IOMPLC Issue 1 by MM&C

ISSUE 1

YOUR COMPLETE GUIDE TO BUSINESS AND LIFESTYLE IN THE ISLE OF MAN · RELOCATION · LEISURE · PROPERTY · E-BUSINESS · FINANCE · PROFESSIONAL SERVICES

“...a leading international business centre renowned for its innovation, professionalism, transparency...”

you’re in safe hands complete solutions from the only fully converged provider that’s invested over £110m in the Island’s telecommunications

fully managed hosting, IT and telecoms solutions you can rely on call +44 (0)1624 624 624 visit manxtelecom.com

CONTENTS FUTURE PROOF Douglas regeneration plans

OF EGGS AND BASKETS

Continent 8: Data hosting expertise

TO INVEST AND INNOVATE

WEALTH OF OPPORTUNITY

Manx Telecom

RESPECTED AND RENOWNED

Financial Sector overview

QUALITY PEOPLE IN QUALITY POSTS

Thomas Miller Investment in the Isle of Man

Search & Select

GLOBAL SUCCESS

Riva Financial Systems

MAKING THE RIGHT MOVES

ISSUE 1

INSURING AGAINST BUSINESS RISK

Rossborough

HOMES OF DISTINCTION

A BLESSING TO THIS ISLAND

Chrystals Estate Agents

Property sector overview

40 YEARS AND COUNTING

King William’s College

THE ISLAND’S BIGGEST BUSINESS NETWORK

44 52 6 28 22 46 12 32 48 Abacus

Isle of ManChamber of Commerce

Welcome Home: Lifestyle advantages of the Island life

ALSO INSIDE:

Room To Grow: The ideal environment for family and business

Isle of Man – an A to Z guide

Open For Business: Offshore advantages

Isle of Man at a glance

World Class Support: Professional services overview

If you have any articles you would like considered for publication or would like to advertise in the next issue of iomplc, please contact us. Editorial contact: richard@mmc.co.im Advertising contact: craig@mmc.co.im

44 (0)1624 678001 www.mmc.co.im

Island Of Opportunity: e-Business sector overview

Images used on pages 7, 14, 16, 18, 24, 30, 48 & 51 courtesy of the Department of Economic Development. Front cover image and those used on pages 4 & 5 courtesy of Isle of Man Government – images show illustrative example of the proposed development in Douglas. Images used on pages 5, 28, 30 & 46 courtesy of Isle of Man Tourism.

FUTURE PROOF All images courtesy of the Department of Economic Development

Quayside with winter garden

EVEN AFTER MORE THAN A QUARTER OF A CENTURY OF ECONOMIC GROWTH, THE ISLE OF MAN KNOWS IT CAN’T STAND STILL IF IT IS TO RETAIN ITS STATUS AS ONE OF THE WORLD’S LEADING INTERNATIONAL BUSINESS CENTRES.

The Maritime Gateway

FUTURE PROOF A testament to this determination to maintain a competitive edge is the Government’s bold vision of how the Island could look in the future. The draft Central Douglas Masterplan brings this vision to life and aims to encourage investment in the Island’s capital and support continued economic growth. The masterplan showcases a wide range of proposals, including a number of short to medium term aspirations and other, more ambitious, longer term ideas.

Government recognises that it’s vital that everyone has a chance to contribute their opinions on future development, so these draft plans were put out to consultation in the autumn of 2014.

To see the plans in more detail go to www.gov.im/about-the-government/ offices/cabinet-office/central-douglasmasterplan Following the closure of the consultation period in November

2014, all comments are being reviewed and Government will determine what, if any, changes are required to the masterplan. It will then be published in final format and will assist in guiding future development. This is just part of the Government’s bold regeneration plans for the Island – a clear sign that long-term strategies are already being put in place to ensure that the Isle of Man has a bright future.

...a clear sign that long-term strategies are already being put in place to ensure that the Isle of Man has a bright future.

The Fort viewed from Fort Street

The Isle of Man British Crown Dependency at the centre of the British Isles. Attractive tax regime. Income tax 20%, Personal Tax cap at ÂŁ120,000 PA. No capital taxes. No inheritance tax. Zero rate corporate tax for most businesses. A relaxing and safe lifestyle 30 mins flying time from North West UK. 227 sq. miles of scenic countryside and 100 miles of dramatic coastline.

Scotland

Ireland

Isle of Man

Wales

www.chrystals.co.im Visit www.chrystals.co.im and feast your eyes on a selection of high end residential property that you can make a home of your own. Contact Shane Magee or Neil Taggart on +44 (0)1624 623778 or douglas@chrystals.co.im with your property requirements and further information on moving to the Isle of Man.

England

WELCOME HOME

Moving home is always a big step – and even more so if you are considering relocating your business and setting up a new home for your family. Here in the Isle of Man you will find many kindred spirits who have made that big step – and most of them will tell you that it’s the best decision they have ever made, in terms of both their personal and professional lives.

Image court

Image courtesy of Isle of Man Tourist Board

tesy of the Department of Economic Development

Why? Well, everyone has a unique story which brings them here – but for most it’s the peace and tranquillity of Island life which is uniquely combined with a ‘can do’ attitude towards business and a vibrant economy. Yes, there are tax advantages too – but there are many more reasons to live here than the stereotypical and now clichéd depiction of the Isle of Man as just being a ‘tax haven’.A beautiful landscape rich in history, excellent properties in stunning locations, good schools and healthcare, a vibrant community spirit, and a very low crime rate, all contribute to the Isle of Man being widely regarded as one of the safest and most comfortable places to live in the British Isles. In business, you will find a Government which welcomes and supports those who want to bring investment and jobs here. Ministers proactively encourage business, from startups to established businesses looking to relocate, and this is aided by the fact that there is no party political system of the type

which can be so divisive in other jurisdictions. This is a breath of fresh air for the many business owners and directors who have relocated here. The entrepreneurial spirit which is so essential to economic growth is actively encouraged and it is this more than anything else which has resulted in 25 years of sustained economic growth. That’s not to say there’s no bureaucracy or red tape – there is, as with any Government. But what makes the Isle of Man different is that there is a real understanding in the corridors of power that there needs to be a robust but pragmatic approach to regulation. It’s this unique combination of a high quality of life and a world class international business centre which makes the Island a place where it’s possible to find the perfect work/ life balance that many of us spend years searching for.

OF EGGS AND BASKETS HOUSING CRUCIAL DATA: WHICH EGGS IN WHICH BASKETS?

Data is arguably one of a companyâ&#x20AC;&#x2122;s most important assets and any breach, loss or compromise of it can be catastrophic, so choosing the best solution for housing that data is undoubtedly one of the most crucial decisions that any CTO/CIO currently faces. It comes down to carefully choosing - which eggs do you put into which baskets. The problem is that for decades the IT pendulum has swung between centralised and de-centralised systems, and even today continues to do so. Is it that a mix of centralised and de-centralised systems is needed?

By Stephen Trimble Head of Product, Continent 8 Technologies

There is little doubt that in the data centre world the pendulum is now swinging back towards de-centralisation.

The overriding question to be answered is how is it possible to make a future-proof decision on your own corporate approach? To help, we need to look closer at what is happening and what’s driving the cycle. Firstly, there has always been a fairly simple economic argument for centralised computing which can be summarised as: • With the capital cost of computing power declining, support costs tend to predominate. • Centralised support costs less then decentralised support. • Therefore, centralised computing models will ultimately win financially. Centralisation also makes it easier to create an effective disaster recovery strategy, minimise manpower ‘spread’, obtain volume discounts on technology purchases and lower maintenance and training costs through standardisation. However, if this was true 100 per cent of the time, we would have all now embraced a centralised computing model. Yet, instead we’ve also seen a constant swing towards de-centralisation so, clearly, there are other factors at work. So why de-centralise? Firstly, it’s generally accepted that raw centralised computing power costs more than de-centralised computing. In other words, it’s more expensive to hook 32 CPUs and 768GB of RAM onto the same backplane than it is to purchase 32 separate 1CPU machines each with 24GB of RAM. Also, it all has to be bought at the same time so difficult to spread costs. Another issue with a centralised computing model is the cost to the business of maintaining access to a single, large computing ‘stack’. One obvious cost area is basic network access – how much is it going to cost to get all the band width needed (in both directions) at appropriately low latency, from anywhere in the world to a single site / geographic location? Crucially, a significant cost is keeping any centralised computing resource up and available all the time. With ‘all eggs in one basket’ as it were, the entire business can be

impacted by the same one outage, be it at a single data centre, cloud platform or across an entire geographic area.

the e-Gaming market, headquartered in the Isle of Man, employs such a global model which is key to the success of their business.

One of the most recent examples of decentralisation of technology is the ‘block chain’ – the engine on which Bitcoin and indeed other crypto-currencies is built. This is a new kind of distributed consensus system that allows transactions, or other data, to be securely stored and verified without any centralised authority at all; this is because they are effectively validated by the entire network.

