to meet regulatory standards or is involved in illegal or unethical practices, a client company's reputation by association is potentially harmed. This is of particular importance in industries with stringent compliance requirements including financial services, egaming, and ecommerce. Clients can ultimately be embroiled in a situation
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overnight due to the actions of their CSP and have potential legal consequences.
These are risks that many clients are willing to take, as it is often seen as too expensive to structure internally. While CSPs may be seen as cost-effective solutions, they are operating businesses in their own right and clients have no control over increased costs or fees associated with the CSP’s operations. These costs can add up over time, especially in times of cost of living increases and higher interest rates. Some providers may have no option but to increase the cost of their services and the overall pricing structure may not be as cost effective as it seemed at first. Business continuity could be at risk if the CSP is unable to provide the necessary services due to internal problems. In some cases, this can extend where CSPs may represent multiple clients in similar industries or with competing interests. This could present a potential conflict of interest, where the CSP may not be able to act in the best interest of your business or may inadvertently share sensitive information between clients. It is important therefore to ensure that the CSP has policies in place to prevent conflicts of interest and safeguard client confidentiality.
For businesses seeking to establish autonomy, simplify governance, or optimise structures, converting to the 1931 Act can be an excellent option
business needs. Many procedures will be written based on the regulations in jurisdictions such as the Isle of Man and CSPs are obliged to keep up with these changes or face exposing clients to compliance risks. A poor understanding of regulatory nuances or a failure to react to new legislation could expose your company to potential fines or sanctions. This fortunately is a rare occasion in the Isle of Man, as the the Isle of Man Government and the Isle of Man Financial Services Authority are pragmatic and engage with their Licence Holders.
In conclusion, the reward of using a CSP lies in the significant time, cost, and compliance benefits, while the risks primarily revolve around an increased loss of control, dependency on the provider, and potential regulatory or reputational issues over time. Careful selection and ongoing oversight are crucial to ensuring that the relationship with a Corporate Service Provider is productive and beneficial for your business.
In highly specialised industries, you might find that a CSP's standard offerings don't align with the unique requirements of your business, necessitating additional external support or higher costs. CSPs may have set procedures and processes that may not always allow for complete flexibility or rapid adaptation to changing
The implementation of economic substance regulations has significant benefits for both the Isle of Man and the broader economy. These regulations, which require companies to demonstrate real and substantive activities in the jurisdiction, play a key role in ensuring the Island's competitiveness, financial stability, and reputation as a well-regulated international business centre.
Economic substance regulations protect local jobs and economic activity, as businesses are required to demonstrate that they are actively operating in the Isle of Man. This typically involves hiring local staff, leasing office space, and engaging in meaningful business activities which creates job opportunities and supports the local economy.
Economic substance regulations help diversify the Isle of Man’s economy. This ensures that the Island remains attractive to a wide range of businesses
By encouraging and supporting companies to establish operations and conduct genuine business activities on the Island, economic substance regulations help diversify the Isle of Man’s economy, thus ensuring that the Island remains attractive to a wide range of businesses. With companies employing individuals to run their businesses, this removes liability protection methods available to directors and thus reduces the risk of negligence or improper management. It also ensures fairness of the tax system, as all businesses are required to contribute in a manner consistent with their economic activities.
By ensuring that companies have genuine operations in the Isle of Man, economic substance regulations help create a sustainable revenue stream for the government reducing reliance on any single industry or tax strategy and creating a more stable economic environment.
Converting a company from the Isle of Man Companies Act
2006 to the Companies Act 1931 can provide several strategic benefits, especially for businesses looking to achieve greater independence, flexibility, and operational advantages.
A 1931 Act company is typically seen as more flexible in its operations and governance, as it has no requirement for the appointment of a Registered Agent, a service mostly derived from a CSP, making a 2006 Act the more popular recommendation of CSPs when incorporating companies for clients. However, the 1931 Act allows for a more customised approach to corporate structure and decision-making, removing the necessity for the involvement of a CSP or Registered Agent.
It is, in fact, possible to convert or establish a business independently. This independence has many economical benefits to the clients and the Island, as with less costs associated to a CSP model, financial resources are freed up up to employ staff directly which has a positive economic result for the Island across many business sectors.