“Microgaming developed the first true online casino in 1994. It has been breaking records, breaking new ground and breaking its back in pursuit of original gaming ever since. Developer of thousands of unique, genre-defining Casino, Mobile, Poker, Bingo and Landbased games, Microgaming hosts the largest Progressive Jackpot Network in the world. Its products include Live Dealer, Sportsbook, Business Solutions and Quickfire. Microgaming manages the hardware infrastructure that the gaming platforms run from on behalf of the casino operators. An integral part of that service is ensuring uptime, agility and superior performance in order to meet peak demand times and retain customer loyalty. Microgaming depends on their global hosting partnership with Continent 8 Technologies to deliver the required high levels of service.” Leon Turner Head of IT – Microgaming

Those transactions don’t have to be financial; that data doesn’t have to be money. The block chain engine can be used for a whole array of other applications, and it will be. So, the centralised versus de-centralised cycle keeps turning because in any given computing ‘lifetime’ the costs of all of the above factors rise and fall. This in turn leads IT global decision-makers to optimise one factor over another, thus promoting shifts in computing strategy and the wheel then turns again. There is little doubt that in the data centre world the pendulum is now swinging back towards de-centralisation. • Driven largely by a need to be ‘closer’ to users. • To mitigate geographical risks. • To ensure compliance with global regulation. • To ensure that data ‘residence’ requirements are met. This momentum won’t stop. So when choosing a data centre partner you want one where you don’t have to choose a single basket to fill with all of your eggs. You want one who won’t mind (and won’t penalise you) if you want to move your eggs between baskets. Most importantly, you want one who has baskets around the globe to cater for changes in your business, and changes in IT approach. There are sometimes other external forces (regulatory, legal, license stipulations etc) which seek to dictate the baskets you can use; often favouring a geographically centralised approach. To be truly global, and to give your customers the best service, it is often a mix of centralised and de-centralised systems which wins the day. One of the world’s largest software providers to

Continent 8 Technologies is the only Isle of Man data centre provider which can offer a true mix of centralised and globally de-centralised services. Winner of the “Company of the Year 2014” accolade at the Isle of Man Excellence Awards, Continent 8 is proud to call the Isle of Man its home. It is equally as proud of its £5m investment in its world-class PCI compliant Isle of Man Data Centre. The company also operates data centres and connectivity network points of presence around the globe including London, Paris, Milan, Dublin, Malta, Gibraltar, Guernsey, Singapore, Montreal, Toronto, New York and New Jersey. Continent 8 can also offer global MPLS services connecting your Isle of Man business across the company’s backbone to anywhere – with the ability to guarantee and end-to-end service levels, all backed by a 24x7x365 dual Network operations Centre. Whether your business has chosen to centralise or decentralise your systems, or you just aren’t sure yet, one thing you can be certain of is that it won’t be that way forever; the cycle will come round again. The important thing is that you are making decisions now as part of a long-term strategy so you can actually do both.

TO INVEST AND INNOVATE

MANX TELECOM KEEPS MORE THAN 4,000 BUSINESSES RUNNING 24 HOURS A DAY, 365 DAYS A YEAR. THESE STATISTICS ILLUSTRATE THE COMPANY’S EXCELLENT REPUTATION AS A WORLD CLASS PROVIDER OF FULLY MANAGED HOSTING, IT, AND TELECOMS SOLUTIONS FOR BUSINESS CUSTOMERS LARGE OR SMALL.

Over the last decade Manx Telecom has invested £110million in the Island’s telecoms infrastructure which has played a significant role in establishing the Isle of Man’s status as a world class international business centre.

in 2014 which signalled the completion of the first phase of its £10million Greenhill Data Centre project. Two further phases of the development are planned to increase rack space.

A commitment to innovation and investment are at the heart of all the products and services Manx Telecom provide for business.

OFF-ISLAND CONNECTIVITY

MOBILE 2014 saw Manx Telecom launch the Isle of Man’s first 4G superfast mobile broadband network which has a world-class 99% population coverage and speeds 10 times faster than 3G. For businesses, the much faster speeds and more reliable connection which 4G provides means faster downloading and uploading of emails and documents, improved video conferencing, and it also opens the door to allowing live demonstrations of products and services. 4G technology helps to improve efficiency and reduce costs by complementing the high speed fixed line broadband services most businesses already use. The company has an impressive record of pioneering mobile technology – in 2001 it became the first in Europe to launch a live 3G network, and in 2005 the world’s first company to offer a High Speed Packet Access HSPA (3.5G) service.

FIXED LINE BROADBAND Thanks to Manx Telecom’s long-term investment in VDSL high speed broadband, around 87% of homes and businesses on the Island now have access to broadband speeds of up to 40 Megabits per second (Mbps) download and up to 2Mbps upload. From February 2015 a new VDSL Plus service will deliver the fastest fibre broadband on the Island with speeds of up to 80Mbps download and up to 10Mbps upload. 100% of the Island’s telephone lines can already obtain ADSL2 Plus fixed line broadband, offering download speeds up to 16Mbps.

DATA HOSTING Manx Telecom is the only on-Island operator with two Tier 3 data centres which have resilience built into every part of their infrastructure. e-Gaming is one of the most demanding sectors for any hosting provider, so it’s a measure of the world class standards achieved by Manx Telecom that some of the world’s biggest e-Gaming brands are among its clients, including PokerStars, Full Tilt Poker, and Paddy Power. Manx Telecom opened a brand new purpose-built Tier 3 data centre

In partnership with the Isle of Man Government, Manx Telecom plays a pivotal role in making the Island a global centre of excellence for e-Business in all its forms. The company has made a significant investment in a world class Cisco powered off-Island Multiprotocol Label Switching (MPLS) network which connects the Isle of Man directly to London and other points of presence in Manchester, Dublin and Belfast in a matter of milliseconds.

MANAGED SERVICES With a Managed Service solution, Manx Telecom can provide a business with a bespoke managed platform designed, procured, installed, managed and monitored up to and including Operating System level; ideal for a hosted desktop solution for instance. Complimented by Manx Telecom’s internet and/or global private connectivity solutions, it is particularly appropriate for customers requiring Data Centre facilities outside of, or complementary to, their own and is perfect if (for legal or tax purposes) IT platforms and Internet transactions need to be processed offshore and the customer does not wish to employ or base a significant IT team on the Island.

THE HIGHEST STANDARDS Manx Telecom is committed to the external validation of its services, and holds an extensive number of certifications which ensure that the highest standards are maintained. These certifications include ISO 14001:2004 Environmental Standard; ISO 9001:2008 Quality Standard: ISO/IEC 27001:2005 Information Security Standard; and PCI DSS Payment card Industry Data Security Standard. Manx Telecom is also committed to providing excellent customer service for consumers and businesses. For more information go to www.manxtelecom.com or contact the company’s Business Sales team by phoning +44 (0)1624 624 624 or emailing sales@manxtelecom.com

OPEN FOR BUSINESS

Ever wish that your business dealings were more straightforward? Would you like to be able to talk directly to government Ministers and regulators and explain to them how they can help your business? Do you sometimes wish that you could move your company to somewhere that allowed entrepreneurs to show their flair for innovation instead of tying them down with red tape? Well, wish no more – because you can find it all on an Island which has also enjoyed 25 years of continued economic growth. A positive ‘can do’ attitude towards business has been a key factor behind this growth. This is perfectly captured in the ‘Isle of Man. Where You Can’ marketing initiative used by the Department of Economic Development to drive inward investment. It’s much more than just a catchy slogan. Yes, it demonstrates a commitment from Government to encouraging public and private sectors to work together and make a real difference to how the Isle of Man is marketed around the world - but it also reflects a business culture in the public and private sectors which sees opportunities where others see problems; where regulation is used to help protect businesses instead of stifling their growth with unnecessary restrictions. Government – via its Economic Development arm – also provides a range of initiatives to help established businesses to relocate or for entrepreneurs to start-up from scratch. The Department can offer advice on everything from financial assistance and taxation, to finding a suitable property or recruiting staff. The Island’s economy is diverse, covering finance and financial services, e-Business, manufacturing, IT, clean tech, aviation, maritime, retail and tourism. Promoting economic diversity is the foundation of Government’s strategy to continued economic growth – a strategy encapsulated in its Vision 2020 initiative. This sets out a clear economic vision for how the Isle of Man can continue to prosper with specific strategies and actions to deliver that prosperity. The overall vision includes eight strategies in key areas of the economy. Taken together, Government is forecasting growth of 3% to 4% each year in real terms to 2020, which is substantially higher than the forecasts for almost all developed economies. The delivery of this growth will require ever-greater commitment and engagement by Government with the private sector – and Vision 2020 is a high-profile affirmation of this commitment. A can do attitude, and a clear vision of the Island’s economic future based on decades of growth, provides an ideal environment for businesses to flourish. As we say, the Isle of Man is always open for business.

THE ISLAND HAS ONE OF THE MOST SOPHISTICATED LEGAL FRAMEWORKS RELATING TO FORMS OF BUSINESS ORGANISATION OF ANY OFFSHORE CENTRE AND IS AMONG THE LEADING JURISDICTIONS IN THIS RESPECT.

REGISTERING A COMPANY Registering a company in the Isle of Man is simple and straightforward and has many advantages. There are ‘ready-made’ companies available from a number of sources, including CSPs licensed by the Isle of Man Financial Supervision Commission (FSC). The FSC is responsible for the licensing, regulation and supervision of those undertaking these activities and has an online directory where you can search a list of registered licence holders at www.fsc.gov.im However, if you wish to incorporate a company yourself, you will first need to obtain approval of your proposed company name from the Isle of Man Department of Economic Development (www.gov.im/ded) Here are the main advantages of registering your business here:

• The Isle of Man is one of the world’s leading international business centres, and one of world’s leading jurisdictions for offshore financial services.

The legal profession, and the judicial system it serves, are internationally respected and adhere to the highest standards. Legal judgments made here carry great weight internationally. The accountancy profession is well established, with all the major international firms represented from the Chartered, Certified and other branches.

• The Island has one of the most sophisticated legal frameworks relating to forms of business organisation of any offshore centre and is among the leading jurisdictions in this respect. • The Isle of Man is a ‘Common Law ’jurisdiction. Equity, as it developed in the English courts, has been applied identically in the Isle of Man since the 1600s. With a few exceptions, notably in Land law and Constitutional law, the Isle of Man closely follows English legal precedents and legislation. • The high standards of the professional services sector here is a major factor behind the Island’s continued success.

VISION 2020

• The Institute of Chartered Secretaries and Administrators is also represented, as is the banking profession through a branch of the Chartered Institute of Bankers. • The Companies Registry administers all functions relating to the regulation of companies, limited liability companies, limited partnerships and industrial and building societies.

VISION 2020 IS THE ISLE OF MAN GOVERNMENT’S STRATEGY FOR CONTINUED ECONOMIC GROWTH. IN A RAPIDLY CHANGING WORLD. IT DEMONSTRATES A FORWARD-THINKING AND INNOVATIVE APPROACH WHICH IS CENTRED ON CONTINUED DIVERSIFICATION OF THE ECONOMY.

The Vision2020 findings in summary:

ISLE OF MAN. WHERE YOU CAN

VISION

To continue as an international business centre of excellence, the Government believes that the Island must be: • Able to compete with the best in all sectors • A transparent international business partner – countries, companies and individuals guard their brands, so Government wants businesses to see the Isle of Man as a partner they can feel proud of

VISION2020 9

ISLE OF MAN. WHERE YOU CAN

...and our workforce must adapt

CUrrent

Management Professional

Management

Technical

Professional Technical

Clerical Jobs ‘automated’

Clerical

Jobs ‘off-shored’

fUtUre

• An incubator for innovation – speed has value and so the Island can use its small size to good effect

Management Professional

Management

Technical

Professional Technical

Clerical Jobs ‘automated’

Clerical

ISLE OF MAN. WHERE YOU CAN

• A skilled technology centre – the Island’s ability to use technology (and particularly ICT) will be critical to its continued success • Secure and safe – Government is determined to maintain the Island’s high standards of safety and security within a free and democratic society, for both individuals and businesses, so that these aspects of Island life remain vital part of the Island’s appeal • Able to continue to provide an excellent quality of life and be a unique and beautiful place to live and work to allow individuals to reach their full potential The full, online electronic version of the Vision2020 document can be viewed at: issuu.com/iomwhereyoucan/docs/vision2020_d10

Jobs ‘off-shored’

VISION2020 21

To adapt our economy to the 2020 world, our workforce will need to adapt. We will need ever-more skilled, specialist – and well-paid – workers, for example in Information and Communication Technology (ICT), engineering and corporate financial services.

emerging Sectors

International Partner

•

e-business is projected to provide over 90% of the growth in Emerging Sectors. Of this, Information and Communication Technology (ICT) is projected to deliver two thirds of the jobs.

•

Energy offers great potential, especially wind, wave, tidal and natural gas. Of this, only wind energy has been included in the projections as the other areas are still under development.

•

Other emerging sectors – such as biomedical – offer great potential but are not included for the same reason.

all Wealth-Creating Sectors •

Small to medium sized enterprises have been a key source of growth over the last decade and this is forecast to increase. As a result, the Isle of Man must increasingly be an attractive place for entrepreneurs and their families to live as well as a great place to grow their businesses.

transparent, responsible, cooperative and trusted

Figures based on Vision2020 research and National Income Report 2011/2012; Digest of Social Economic Statistics 2013; Isle of Man Census 2011

As the world gets smaller, the opportunities get bigger. A partnership approach is essential for success in the bigger opportunity world of 2020. With specialised knowledge, niche products and services and world class professionalism, the Isle of Man is the perfect partner for other economies of the future. In order to thrive, the Island must not only keep pace with the changing standards, but must continue as a leader in adopting international standards. This will require vigilance and effort. To be fully integrated with the international market, the Island will need to develop better links, networks and representation as well as our language base.

Safe and secure Reputation for reliability and responsibility

8 VISION2020

Co-operative partner

The economic mix will continue to change... Aligned pR and media approach

The Isle of Man is a leading business centre at the forefront of international standards. ContrIBUtIon of Wealth CreatInG Our long-standing policy of positive engagement SeCtorS to GovernMent InCoMe with international initiatives and regulations £60m means that the Island is a trusted, professional and cosmopolitan partner regionally, with£50m the UK and with the international business community £40m

Local resources in target markets UK regional strategy

ContrIBUtIon of Wealth CreatInG SeCtorS to eMployMent

ContrIBUtIon of Wealth CreatInG SeCtorS to GDp

EU acceptability 14% International acceptance in regulatory/taxation 24%

25%

2010

Relevant languages 2010

10% 65%

£30m 62%

£20m

Emerging Sectors

Financial Sector

Established Sectors

£10m 20%

27%

£0 Emerging Sectors

Established Sectors

Financial Services

33%

2020

2020 58%

2010 2020

9% 53%

financial Services •

Financial services and professional services will remain the largest wealth generating economic sector for the Isle of Man, but there will be changes. Banking and some elements of traditional financial services will contract as global businesses rationalise and international transparency standards are widely implemented.

•

We will continue the move from traditional offshore to inpatriate and expatriate markets for the mass affluent, corporate and high net worth individuals. This will result in fewer, but higher value customers with a higher expectation of service and product needs.

•

Professional services have the opportunity to provide higher value multiple solutions as the world’s economy recovers and internationalisation is required.

•

Insurance and long term savings are set to grow steadily as more transparent, internationally compliant and regulated products become key.

established Sectors •

Manufacturing will be important here, principally in the aerospace and optics/coatings clusters.

•

The visitor economy offers good growth potential. It is also vital to supporting the wider economy as current and prospective residents increasingly expect a high quality of life including distinctive culture and arts, good leisure services and transport links.

•

High-quality local food and drink can make an important contribution if it can move to higher-value products sold to residents, visitors and export customers through effective marketing.

Together, we can fuel your growth. Team up with a winning partner who thinks like you do. We’re here to get you the right talent for your company. From executive’s to short term temps, delivering top candidates quickly is our top priority. Welcome to Search & Select: A recruting partner that’s in the business of knowing yours. Click here to send us an email

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00 44 1624 678144 www.searchandselect.com Just click on one of our areas of expertise below to find out more: Executive & Permanent Recruitment

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Mergers & Acquisitions

WEALTH OF OPPORTUNITY

For almost 50 years the Isle of Man has been a centre for banking and investments, and today the financial and financial services sector forms the bedrock of the economy. This sector makes up around 34 per cent of gross domestic product and employs almost a quarter of the workforce. While it’s true to say that the sector has shrunk over the past decade or so, it remains crucial for the Island’s continued economic growth – and that’s in an economy which has grown year on year for over a quarter of a century. In the context of the global financial crises that all economies have endured in the past few years, that’s a remarkable achievement and a major indication of the strength of the finance and financial services sector here. Banking is at its core with big names such as Barclays, Coutts, RBS, and Santander all having a presence on the Island. Retail, commercial, and private and expatriate banking providers are able to offer all of the services that private, corporate and institutional clients may need covering a complete range of solutions including deposits, treasury services, foreign exchange, trust and corporate services, residential mortgages, investment property finance, commercial finance, and corporate finance. Banking deposits may have fallen by around 10% since 2008 (around £52million was deposited with IOM banks at the time of writing in December 2014), but overall the sector remains very positive and there are opportunities for in¬creased personal and corporate lending, foreign exchange, and advising to international clients on crossborder tax and regulation. With around 3,000 jobs in the Island’s banking sector, it also continues to be a major employer. There are equally high-quality providers in captive insurance, fiduciaries, fund management and administration, and life and pensions – and all supported by a strong network of law firms and accountants.

LOOKING AHEAD, IT’S CLEAR THAT FINANCIAL AND PROFESSIONAL SERVICES WILL REMAIN THE LARGEST WEALTH GENERATING ECONOMIC SECTOR IN THE ISLE OF MAN FOR THE FORESEEABLE FUTURE, BUT THERE WILL BE CHANGES AND NEW OPPORTUNITIES.

Government policy for the finance and financial services sector focuses on creating an environment which encourages continued growth of high quality businesses wishing to migrate to the Island or establish a new presence here. This policy is greatly assisted by the Island having an Aa1 sovereign rating from Moody’s and the fact that we are recognised by the International Monetary Fund as a well-regulated offshore Finance Centre of excellence.

KEY IOM BENEFITS FOR FINANCIAL SECTOR

Looking ahead, it’s clear that financial and professional services will remain the largest wealth generating economic sector in the Isle of Man for the foreseeable future, but there will be changes and new opportunities. That’s a message which is outlined in Isle of Man Government’s Vision 2020 strategy for the sector. Banking and some elements of traditional financial services will contract as global businesses rationalise and international transparency standards are widely implemented. That process has already begun with the closure of a handful of banks in recent years – but overall the banking sector here will remain very strong. Within the next decade we can expect to see moves from a traditional offshore model to inpatriate and expatriate markets for the mass affluent, corporate and high net worth individuals. The Government’s strategy is based on the logic that although these customers will be fewer in number, they will have a higher expectation of service and product needs.

• Blue Chip and Specialist international banks

The Isle of Man offers many advantages for the finance and financial services sector, including: • Aa1 rating from Moody’s • Sterling based • EUSD compliant • Internationally recognised regulation • Integrated wealth management • Wide product range for individuals and businesses • World class telecoms infrastructure including VDSL Plus fixed line broadband, and 4G mobile broadband • Network of business professionals with wide expertise.

ADVANTAGES FOR CAPTIVES • Home to an impressive number of FTSE 100 and 250 companies and major blue-chip multinational organisations • Proportionate and focused regulation • Proportional legislation specifically tailored to Captives • Not an EU member state • 0% Corporate Tax Rate

For professional services there will be opportunities to provide higher value multiple solutions as the world’s economy recovers and internationalisation is required. Government also expects that insurance and long term savings will grow steadily as more transparent, internationally compliant and regulated products become key. All of these developments provide exciting opportunities for businesses which can adapt to these changes.