For businesses seeking to establish autonomy, simplify governance or optimise structures, converting to a company under the 1931 Act can be an excellent option. However, businesses should carefully assess their goals and consult with professionals to ensure the transition aligns with their long-term strategy, as the 1931 Act is not suitable for every business type, particularly those seeking to operate within more modern or highly regulated frameworks.
The Isle of Man is home to an extraordinarily wide range of businesses, from IT andeGaming and financial services, to biodiversity, manufacturing and space exploration
Cloud services have become the lifeblood for modern IT, with many businesses choosing to use more than one Cloud service provider as the needs of businesses grow and change. Multi-Cloud solutions are more secure, flexible and low-risk compared to single-service strategies and have come to be favoured by businesses for those exact reasons. At Sure Business, we have a team of experts who know the current state of Cloud services market well. We spoke with them about how to maximise the use of Multi-Cloud and how it can benefit your business...
Multi-Cloud environments utilise a variety of public Cloud services to secure data, which can include infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and software-as-aservice (SaaS) offerings, from vendors such as Microsoft Azure or Sure.
It is key to understand the difference between this and hybrid-Cloud, which combine onpremises and public cloud services from a single vendor and allow for integration between them. For us at Sure Business, this Multi-Cloud technology extends your on-premises environment to your chosen public Clouds such as Microsoft Azure and Sure vCloud via private connections and does not go over the public Internet. Our Cloud connectivity service offers higher reliability, greater speeds, consistent latencies, and higher security.
this Multi-Cloud technology extends your on-premises environment to your chosen public Clouds such as Microsoft Azure and Sure vCloud via private connections and does not go over the public Internet
Businesses using Multi-Cloud environments can tailor their service based on products from different providers, improving operational capabilities while mitigating risk associated with single-vendor dependence
With the option to tailor services based on aspects of various platforms, Multi-Cloud users can adopt a strategy that is perfectly suited to their needs.
Disaster recovery is also a much smoother and efficient process when using Multi-Cloud environments. If one provider experiences an outage, data and workloads can be easily transferred to other providers so businesses can continue operating with no interruption.
Businesses facing unexpected or fast changes in their operational requirements also have agility and flexibility to scale up or down their service as required.
One of the key benefits of Multi-Cloud is that organisations can pick and choose which services they wish to use, and by extension, can create a bespoke service with a cost right for them. With the freedom to allocate resources as needed, organisations have ownership of their Cloud service and will not need to pay for unnecessary services.
In eliminating the need for data centres and opting for MultiCloud storage, businesses are saving a significant amount of money on building and maintaining their own infrastructure.
There are also a range of cost options available based on specific usage patterns for organisations to choose from. We offer a range of connectivity options depending on your connection and speed requirements.
When data, applications and services are geographically dispersed, the overall user experience is improved in a number
of ways. Firstly, response times are better, as organisations can select providers that are physically closer to their users or customers. Secondly, businesses can choose providers with a high standard of service and capabilities, further enhancing the customer experience as a whole.
Network connectivity is also significantly enhanced with the use of Multi-Cloud strategies due to private connections routing traffic to the closest service, contributing to high-speeds and low-latency.
Multi-Cloud environments can help businesses comply with regulations that require data to be stored in different locations, as organisations can decide which providers to use based on where they’re located.
As privacy requirements become more stringent, it is important that organisations are complying with regulations when it comes to data security. Multi-Cloud environments can help businesses comply with regulations that require data to be stored in different locations, as organisations can decide which providers to use based on where they’re located. This is an especially important factor in the UK and Europe, where data laws are particularly strict.
From large-scale companies to small start-ups, Multi-Cloud services are a great solution for businesses of any size.
For larger business, a key benefit is maximising operational efficiency and minimising the risk of downtime. Smaller businesses, which often do not reap the same financial rewards
as their bigger competitors, can choose costefficient options that cater to their exact needs, without paying for a package of resources that may not be relevant to company’s operations. Migrating to a Multi-Cloud strategy can be a transformative move for businesses, creating more opportunity for cost savings and digital resilience. At a time when cyber-crime is becoming more sophisticated, storing your data in multiple Cloud providers is not only the most flexible and reliable way to store your business’ data, but also the best approach to getting the most out of your service by tailoring it to exactly what your business needs. Want
We meet Malcolm Mason, Professional Services Consultant and resident AI expert at Sure Business, for his insight on the importance of using AI in today’s business landscape and what business leaders should be aware of when choosing a model.