• OECD White Listed

FinTech and digital currencies are also potential growth areas and the Island is well placed to become an international centre of excellence in this field. During 2014 there were several debates and workshops held here focusing on the advantages which the Island has to offer digital currency businesses. With world class data hosting facilities already utilised by e-Gaming and e-Business firms, much of the infrastructure and expertise required for the digital-currency sector is already in place. There is a real opportunity for digital currencies to become another technology cluster with the Island able to provide the secure, transparent, well-regulated jurisdiction that businesses will demand.

SAFE AND SECURE PROTECTION FOR DEPOSITORS

• Redomiciliation legislation • Loan backs to parent available • PCC/ICC legislation • Often less than a month from application to receipt of licence

The Isle of Man has a Depositors’ Compensation Scheme (DCS) which may provide compensation in the unlikely event that a bank fails. Managed by the Isle of Man Treasury, the DCS provides added reassurance for depositors and covers current and deposit accounts in banks and building societies licensed in the Isle of Man. The maximum compensation is £50,000 calculated per individual (and £20,000 for others) in respect of all the accounts held with any deposit taker. For more information go to www.gov.im/fsc/dcsguidance.xml#1

www.rossborough.co.uk

ADVANTAGES FOR FIDUCIARIES • Modern and flexible companies legislation • Tax efficiency • International standards of regulation and supervision • Choice of 200 licensed company and trust services providers • Modern companies registry • Cost competitive services and operating environment • Highly developed telecoms infrastructure • Diversified international finance industry including banking, investment, insurance and pension sectors along with attendant legal and accounting expertise • Politically stable • Economically stable • European time zone (GMT)

ADVANTAGES FOR LIFE AND PENSIONS PROVIDERS

Sharper insight. Real experience. Better for business.

• Pragmatic and appropriate specialist life and pension legislation • Policyholder protection • Demonstrably lower cost than competitors • Capital efficient • Simple taxation regime • Flexibility of products and structures competitive with any in the market • Excellent quality of life if you choose to relocate with minimal restrictions

BIG NAMES Big names in the Island’s finance and financial services sector include: • Barclays Wealth • Britannia International • Canada Life International • Coutts • Creechurch Capital • Crowe Morgan • Friends Provident International • HSBC • Lasenby Knox • MBL Financial • Nedbank Private Wealth International • Permanent Bank International • RBS International • Rossborough Insurance • Royal London 360 • Santander • Skandia • Standard Bank • Zurich Bank International

Business insurance that works as hard as you do, no matter what you do for a living. Put simply, Rossborough is your best option for business insurance. Whatever size your company and whatever your line of work, you can trust us to give solid advice and competitive rates based on years of local experience. At Rossborough you’ll deal with a dedicated and experienced team. Our aim? To give you one less thing to think about. We’ll provide the kind of service that lets you get on and run your business. To find out more please call 631631 or email iom@rossboroughgroup.co.uk

Rossborough Insurance (IOM) Limited is registered with the Insurance and Pensions Authority in respect of General Business. Registered in Isle of Man No. 110231C. Registered Office: Bourne Concourse, Peel Street, Ramsey, Isle of Man IM8 1JJ.

The Island’s financial services sector has been a beneficiary of significant investment into the Island’s infrastructure over recent years, from both public and private sources.

RESPECTED AND RENOWNED IT IS NO SMALL TESTAMENT TO ITS SUCCESS THAT THE ISLE OF MAN HAS MAINTAINED 30 YEARS OF CONSECUTIVE ECONOMIC GROWTH, AGAINST A MUCH DIFFERENT GLOBAL ECONOMIC BACKDROP. By Carolyn Gelling Director, Thomas Miller Investment (Isle of Man) Limited Committee Member, Isle of Man Funds Association

Having developed a dynamic and sustainable economy, the Island now benefits from diversification across a number of business sectors, including Manufacturing, Financial Services, E-Business, Space Commerce, Shipping, a growing Aircraft Register, Construction, Clean Tech, Tourism, Film and Media, Agriculture, Fisheries and Retailing. The Isle of Man is a leading international business centre renowned for its innovation, professionalism, transparency and has a long standing policy of positive engagement with international initiatives and standards. These are compelling factors which continue to support the desire of individuals and their advisors to employ the services of professional adviser firms based on the Island. Indeed, the Isle of Man benefits from the credential as a G20/OECD ‘white-listed’ jurisdiction for transparency and is internationally recognised by the IMF, FATF, EU Code of Conduct and other international bodies for meeting international obligations. Thomas Miller Investment opened its Isle of Man office during 1988 and the Island has remained the home of our international investment business ever since. We have stayed here, and our group has re-domiciled other businesses to the Isle of Man, not least because of the ‘can do’ approach that is adapted to business and life, but also because the Government and private sector enjoy a close working relationship. Local government Ministers (“MHK’s”) and representatives of its regulatory bodies are approachable and progressive in their thinking. The Isle of Man has developed a clear and simple

tax regime for local and international businesses and today a number of FTSE 100 and FTSE 250 companies and Ultra High New Worth individuals are resident in the Isle of Man. All of these factors have enabled the island to be agile, responsive and well placed to attract new business and react to global challenges. We have found the island to provide an ideal platform from where to grow our that provides multi-asset and multi-currency investment management services to institutions and private clients. The island’s financial services sector has been a beneficiary of significant investment into the Island’s infrastructure over recent years, from both public and private sources. This is an indirect consequence of the successful growth of Manufacturing, E-commerce and Clean Tech sectors in particular. A new hospital, good educational standards and advanced technological links and services has helped to support inward movement of business and people to the Island. With good air links to the UK, Ireland and beyond to support residents and the various industries of the island, along with a plenitude of dining and outdoor activities, the Island is an attractive place to live, work and visit. The Isle of Man also has a highly skilled and adaptive workforce which has in turn supported both private individuals in the growth of their personal wealth and for their businesses to grow and flourish in or from the Island. There are no restrictions on residency, although a flexible and pragmatic work permit system does exist. There is a plenitude of high quality professional advisers based on the Island,

including Legal Advisors (Advocates), Trust Company’s, Corporate Service Providers, Fund Administrators, Family Offices, Pension Providers, Tax Advisors, Accountancy professionals, Investment Managers and Advisors and Private Banks. Many of these firms have supported our business in the provision of professional services or worked with us to provide joined up solution for our clients. Their names include internationally recognised brands, alongside highly skilled niche providers and in these sectors, a number of individuals and firms have been internally recognised and awarded for their services and their levels of professionalism. In our specific sector, the drive towards increased professionalism is quantified by the Isle of Man branch of the Chartered Institute for Securities & Investment who now have over 100 personally Chartered members, some of whom we are pleased to employ at Thomas Miller Investment. The Isle of Man has also been the pioneer in introducing pragmatic regulation and consumer protection, priding itself in being responsive to international needs and maintaining a business-centric approach. This was demonstrated in the adaption of a UK RDR equivalent requirement for all investment advisors to be Level 4 qualified by 1st January 2014. The slogan “Economically Competitive. Internationally Respected.” provides a succinct and compelling explanation of this small Island located in the Irish Sea, and one that continues to demonstrate a strong reputation in its delivery of financial services to institutions and private clients.

Aa1 RATINGS rating from Moody’s

BANKING At the heart of the Island’s financial sector

HOMES we have lots of stunning properties in glorious locations

CAVENDISH Mark, the recordbreaking Tour de France cyclist is the Island’s most famous sportsman.

ISLE OF MAN

THE FUTURE OF FINANCE

FREEDOM as a Crown Dependency we have the freedom to control our own affairs.

DEPARTMENT OF ECONOMIC DEVELOPMENT which provides a range of initiatives to support business.

GAMING the Island is home to some of the world’s leading online gaming firms.

INFRASTRUCTURE including world class telecoms and data hosting.

KING WILLIAM’S COLLEGE one of the best International Baccalaureate Schools in the British Isles.

LEISURE TIME you will find all manner of sports and outdoor activities, plus great restaurants, hotels, and entertainment venues.

e-BUSINESS a rapidly growing sector of the Island’s economy.

JUSTICE we have our own judicial system and set our own laws.

MANUFACTURING Manx businesses in this sector range from aerospace and electronics firms to awardwinning food producers. OPPORTUNITIES we welcome entrepreneurs and help to provide opportunities to put their ideas into practice.

NURTURE the Island is safe and secure with an excellent standard of education and child care – a perfect environment for children.

QUEEN or rather Her Majesty Queen Elizabeth II, the Island’s Head of State.

VISION2020 Isle of Man Government’s dynamic vision for a bright future by continuing to encourage economic diversity.

ROBUST regulation and registries for companies, aircraft and shipping.

T.T. the world famous motorcycle races which are held every June.

THE FUTURE OF FINANCE POLITICAL STABILITY Tynwald is the world’s oldest continuous parliament.

SUSTAINED economic growth – 25 years and counting!

UNDERWATER the Island is rated as one of the world’s best locations for deep sea diving.

WORK/LIFE BALANCE you will find many business people who have found this by moving here.

YES YOU CAN the Island has a ‘can do’ attitude to life and business.

ZURICH one of many big names which are part of the Island’s finance sector.

XTREME SPORTS! From motorbike racing to abseiling, kayaking and any number or ultraendurance sports – the Island’s beautiful landscape provides a perfect backdrop.

SEARCH & SELECT

‘QUALITY PEOPLE IN QUALITY POSTS’ Not just a mission statement, it’s the cornerstone of our business and it defines our unique and successful approach to the recruitment profession on the Isle of Man. 16 defining years of People Resourcing Expertise, Talent Management and Career Coaching.

Attracting skilled workers to the Isle of Man brings need to promote the Island’s many positives including the favourable income and corporate tax set up; its obvious scenic beauty and a real work/life balanced culture - something other employment centres such as London are unable to facilitate today.

Here at Search & Select, we work in partnership with businesses to select the right talent to take on the ever changing economic climate; and in doing so, our team work closely with the local & international working communities to unleash potential and encourage ambition. The growth, development and retention of local skills and professionally qualified individuals are central to our efforts; delivering every time on career guidance, tailored to the individual and representing the Isle of Man’s employment market. Our team of experienced and professional consultants offer an unmatched level of personal service and expertise in our specialist areas; executive, general and temporary/ contract recruitment solutions, operating across the Isle of Man’s globally recognised business centre. We understand the Isle of Man’s employment market, its prestigious reputation and international standing. The support we offer local businesses through the highs and lows of global economic change sets us apart from competitors. Whilst focused on continual talent resourcing, we

also respond and service downturn. Our senior management team offer personally tailored outplacement support services. Working with companies and their displaced staff, to rebuild confidence and design effective ‘back to work’ action plans and career clinics. Our same senior management team get involved with local business acquisition, operating a significant portfolio of local business buyers and sellers; introducing owners accordingly. Yet another complementing extension of our international, and local client network. Our 16 years of recruitment excellence has led to our proactive involvement with new local business start-ups; successfully running with holistic, top-down recruitment programmes. Securing the right skills - long term. In doing so our search for skills and talent reaches a global scale. Attracting skilled workers to the Isle of Man brings need to promote the island’s many positives including the favourable income and corporate tax set up; its obvious scenic beauty and a real work/ life balanced culture - something other

employment centres such as London are unable to facilitate today. We have eagerly represented the Isle of Man at UK based Expo Events and Career Conventions. Our offices are based in the heart of Douglas, the island’s capital. We specialise in Accountancy, Actuarial, Banking, Engineering, e-Commerce, e-Gaming, Fiduciary Services, IT, Law, Life Assurance, as well as Shipping, Trading Businesses and some Manufacturing. Our client network reaches all districts of the island, built on long standing relationships with key individuals and business heads. With excellent opportunities and careers available at all levels, and many of our client businesses enjoying continued growth, the Isle of Man continues to prosper as a market leading offshore jurisdiction for businesses and professionals alike. For further information, please call on +44 (1624) 678144 or email us at recruitment@searchandselect.com

Search & Select Offshore; 16 years of Recruitment Excellence.

GLOBAL FINANCIAL SYSTEMS ISLAND BASED RIVA FINANCIAL SYSTEMS IS A THRIVING NICHE SOFTWARE COMPANY WHOSE FLAGSHIP RIVA TRANSFER AGENT (‘RIVA TA’) PRODUCT CONTINUES TO MAKE A BIG IMPRESSION ON THE GLOBAL ASSET SERVICING INDUSTRY.

Purposely designed to support the entire investor record-keeping process lifecycle, Riva TA is a highly functional and configurable investor dealing and account registration software solution that is capable of supporting multiple investment products across multiple administration centres, all on a single platform. Suitable for both third party administrator and in-house asset manager, Riva TA offers a complete end-to-end solution to administer the holdings of a huge range of collective investment schemes, closed-ended Investment schemes and specialised alternative asset funds, and supports a diverse and sophisticated global distribution landscape. Built using best of class technology, Riva TAâ&#x20AC;&#x2122;s highly scalable modern architecture comprises a range of features designed to make investor and distributor servicing operations more efficient, flexible, cost effective and as

innovative as possible, making it the perfect solution to meet the changing demands of an increasingly global marketplace. Offering users access to an unrivalled range of core functionality alongside an integrated range of robust financial management tools, Riva TA is the next generation of investor record keeping solutions. To fully complete its value proposition, Riva Financial Systems maintains a team of highly skilled business analysts, software quality engineers and developers recruited from within the financial services industry to ensure that design, implementation and support issues are always addressed in the appropriate business context by individuals with the required expertise. This rare combination of business knowledge and technical skill sets Riva apart in the industry.

Valuing the Islandâ&#x20AC;&#x2122;s enterprising heritage and values, and a vision which looks beyond its shores to the world at large, Riva Financial Systems is headquartered in the Isle of Man, with offices and employees based around the world. In 2014, the Riva TA product was used to administer approximately US $280 billion of assets across 15 global locations covering the UK, Asia, Middle East, Europe and the United States.

Should you wish to learn more about Riva TAâ&#x20AC;&#x2122;s potential within your organisation, please visit our website www.rivafs.com or alternatively please call Sales and Marketing Director, Kelly Ashe on +44 (1624) 850 140 or email learnmore@rivafs.com

In 2014, the Riva TA product was used to administer approximately US $280 billion of assets across 15 global locations covering the UK, Asia, Middle East, Europe and the United States.

ROOM TO GROW SPACE TO ENJOY Image courtesy of Isle of Man Tourist Board

There are many advantages to setting up a business here – but this is of little consequence if it’s not matched by a lifestyle which suits you and your family. For those who have already relocated here to live and work, the Isle of Man’s safe and secure community, excellent schools and medical facilities, and vibrant community spirit are often the most important factors in their decision to move. The Isle of Man is a great place for kids to grow up. There’s an excellent standard of state education with 37 schools – 32 primaries and 5 secondaries – and the Isle of Man College of Further and Higher Education which offers professional, exam/degree and recreational courses for adults. Private education is offered at the widely-respected King William’s College which is an independent public school offering day and boarding co-educational studies with the International Baccalaureate as an alternative to traditional A-Levels. King William’s College (or ‘King Bill’s as it is often referred to locally) also has a junior school (The Buchan School) for boys and girls aged 3 to 11. Over 50% of students from the Island’s schools go on to university which puts Manx students ahead of their peers in England. Higher education students have the opportunity to study locally at Isle of Man College which offers both vocational training and academic courses. It is an associate college of the University of Chester and offers Engineering and Art honours degrees through Liverpool John Moores University. However, many Island students also choose to study at universities in the UK and secure places in the same way as UK students. The Island’s healthcare system is similar to the statefunded National Health Service (NHS) in the UK. However, there is a higher level of services provided than would be expected of a region the size of the Isle of Man anywhere in Britain. The main centre of medical care is Noble’s Hospital just outside Douglas which opened in 2003 and provides a comprehensive range of surgical and medical facilities in light and airy contemporary surroundings. It includes a purpose built private wing. GP, optical, dental and pharmacy services are available throughout the Island.

...THERE IS A HIGHER LEVEL OF SERVICES PROVIDED THAN WOULD BE EXPECTED OF A REGION THE SIZE OF THE ISLE OF MAN ANYWHERE IN BRITAIN.

AT YOUR LEISURE... When it comes to leisure time there’s so much going on here that it’s hard to know where to start! Of course, there’s the world famous Isle of Man TT motorcycle races (run over two weeks in late May and early June each year) which is renowned as a unique challenge in motorsport and attracts more around 40,000 fans each year to watch the action. Then there’s the Festival of Motorcycling in late August and early September, and the Southern 100 in July which provides spectators of two-wheeled thrills with yet more reasons why they regard the Isle of Man as a home of motorsport. You will find top class and club level motocross and rally events here too – and for those who want to take up motorsport rather than just watch, you can experience track racing at Jurby Autodrome in the north of the Island.

...& FOR YOUR PLEASURE The Island’s main entertainment venues are the Gaiety Theatre and Villa Marina in Douglas and both regularly host the Isle of Man legs of national tours by top musicians and comedians, and also shows by amateur performers. The Gaiety Theatre is a magnificent venue which dates back 1900 and was designed by the legendary theatre architect Frank Matcham. In addition to hosting shows, there is also a popular theatre tour where you can explore backstage and learn about the Gaiety’s colourful history – and the ghosts of actors past which are reputed to haunt the theatre!

Watersports are also popular and range from sailing to kayaking both at sea and on reservoirs. There are also regular boat trips to visit the Calf of Man – an uninhabited island off the Isle of Man’s south coast – which is home to a variety of bird life. Seals and basking sharks can also be spotted in our waters and are a popular attraction for tourists and residents. Douglas is home to the Island’s National Sports Centre which hosts impressive indoor and outdoor facilities including a championship short course swimming pool and athletics track and field arena. Just next door is a floodlit 3,000 seater stadium with a synthetic pitch. Swimming pools are also in Peel, Ramsey and Castletown. There are also nine spectacular and challenging golf courses around

The modern Villa Marina complex opened in 2004 features a concert hall with the latest sound and lighting systems and a cinema. The main auditorium is the Royal Hall has a state of the art sound and lighting system and regularly hosts some of the biggest names in music and comedy. The Villa Marina also includes the Broadway Cinema, showing the latest movie releases seven days a week. Douglas also has the Palace Cinema which has two screens and is a great place to see blockbuster movies. For lovers of heritage and culture there are a number of museums and historic sites which bring to life the Island’s 10,000 year history. The Manx Museum in Douglas, House of Manannan in Peel, Castle Rushen in Castletown and Peel Castle are all popular attractions which provide

the Island and a competitive but friendly club golf scene. The courses are accessible and playable all year round, and specialist companies such as Isle of Man Golf Tours have helped to bring ‘golf tourists’ over from the UK, Ireland and further afield. Cycle racing is also big here too – the hills and open roads have produced many great champions over the years, including Tour de France star and multiple World Champion Mark Cavendish MBE; and Team Sky rider Peter Kennaugh MBE who won gold in the team pursuit at the London 2012 Olympics. Both Manxmen emerged from the Island’s vibrant local club scene which features regular road races, time-trials, and mountain bike events.

a glimpse into Island life through the ages. Industrial heritage is on display too – the Great Laxey Wheel is a marvel of Victorian engineering and has been one of the Island’s most popular tourist attractions for more than 150 years. The list of other attractions is extensive – and you find plenty of things to see and do come rain or shine. The Island’s history is also visible in everyday life. While English is the Island’s first language you will still see many signs and place names in Manx Gaelic around the Island.