AI has been in existence now for decades, dating back to the Turing Test – originally called the Imitation Game – an inquiry into whether a computer can think like a human being. AI has since taken the form of facial recognition technology, or smart devices, but it is in the last 10 years that we have seen it truly take off as a vital business tool used to maximise productivity.
In 2025, it’s no longer a question of whether or not businesses should be using AI, but a question of how they are using it.
AI allows people to work smarter, faster and more efficiently. It’s like having your own PHD student in a specific area who you can call on whenever you need questions answered. It still feels like a very futuristic concept to many, but it has in fact become an integral part of day to life and a vital tool for large and small businesses, if harnessed correctly.
In 2025, it’s no longer a question of whether or not businesses should be using AI, but a question of how they are using it. The fact of the matter is that if your business doesn’t have a robust AI strategy in place, competitors will have the advantage.
However, even if your business is yet to integrate AI into its processes, by using large-language AI models such as Microsoft CoPilot 365, it’s an inevitability that AI will work its way into your processes.
We are now seeing services such as ChatGPT being used by millions of people around the world as a research or content creating tool, allowing access to an infinite number of topics, all with a basic prompt. However, businesses should take caution, as those less in-the-know about AI regulation are at risk of being subject to corporate reprimands for not adhering to AI governance laws. Organisations based in the UK should be prepared for these laws to become stricter over the next few years, meaning business leaders should, if they have not already, establish an AI roadmap. Your team will be aware of how AI could benefit the business and their workstreams, so use this as a baseline for developing this AI plan."
How you use AI depends largely on the size of your business. Smaller businesses mostly use off-the-shelf models such as Microsoft CoPilot 365, which are usually integrated into the eco
system of your business. CoPilot automates tasks that would otherwise be time-consuming, such as email management or document creation, allowing the team to focus on other strategic activities. It also significantly helps smaller companies meet the capabilities of larger organisations as it contributes to increased productivity.
Businesses on the larger end of the scale will often use more bespoke tools and models that can be tailored to their needs, which smaller companies often do not have the resources to do. This does mean there is more complexity within these businesses, as they will start to consider individual data teams instead of off-the-shelf packages. With a larger company, there is also a need for greater data security, so a data governance team will likely be implemented to keep the business protected. It is also not uncommon for these companies to be subject to lawsuits, as they will often be using models that are not suited to them, and they, therefore, do not know where certain data has come from.
In previous centuries we – humans – have been the smart ones. However, we have now been outsmarted by machine intelligence. The latest ChatGPT model has smashed nearly all exams at a far higher level than any human is capable of due to employed reasoning.
Even though the advancements are coming in thick and fast, we are still at the very early stages of AI. Businesses can no longer ignore the presence of machine intelligence and must embrace the advantages it brings. If you haven’t already, our advice would be that the time is now to implement an AI strategy and stay ahead of your competitors.
Want to learn more how to safely implement AI into your business? Contact our expert team via our website at: https://business.sure.com/contact/
Microsoft Teams has quickly become the standard business collaboration tool with 90% of the largest companies globally now using the service
Sure Business is launching an innovative new service to integrate voice calls to Microsoft Teams. This means calls made to traditional landlines and mobile phones can now be automatically directed to Microsoft’s Teams application giving great flexibility and features to businesses.
The service will allow businesses to record and transcribe calls, control call queues and make and receive calls from desktops or mobiles and ultimately, stay connected on a global scale – all managed through the Cloud based Teams environment; working and collaborating from anywhere in a secure platform.
Teams has become almost ubiquitous to the way most modern businesses work. Sure Connect for Microsoft Teams is the next step in streamlining communication for local businesses
The Sure Connect for Microsoft Teams is a first for the Channel Islands and Isle of Man, allowing businesses to use their existing numbers and mean that legacy equipment and systems can be decommissioned, reducing costs.
Enterprise Product Manager David Salisbury said: “Teams has become almost ubiquitous to the way most modern businesses work. Sure Connect for Microsoft Teams is the next step in streamlining communication for local businesses and ensuring seamless business collaboration, not just within our island communities, but globally.
“At Sure, we're committed to providing the very best solutions so businesses can get the most out of their IT investments and stay connected as efficiently as possible with the very best in modern technology.”