This is just a taste of what the Island can provide for the long-term future of you, your business, and your family. What are you waiting for?

Communication Communication Communication

www.mmc.co.im +44 1624 678001

WORLD CLASS SUPPORT

The Isle of Man has a network of professional service providers to support all the accountancy, legal and CSP needs for all businesses in the Islandâ&#x20AC;&#x2122;s diverse economy. This network is another key advantage of doing business here as start-ups and established firms relocating to the Island have easy access to all of the professional services they need from local providers who all have specialist knowledge. While the legal, political and financial environment here has many similarities to the UK, there are many subtle differences which provide significant advantages for businesses, but which also require specialist advice and expertise from local providers.

ACCOUNTANCY The Island has a strong network of accountants from the Chartered, Certified and other branches of the profession. The Isle of Man Society of Chartered Accountants is the Islandâ&#x20AC;&#x2122;s branch of the Institute of Chartered Accountants in England and Wales (ICAEW) which is a leading professional membership organisation that promotes, develops and supports over 142,000 Chartered Accountants worldwide. Through IC AEW, Isle of Man Chartered Accountants can gain qualifications, professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.

GLOBAL LEADERS IN PROFESSIONAL SERVICES, AT YOUR FINGERTIPS

WORLD CLASS SUPPORT

Due to the legal structure and high-level of legal skills here, it’s possible for an Advocate to see a case through from a first meeting with a client right through to representing the client in court.

LEGAL

Legal advice on the Island is provided by Advocates and there are many practices offering a full range of While Manx law is based on English services for business. A Manx common law, there are some important legal differences to the UK. Advocate combines the functions performed in England and Wales by a As a Crown Dependency the Island solicitor and barrister and has the right is not part of the United Kingdom of audience before all the courts on and can make its own laws regarding the Island. Practising Advocates must internal affairs. However, legislation be members of the Isle of Man Law passed by Tynwald still requires Society and must follow the society’s Royal Assent. Decisions made in rules. For example, one of those rules English courts – such as the Supreme is that Manx Advocates must have Court and Court of Appeal – are not professional indemnity insurance binding under Manx law, but are of cover. If you are looking for an considerable influence and especially Advocate the Isle of Man Law Society’s so when there is no relevant local case website www.iomlawsociety.co.im is law or statute. a good place to start. The site has a

useful search option to find the right legal expert for your requirements.

CSPs

it has more than 130 members who collectively provide a comprehensive range of services. For companies which operate in the Isle of Man and overseas, many CSPs have offices or representation in other jurisdictions.

Corporate Service Providers on the Island offer a full range of services to suit all business needs. These providers are supported by the Association of Corporate Service

Providers Isle of Man (ACSPIOM) which was founded in 1999 and is now established as the representative body for fiduciary, corporate management and administration service providers. In many ways ACSPIOM is effectively the trade body of the sector here and

Some Advocates are sole practitioners, but most work for large practices which have departments providing advice specialist areas. Due to the legal structure and high-level of legal skills here, it’s possible for an Advocate to see a case through from a first meeting with a client right through to representing the client in court. In other jurisdictions there may be several legal practitioners involved to see the case through, so the Isle of Man system provides a more straightforward approach.

Typically, Isle of Man-based CSPs can provide: • Company formation and administration

• Superyacht registration and administration

• Wealth management

• Trust formation and administration

• Space and satellite services

• Expatriate

• Provision of registered office, directors and trustees

• e-Gaming services

• Pensions and retirement solutions

• Taxation and VAT services, compliance and advice

• Fund administration

• Payroll

• Banking

• Property funds

• Accounting, audit and secretarial services

• Legal services

• Intellectual property

• Captive insurance

• Collective investment schemes

• Aircraft registration

• Life and general insurance

• Employee benefit trusts

• Family office



   

Licensed by the Financial Supervision Commission of the Isle of Man and Authorised by the Malta Financial Services Authority

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KING WILLIAM’S COLLEGE ISLE OF MAN

Providing an independent education for children from the age of four. One of the best International Baccalaureate Schools in the British Isles.

An Island education for a global future Call 01624 820110 for a prospectus email: admissions@kwc.im web: www.kwc.im

INSURING AGAINST BUSINESS RISK

FOR MORE THAN 75 YEARS ROSSBOROUGH HAS BEEN PROVIDING INSURANCE TO RESIDENTS AND BUSINESSES ACROSS THE CHANNEL ISLANDS AND, MORE RECENTLY, THE ISLE OF MAN. As part of the Arthur J Gallagher & Co Group, a leading global broker, Rossborough offers clients coverage for highly complex risks in more than 110 countries, while still providing a professional, local service. Managing director of Rossborough in the Isle of Man, Tim Rattray, explains why Rossborough is best placed to help organisations of all sizes manage their business risk.

It is a sad fact, but a recent report suggests that nearly one in five businesses will suffer a major disruption every year.

It is a sad fact, but a recent report suggests that nearly one in five businesses will suffer a major disruption every year. Further research suggests 80% of businesses affected by a major incident close down within 18 months, and 90% of those who lose their data are forced to close down within two years*. These figures should serve to remind you that as a responsible business owner, shareholder, director or manager, you should always be looking to manage your business risks effectively. Business continuity insurance forms a vital part of this risk management process. Business continuity insurance is only one of the insurances that a business should have in place – buildings, contents, professional indemnity (PI), directors and officers (D&0) and public liability to name a few – there is a substantive list and therefore making sure you have tailored cover in place that satisfies your businesses needs is imperative. So how can you make sure your business has appropriate cover? In short, seek professional advice.

A professional broker draws on years of experience to create a bespoke package that suits your needs and can offer insights that you may not have considered. A common mistake made when setting up business continuity insurance is businesses choosing to insure themselves on the basis of the current performance of the business, rather than forecasting ahead. If your indemnity period is 36 months and an accident occurs in the last month of your policy, and you’ve based your sum insured on your profit or revenue at the time of purchasing the policy, you could lose out significantly. A professional insurance broker will spend time to get to know your business, understand your risks and create a bespoke package of insurances that provide you with peace of mind. If you ever need to make a claim, a trusty broker will be on hand to help make the process stress free. We only work with quality insurers who we can trust. Rigorous policies and procedures ensure that we meet the highest ethical, professional and regulatory standards.

In the trust business, placing insurance on behalf of your clients, you will have access to our dedicated trust team who can arrange bespoke cover including coverage for risks such as kidnap and ransom, terrorism, warranty and indemnity. Rossborough’s dedicated Private Clients team has expanded into the Isle of Man, ensuring that HNWIs now have access to brokers who know exactly how to deliver the right level and type of personal insurance cover. We can also arrange for surveyors and appraisal experts to value property and other major assets, thereby avoiding underinsurance. Rossborough also offers motor, home, marine and travel insurance to all island residents, covering property and possessions both on-Island and abroad.

*Information from BIBA (British Insurance Brokers Association) www.biba.org.uk/InsuranceGuides

MAKING THE RIGHT MOVES

Whether you are looking for a family home or a location for your business (or both!) you will find that the Isle of Man offers plenty of choice. And because there are no restrictions on buying property here, the process is as simple as any purchase can be. The Island is well served by a number of respected and experienced estate agents and property developers. Home buyers will find a comprehensive range of properties available on the Island to cater for all tastes and budgets, including apartments, bungalows, traditional terraced, semi and detached houses as well as quaint country cottage retreats and many large premium country and coastal properties. Most estate agents have their main offices in the centre of Douglas, and some also have regional offices in other major towns around the Island. Along Athol Street in Douglas you will find estate agency offices, mortgage providers, and law firms all within a few yards of one another which makes it easier to arrange face-to-face meetings when it comes to getting advice about property transactions. For residential property, it’s very much a buyer’s market at present with good deals available for cash purchasers. During 2014 the bulk of the activity was below £350,000 although for those able to trade up there has also been activity around the £500,000 mark and beyond. Renewed confidence in the local economy, low interest rate deals and property sellers who are more realistic on their realisation figure are all factors which have helped activity levels across the board. Private commissions are available from companies such as the Richmond Square Group which provides an integrated service for clients seeking to commission luxury residential real estate. The company offers a complete design and build service to produce outstanding results and eliminate contractual complexities. For those looking for their dream home at any price, the Island’s natural beauty can provide a stunning canvas on which to make that dream come true.

HOME BUYERS WILL FIND A COMPREHENSIVE RANGE OF PROPERTIES AVAILABLE ON THE ISLAND TO CATER FOR ALL TASTES AND BUDGETS

HOMES OF DISTINCTION THE ISLAND IS HOME TO A WIDE VARIETY OF DESIRABLE PROPERTY, HERE LOCAL ESTATE AGENTS CHRYSTALS OFFER A QUICK GUIDE TO THE MARKET.

We wish you a very warm welcome to the many and varied types of property available in the Isle of Man. At Chrystals we are proud to be a full service general practice firm founded in 1854 who specialise in selling and renting residential, commercial and agricultural property throughout the Isle of Man. With three prominent high street offices and an industry leading website, no one knows the local marketplace better. There is more to the Isle of Man than a wonderful expanse of scenery, relaxed lifestyle and low crime rate. The Isle of Man Government decided back in 2006 to introduce a tax regime that would support continued economic growth.

Key to this important strategy was the creation of a business friendly environment that was designed to attract successful entrepreneurs to the Island who, through their international interests, are well positioned to generate economic growth and employment. The tax strategy introduced a personal income “tax cap” and the lack of Capital taxation continues to make the Isle of Man a destination that is favoured by those relocating from the UK, Ireland and further afield. A strong sense of community spirit prevails throughout and many new residents cite a high quality life style that is hard to find anywhere else.