Sure Business’ has a team of certified experts ready to support local businesses to easily adopt these services and attain the benefits quickly and cost effectively.
For more information, contact our expert team via our website at: https://business.sure.com/contact/
Whilst millions have heard of the notorious motorcycle road races, few have had the chance to truly experience the spectacle firsthand. Unlike most motorsport events, the racing takes place on public roads that are closed to traffic just 30 minutes prior to the action taking place. The speeds are mind-boggling, the danger levels are high and yet spectators can also watch only inches away from the incredible action at many points around the 37-mile Mountain Course. It is truly unique and often described as “the greatest motorsport show on Earth”.
The TT can trace its origin back to 1904 when motor racing first took place on the island in the form of the Gordon Bennett time trial for cars. Over the next few years motorcycles would be introduced into the format with the first TT for motorcycles taking place in 1907. Since then, the event has seen a number of changes including the incorporation of sidecars, course changes and developments to
Nowhere in the world can you experience corporate hospitality while inches away from bikes passing by at phenomenal speeds. Guests can have a reserved seat right at the heart of the action at a selection of prime locations around the course
the flow of new riders who wish to take up the challenge of the Mountain Course guarantee the TT a special place in Manx culture and society. It is also a major boost to the tourist economy of the isle.
Since its inception, the TT has also attracted some of the world’s most talented motorcycle racers, from golden era legends like Geoff Duke, Giacomo Agostini and Mike Hailwood to 90s stalwarts Carl Fogarty, Steve Hislop and Joey Dunlop. Today, topping the list of elite road racers are Michael Dunlop and Peter Hickman. In 2023 the pair both lapped the course at an average speed exceeding 135mph with Hickman setting a new lap record speed of 136.36 mph on his Superstock machine. These incredible speeds on narrow country roads which wind through villages and towns with no run off present a legendary spectacle that ignites passion in fans who make the pilgrimage from every corner of the globe.
improve safety. Despite these changes, the spirit of the event remains the same, earning it the reputation as one of the last great motorsport events, a reputation which attracts 40,000 fans to flock to the island each year.
It’s often said that no-one in their right mind would create a modern event like the TT with so much inherent danger for the competitors - 155 riders have died in TT events since 1907 - and where the course restricts travel for over 20,000 residents whenever the roads are used for racing. But history, tradition and
At the Isle of Man TT, getting close to the racing is an experience like no other. Nowhere in the world can you experience corporate hospitality while inches away from bikes passing by at phenomenal speeds. You can literally feel the whip of the air as they hurtle past.
© seansshots.co.uk
For two weeks starting at the end of May each year, the Isle of Man transforms from a tranquil island in the middle of the Irish Sea to one of the loudest, fastest and most exciting places in sport anywhere in the world as it hosts the Isle of Man TT Races.
have a reserved seat right at the heart of the action at a selection of prime locations around the course, courtesy of Duke Travel
Whilst the TT has plenty of great spectating spots, the top spots attract lots of fans who begin arriving hours before to secure their place on the hedges,
Now guests can have a reserved seat right at the heart of the action at a selection of prime locations around the course, courtesy of Duke Travel. All locations offer reservable premium viewing, toilets (male and female), parking and catering facilities whilst transfers from hotels can also be arranged.
Whilst you can fly guests in and back to see one raceday, most guests want to soak up some TT atmosphere and broaden their TT experience away from the racing with, for example, a lap of the course by coach with a racer as guide. Duke Travel can arrange
everything from accommodation and dining experiences, to gin tasting, steam train trips and e-bike hire ensuring your guests enjoy every minute of their stay.
Duke Travel is an Official TT Travel Partner with the knowledge, connections and over 40 years’ experience of the TT to ensure your participation is seamless and extraordinary.
For more information or to discuss your tailored corporate hospitality package, contact Duke today on +44 (0) 330 088 8434 or head over to www.duketravel.com/hospitality. Join us at the Isle of Man TT, and your guests will experience the event they will never forget.
You might be forgiven for believing property prices are unattainable to many on a beautiful UNESCO Biosphere Island that is a so well connected by a short flight to and from key locations throughout the UK. However, in 2023 the average property price was 19% above the UK average - and 12.5% above the average in England - at £340,333
Dec-12 253,410
Mar-13 250,666
Jun-13 249,029
Sep-13 242,983
Dec-13 243,711
Mar-14 241,274
Jun-14 240,290
Sep-14 243,131
Dec-14 246,957
Mar-15 244,408
Jun-15 245,793
Sep-15 247,967
Dec-15 248,461
Mar-16 250,888
Jun-16 248,892
Sep-16 247,045
Dec-16 247,373
Mar-17 248,031
Jun-17 247,357
Sep-17 249,160
Dec-17 250,219
Mar-18 253,948
Jun-18 256,759
Sep-18 259,479 Dec-18 258,530
Mar-19 260,850
Jun-19 265,898
Sep-19 263,355
Dec-19 265,843
Mar-20 266,648
Jun-20 266,869
Sep-20 273,007
Dec-20 285,064
Mar-21 294,126 Jun-21 302,989
Sep-21 315,155
Dec-21 328,747
Mar-22 334,239
Jun-22 339,392
Sep-22 347,184
Dec-22 347,905
Mar-23 347,729
Jun-23 348,995
Sep-23 342,673 Dec-23 340,333
Under £250,000
Between £250,000 and £500,000
Between £500,000 and £750,000
Between £750,000 and £1m
£1m and above
2023 saw a very similar distribution of the price of houses being sold to 2022, with the proportion of houses in the £250,000 to £500,000, and under £250,000 brackets, remaining the same, at 64% and 16% respectively.
The 2021 Isle of Man Census also provides some information regarding the number of houses by property type, number of bedrooms and geographical location. The census also provided an estimate of the level of vacant properties that exist on the Island. It was estimated from the 2021 Census that f Man has 42,915 residential properties, of which 37,220 were occupied. This represents a vacancy rate of 13%, or 5,695 properties which was a slight decrease from the 2016 Census figure of 15%. These figure include flats, houses, and cottages used as holiday accommodation, but excludes hotels and other commercial properties.
Convenient, secure and flexible indoor units to suit a wide range of storage needs - available 24/7
It was estimated from the 2021 Census that the Isle of Man has 42,915 residential properties, of which 37,220 were occupied. Th represents a vacancy rate of 13%, or 5,695 properties which was a slight decrease from the 2016 Census figure of 15%.
Douglas, Laxey and Onchan, which are the largest residential areas on the Island with short commute times and regular public transport.
Advance reservation online or phone 640040
In a great location opposite the airport
Sizes from 16 sq ft up to 600 sq ft
You'll find the south boasts some of the best beaches and scenic spots around the old fishing towns of Port Erin, Port St Mary and Castletown. The growing town of Peel on the west coast of the Island boasts some of the most idyllic sunsets and new contemporary style housing estates properties on offer. In the north of the Island there are smaller villages outside of the town of Ramsey, such as Kirk Michael, Jurby, Andreas and Bride, which are perfect if you enjoy the quieter life.
Bulk storage units and pallet racking available 24/7 access via pin code at the main door
CCTV Security
Packing materials, locks & accessories for sale
Automatic lighting in every unit
Ample loading area and parking
Undercover loading bay and freight lift
Free use of trolleys
At 33 miles long and 13 miles wide, here on the Isle of Man you'll find the average commute time is about 20 minutes - often lessso you won't have to worry when it comes to the distance from your new home to the childrens’ school or to your new place of work. Many locals walk or cycle to work and enjoy the active lifestyle the Island has to offer.
Whilst so much property for sale and buying information is available online, there is no substitute for seeing everything the Island has to offer in person. Why not book a short visit to explore this beautiful Island and arrange to take in a few property viewings while you are here? Whatever your budget, there is a home waiting for you in the Isle of Man, with many financial advantages to take into consideration when making your move.