The Island is international in its outlook with major private and commercial air links and being located at the centre of the British Isles is an ideal location for the headquarters of international business. The Island offers a high standard of education with the Buchan and King William’s College providing private schooling and leisure pursuits abound with cycling, golfing, sailing and coastal/hill walking. As the Isle of Man has a sizeable land mass it has a wide variety of residential property with a mean average house price in the region of £300,000. At the top end of the market properties range from luxurious apartments, elegant town houses through to one off country mansions that offer the most opulent living and entertaining spaces with leisure complex and guest accommodation.

Neil Taggart MRICS, Director of Chrystals Estate Agents says some of the largest sales are made off market on a confidential basis. “I would be pleased to discuss your personal property requirements and have an experienced team of property negotiators and chartered surveyors on hand to guide you through the finest residential and commercial property available.” To see how we can help you enjoy the benefits of living on the Isle of Man simply telephone + 44 1624 623778 and ask for Neil, email neil@chrystals.co.im or view our website www.chrystals.co.im to see a current selection of available property.

A BLESSING TO THIS ISLAND SO SAID LIEUTENANT GOVERNOR CORNELIUS SMELT ON ST GEORGE’S DAY 1830 AS HE LAID THE FOUNDATION STONE OF KING WILLIAM’S COLLEGE.

By Martin Humphreys, Principal, King William’s College.

We would probably not use such language today, but the underlying thought that King William’s College is an extremely valuable part of the “fabric” of the Isle of Man is as valid today as it was nearly 200 years ago. Independent education is to some a controversial topic. I am a pragmatist. I believe that the presence of King William’s College on this beautiful Island is a magnificent asset. King William’s College has provided politicians, businessmen and women, doctors, lawyers, solicitors, soldiers, statesmen and scientists for the Island and beyond for generations. Looking to the future, College is, I believe, fundamentally important to this Island’s commercial and economic destiny.

in the world. Whenever you have a taste for a cup of coffee and you flick on the kettle, you pay homage to his skills. In the field of medicine, I have recently met two ground-breaking OKWs who learnt their Biology and Chemistry within these ancient walls. Professor Nigel Heaton is a world-renowned leader in the field of liver research, including at the cutting edge of live transplantation. Professor Andrew Rees is the Professor of kidney research at Vienna university. I was recently in Hong Kong where the College alumni are numerous and in very good form. We have 60 odd old boys and girls in that astonishing city: many of them leading lights in senior positions in law firms, accountancy, fund management and consultancy.

2015 is the centenary of the award of the unique double Nobel Prize in Physics to Professor Sir William Bragg and his son. Bragg is perhaps our most eminent alumnus or “OKW”. In the field of science and invention, College continues to produce eminent men and women in their field. Dr John Taylor’s work and design skills are present in almost every kitchen

King William’s College alumni are all over the world, from Moscow to Hamburg to Lagos to San Paolo. Since we started the International Baccalaureate in 2002 some 500 students have been awarded the IB Diploma. Almost all of them have gone on to the world’s leading universities and they are now working in all fields in careers across the globe. I see King William’s

College as a magnificent generator of international affinity for the Isle of Man. As these alumni rise in their chosen fields and professions, they will always have a connection with this Island and I am confident that that connection will reap benefits for the Island going forward. Whatever seeds we are sewing for the future, King William’s College is also a very important contributor to the Island economy today. We are a very successful IB World School and this year KWC was ranked 26th in the UK IB league tables. Education is a key determining factor for investors and entrepreneurs considering relocating to the Island. I see what we do at College as being a very important part of what this Island offers inward investors. We are very proud that KWC features prominently in the DED’s promotional material designed to attract business to the Island. King William’s College is also an important Island business. We are an £8.5 million turnover enterprise and a major Island employer. We employ 187 people (including 87 teachers) and this year

We think there are considerable synergies between our plans and the Government’s plans for the Island’s future. We all need to be outward looking and international in our focus.

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we contributed £5.4 million in salaries, pensions and NI contributions to the Island economy. We are also a major Island consumer. Every year we spend some £600,000 on catering, local travel and utilities. KWC is also a major Island investor. Over the last three years we have invested £3.3 million in our facilities, with most expenditure going to Island contractors. We plan to invest a further £1.3 million over the next two years. Our next major capital expenditure project is to upgrade our indoor sports facilities in the form of a new sports hall and gym. This is a major endeavour and will cost millions. We plan to design and build this facility to be available not just for the College community but for the wider Island community. KWC is also a very important exporter. There are currently 51 international students at College and their fees are in effect an export revenue stream for the Island. Over the last three years this export revenue has amounted to some £3.8 million. As an international school

and enterprise, we invest heavily in recruitment. This expenditure amounts to some £175,000 each year in marketing and recruitment costs to promote our business. Over the summer holidays we completed a £500,000 refurbishment of our boarding facilities for international and Island students. Our current key markets are Germany, Hong Kong and China. Our emerging markets include Nigeria, Russia and Thailand. Last month we hosted a prestigious business development, alumni and recruitment event in the China Club in Hong Kong. We also act as a significant magnet for the Island. International students bring their parents who stay locally for parents’ evenings and celebrations. We estimate that we generate some 500 overnight stays on the Island every year which is clearly of significant benefit to the local economy. We fully endorse the Isle of Man Government’s strategy set out in their 2020 Vision Document. We think there are considerable synergies between our plans and the Government’s plans for the Island’s future. We all need to

be outward looking and international in our focus. We are keen to work with the Isle of Man Government in attracting individuals and businesses to the Island. Schools and schooling are an absolutely critical factor in any decision by a high net worth individual or an entrepreneur with a moveable business in considering relocation. I recently met a senior partner of Skadden Arps Slate Meagher and Flom, the well-known US law firm. His job title was the gloriously phrased ‘Head of Jurisdictional Selection’ and he was visiting to assess what the Isle of Man has to offer his high net worth clients. He stressed that schooling was an absolutely critical factor in the overall decision matrix for high net worth individuals looking to change their jurisdiction of residence. We see ourselves as a school, as an institution, as an enterprise, as an employer, as a magnet and as a gem to this Island. We look forward to working seamlessly with the Government to ensure that all our futures on this wonderful Island are safe, secure, outward-looking and prosperous.

40 YEARS AND COUNTING Abacus is an independent and privately owned group whose principles of applying integrity, independence and insight across our clientâ&#x20AC;&#x2122;s financial and fiduciary requirements, has gained us wide recognition as a leader in our field. Held dear throughout the firmâ&#x20AC;&#x2122;s history, it is these principles that continue to drive Abacus and enable us to build strong relationships with a diverse international client base.

Shortly celebrating our 40th anniversary, we are one of the longest established and reputable service providers on the Isle of Man. From our days as a Coopers & Lybrand member firm, followed by our independence in 1998, we have evolved from a small trust and corporate services company in the Isle of Man into a premier fiduciary and fund services specialist operating both offshore and within the EU from our offices in the Isle of Man and Malta. Throughout our 40 year history, we have succeeded in consistently delivering value to our clients through the provision of effective solutions and structures, which are tailored to the individual needs of each and every client, delivered by experienced and technically competent teams of multidisciplined and multi-lingual professionals. Our core services include the establishment and administration of onshore and offshore company, fund, trust and pension solutions, which in turn manage a diverse range of assets including investment portfolios, trading companies and real property. Over the years, this offering has extended to include more specialised and niche services such as structures for high value yachts and

aircraft which manage risk, tax and privacy issues for owners, to leasing structures, international and corporate pensions; and more recently, assisting high net worth clients and their families with investor visa programs, such as the Malta Individual Investor Programme and the UK Tier 1 Visa in the Isle of Man. These government sponsored initiatives allow movement of the applicants residential status to efficient tax domiciles, combined with access to wider visa exemptions easing international travel. Working within an industry which is continually affected by regulatory and legislative changes can be challenging. Abacus is well positioned in this regard, being licensed in two of the most well renowned, stable, yet progressive international financial jurisdictions, each of which pride themselves on pioneering new initiatives, whilst being accommodative and responsive to ongoing changes in international regulatory standards. In a fast evolving world it is important for providers like us to stay abreast of evolving markets, new services and consequently new business opportunities. As a proactive business, we are committed to finding

These government sponsored initiatives allow movement of the applicants residential status to efficient tax domiciles, combined with access to wider visa exemptions easing international travel.

new ways in which we can assist clients through the development and provision of new solutions to keep pace with these changes and ever more sophisticated tax structuring. We set ourselves apart from other providers through a comprehensive understanding of the planning behind each structure to ensure it is the optimum solution in each instance and apply this depth of knowledge, understanding and expertise to ensure that the services we provide meet the objectives of each individual client and their respective individual planning needs. Both our business and our service offerings have without doubt grown significantly over the last 40 years. The firm and its staff are fully committed to the future development of the business and to continuing to provide our clients with high quality, timely and effective services and solutions for the next 40 years...and counting! If you would like to find out more information on Abacusâ&#x20AC;&#x2122; full range of services, please contact Lesley Johnston on +44 1624 689656 or via email, lesley.johnston@abacusiom.com.