BLACK GRACE COWLEY
51 Victoria Street, Douglas, Isle of Man, IM1 2LD. T: 01624 645555 | blackgracecowley.com
CHAPMAN CHARTERED SURVEYORS
30 Athol Street, Douglas, Isle of Man, IM1 1JB. T: 01624 623127 | chapman.im
CHRYSTALS
31 Victoria Street, Douglas, Isle of Man, IM1 2SE. T: 01624 623778 | chrystals.co.im
COWLEY GROVES
18 Victoria Street, Douglas, Isle of Man, IM1 2LQ. T: 01624 625888 | cowleygroves.com
DEANWOOD
37 Victoria Street, Douglas, IM1 2LF. T: 01624 620606 | deanwood.im
GARFORTH GRAY
27 Athol St, Douglas, Isle of Man, IM1 1L. T: 01624 667788 | garforthgray.im
GRAYS ESTATE AGENTS
2 Patrick St, Peel, Isle of Man, IM5 1AZ T: 01624 678876 | graysestateagents.com
HARMONY HOMES
36 Victoria Street, Douglas, Isle of Man, IM1 2LB, T: 01624 616200 | harmonyhomes.co.im
MANXMOVE
The Old Bakery, James Pl, Douglas, Isle of Man, IM2 6HD T: 01624 645555 | manxmove.im
PLUM PROPERTIES
14 Tynwald Street, Douglas, Isle of Man, IM1 1BG T: 01624 820600 | plumproperties.im
PROPERTYWISE
St. George’s Chambers, 1 Athol Street, Douglas, IM1 1LD. T: 01624 645555 | propertywise.co.im
A modern office suite in a great Isle of Man location
A modern Office Suite is now available at our prestigious Champion House offices in Tromode, Douglas.
Situated in an established business park, in landscaped grounds adjacent to the Millennium Wood, the modern building is accessible within 20 minutes by car from Castletown, Peel and Ramsey. Avoid the morning queues and traffic lights into central Douglas, and add an hour or two each week to leisure time in our beautiful island! 1,504 sq ft (140m2)
| Beam vacuum system From
| Extensive car park spaces available
| Gents, ladies and disabled WCs
| Landscaped gardens on three sides
| Outdoor seating areas
| Otis lift
| Kitchens, breakout rooms
| Fibre connections with MT and Sure
| Extensive network cabling, door access control systems
| Double-glazed, 3-phase electricity
| Oil fired heating, fresh air ventilation system on first floor
| E-bike park with charging
Waltons in Douglas has been a household name in TV and electrical appliances in the Isle of Man for over 50 years. After new management took over in 2019, Waltons has expanded dramatically, both physically and in its range of brands. Now, Smeg has been added to its roster, giving Isle of Man customers their first direct contact with the global name in quality appliances, famous for their ‘retro’ appearance and superb quality.
From small screens to giant, cinema quality 8K TV, white goods and a host of household appliances, Waltons showroom is a must see for anyone becoming a new island resident, Already the first choice of so many already living here, the quality of the products may speak for themselves but it is Waltons expert knowledge and after-sales service which keep customers coming back.
SMEG, one of the largest Italian home appliance companies, was founded in 1948 by a family of entrepreneurs who, with great passion and know-how, managed to develop a strong and growing company. Today, Smeg is run by the third generation of Bertazzoni, but it still keeps the memory of its beginnings alive in its name, an acronym for Smalterie Metallurgiche Emiliane Guastalla ("Emilian metallurgical enamel works of Guastalla").
Over time, the brand has established itself as a symbol of high aesthetic and each product is made with a unique attention to research and development. Each new appliance for SMEG is a special artifact, which arises from a deep study of design, ergonomics and function. Smeg's internal design studio, which carries out painstaking research into aesthetics and style, has the support of internationally renowned designers such as Guido Canali, Mario Bellini, the Piano Design studio, Marc Newson, Giancarlo Candeago, Matteo Bazzicalupo and Raffaella Mangiarotti.
Smeg has received a number of important accolades over the years, including a Wallpaper* Design Award, Red Dot Design, iF and Good Design Awards, as well as multiple Designer Kitchen & Bathroom awards, ERT, IER, Get Connected and various other awards for products, services and training. n
Some food for thought about the beautiful Isle of Man BEFORE YOU GO . . .
14% higher average annual salary on the Isle of Man than the UK
86% of residents say they have an excellent quality of life
Aston & Williams bring extensive experience in offering dynamic, pragmatic, and solution oriented guidance to private and commercial clients who wish to maintain more control over their corporate and trust structures.
Our advisory services are designed to assist both new and existing clients who wish to establish a physical presence for their businesses in the Isle of Man.
With over 500,000 square feet of available office space in the Isle of Man's capital, we're able to guide businesses, and present a prime opportunity to establish independence and self-reliance by enhancing economic substance, and ensuring compliance with developing legislation by converting an Isle of Man 2006 Act Company to a 1931 Act Company.