ISLE OF MAN. AT A GLANCE

CAPITAL: Douglas

PARLIAMENT: Tynwald

TELECOMS INFRASTRUCTURE: World class off-Island connectivity, superfast VDSL and VDSL Plus fixed line broadband, 4G mobile broadband, Tier 3 Data Centres

LAND AREA: 572 square kilometre 221 square miles

GOVERNMENT: An internally selfgoverning dependent territory of the Crown which is not part of the United Kingdom

HEAD OF STATE: Her Majesty Queen Elizabeth II

POPULATION DENSITY: 133 people per square kilometre or 336 people per square mile

POPULATION: 84,497 (2011 Census)

RATINGS: The Isle of Man has a Aa1 rating from Moody’s, and is recognised as well-regulated by the International Monetary Fund

LIEUTENANT GOVERNOR: His Excellency Mr Adam Wood

ECONOMY: Finance and financial services, e-Business, e-Gaming sector, manufacturing, clean tech, aviation, maritime, space, retail and tourism

LOCATION: The centre of the Irish Sea – 50 km (31 miles) from Ireland and 50 km (31 miles) from the UK

BANK HOLIDAYS: As per the UK with additional bank holidays for TT Senior Race Day (part of the Isle of Man TT motorcycle racing festival held at the beginning of June) and Tynwald Day (the Island’s national day which is usually held on July 5 – but if this falls on a weekend it is held on the following Monday)

ISLAND OF OPPORTUNITY FOR e-BUSINESS

World class telecoms and data centre infrastructure, power supply, and off-Island connectivity – and a wealth of e-Business experience in Government and the private sector. The Isle of Man has everything which leading e-Businesses demand. The Island’s e-Business sector represents around 12% of the economy. Over the last decade hundreds of millions of pounds of investment in telecoms and data hosting infrastructure has helped to attract many leading e-Businesses – especially in e-Gaming. State-of-the-art infrastructure is the key to the Island’s success in this sector. There are three full telecoms licence holders here – Manx Telecom (a plc following flotation on AIM in 2014); Sure Isle of Man (part of Batelco Group); and Wi-Manx which was granted a full licence by the Isle of Man Communications Commission in the autumn of 2014. There are also number of ISPs and IT companies which offer corporate network and related services. In the last decade or so Manx Telecom has invested over £110 million in network infrastructure and launched the Island’s first 4G superfast mobile broadband network in July 2014. Sure Isle of Man has invested £25 million since 2007 and at the time of writing in December 2014 was planning to launch its 4G network early in 2015. There is 100% broadband availability to households and businesses offering speeds of up to 40 Mbps (Megabits per second) download and up to 2Mbps upload. VDSL superfast fixed line broadband is also available to around 87% of homes and, from early 2015 around 50% of premises will be able to receive VDSL Plus fixed line broadband which offers speeds of 80 Mbps download and 10 Mbps upload.

THE ISLAND’S TELECOMMUNICATIONS NEEDS ARE FUTURE PROOFED TOO. BY UTILISING THE LATEST TECHNOLOGY THE TRANSMISSION CAPACITY AVAILABLE TO THE ISLAND CAN BE MEASURED IN TERRABYTES.

CENTRE OF EXCELLENCE FOR e-GAMING The Island’s e-Gaming sector is world renowned. Pokerstars has its HQ and hosting on-Island, and Paddy Power and Full Tilt Poker also have their data hosting here. Celton Manx Limited, operator of the global sports book SBOBET and one of the world’s leading online gaming companies, also has its global headquarters in the Isle of Man. There is a robust but pragmatic approach to regulation which aims to keep red tape to a minimum while also providing the support necessary for established companies to relocate, or for start-ups to make the Island their HQ. Betting duty is very low (between 1.5% and 0.1%, on gross profit) and the world class infrastructure outlined already in this section provides all of the data hosting and power needs which the e-Gaming sector requires. Government has always taken a positive and proactive approach to the e-Gaming sector. The Department of Economic Development has an experienced e-Gaming Development Team which can provide support and advice for anyone making licence applications. While the licensing process here is very simple and straightforward, making an application still requires great care and the Department’s

e-Gaming experts can support and guide you through the process to make sure progress is made as quickly and efficiently as possible. The team can also introduce licence applicants to an extensive network of on-Island service providers and advisors that have a wealth of experience and expertise in the e-Gaming sector. All of this support means that you can set-up your business quickly and costefficiently. With an established e-Gaming and e-Business sector, the Isle of Man has a workforce with the experience and expertise which all e-Gaming businesses need. Of course, there will always be instances where businesses need to bring in employees from off-Island – and the e-Gaming team can also give advice on immigration and work permit applications to help ensure that you get the right people in the right jobs at the right time.

OFF-ISLAND CONNECTIVITY Five discretely located fibre cables provide the Isle of Man with carrier class connectivity to and from the Island. This allows the creation of high bandwidth fibre optic rings connecting the Island with the north of England and Ireland. Resilience and security are strengthened by the using ‘self-healing’ SDH loop technology which means that if a

fault occurs in any part of the link, voice and data traffic is automatically and seamlessly re-routed in the other direction. Similar resilient ring technology is also used on the Island’s delivery networks. The Island’s telecommunications needs are future proofed too. By utilising the latest technology the transmission capacity available to the Island can be measured in Terrabytes.

DATA HOSTING The Island also has a world data hosting infrastructure with facilities owned and operated by Manx Telecom, WiManx, Domicilium, Continent 8 and Netcetera. One of the most recent developments in hosting on the Island was Manx Telecom’s completion of the first phase of its Tier 3 Greenhill Data Centre in the spring of 2014. It is a £10million project with two more phases in the pipeline which will add additional rack space.

ELECTRICITY The Isle of Man has an extremely reliable supply with four power stations which generating so much power that a surplus is sold to the UK. The Island totally self-sufficient for its power needs and is committed to power diversity, renewable energy and reaching the Kyoto and Rio targets for CO2 emissions.

dƌĂŶƐĨĞƌ ŐĞŶĐǇ ^ŽůƵƟŽŶƐ   /Ŷ ĂŶ ŝŶĐƌĞĂƐŝŶŐůǇ ŐůŽďĂů ƚƌĂŶƐĨĞƌ ĂŐĞŶĐǇ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ŽīĞƌ Ă ƐŝŶŐůĞ d ƐŽůƵƟŽŶ ĐĂƉĂďůĞ ŽĨ ƐĞƌǀŝĐŝŶŐ ŵƵůƟƉůĞ ũƵƌŝƐĚŝĐƟŽŶƐ ĂŶĚ ƉƌŽĚƵĐƚ ƚǇƉĞƐ ĂĐƌŽƐƐ ƚŚĞ ŐůŽďĞ ŚĂƐ ďĞĐŽŵĞ Ă ƉƌŝŵĂƌǇ ƌĞƋƵŝƌĞŵĞŶƚ͘ ZŝǀĂ ŽīĞƌƐ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƚƌĂŶƐĨĞƌ ĂŐĞŶĐǇ ƐŽůƵƟŽŶ ƚŚĂƚ ƐƵƉƉŽƌƚƐ ŵƵůƟƉůĞ ůŽĐĂƟŽŶƐ͕ ũƵƌŝƐĚŝĐƟŽŶƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽĚƵĐƚƐ ŽŶ Ă ƐŝŶŐůĞ ƉůĂƞŽƌŵ ǁŝƚŚ Ă ůŽǁ ƚŽƚĂů ĐŽƐƚ ŽĨ ŽǁŶĞƌƐŚŝƉ͘

&Žƌ ĨƵƌƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ ƉůĞĂƐĞ ǀŝƐŝƚ ŽƵƌ ǁĞďƐŝƚĞ  Žƌ ĐĂůů ƵƐ ŽŶ  ĂŶĚ ůĞĂƌŶ ŵŽƌĞ ĂďŽƵƚ ZŝǀĂ d ͘

INFRASTRUCTURE: TELECOMS PROVIDERS • Manx Telecom: www.manxtelecom.com • Sure Isle of Man: www.sure.com • Wi-Manx: www.wimanx.com • Domicilium: www.domicilium.com • Continent 8: www.continent8.com • Netcetera: www.netcetera.co.uk • e-llan Communications: www.gov.im/mea/e-llan

ELECTRICITY • Manx Utilities: www.manxutilities.im

THE ISLE OF MAN’S e-BUSINESS ADVANTAGES • Well established cluster of e-Businesses • World-class telecoms and power infrastructure • Grant assistance available • Well regulated jurisdiction • Competitive tax regime • Access to professional services firms experienced in e-Business

THE ISLE OF MAN’S e-GAMING ADVANTAGES • World class infrastructure, bandwidth and power resilience coupled with excellent data hosting facilities • ‘White listed’ by the UK and the OECD respectively for e-Gaming and tax co-operation purposes • Extensive clustering of service providers/advisers and peripheral activities, including excellent legal, accountancy and fiduciary firms with experience in e-Gaming • On-Island network of marketing, software and IT providers with experience in e-Gaming • Supportive legislation making the Isle of Man an ideal location for disaster recovery • Consumer focused regulation and player protection • A simple and quick e-Gaming licence application process • Highly qualified workforce • Political stability

THE ISLAND’S BIGGEST BUSINESS NETWORK

By Jane Dellar, Chief Executive, Isle of Man Chamber of Commerce Isle of Man Chamber of Commerce members are from businesses which represent around half of the private sector workforce on the Island. As such, it is the biggest business network here with a long history dating back 55 years. Chamber has always been the Island’s leading champion for business, and still plays a vital role today by enabling members to work together for the common goal of furthering the cause of ‘Isle of Man plc’. We give a powerful collective voice for all sectors of the economy. The expert input from Chamber, and its members, is respected by Government – as is Chamber’s role in providing a forum for more effective resolution of common business issues. Chamber has eight sector committees which cover ICT and e-Business, retail, finance, manufacturing and technical industries, tourism, construction, transport, and employment and training. Each one is chaired by members who have specialist knowledge and experience of the relevant sector, and the high level of participation by everyone on the sector committees provides an invaluable source of expertise and

insight for all members. In most cases, the committees are considered by Government as providing the strongest and most representative voice for each of the relevant sectors of the economy. Chamber introduced regular CPD Workshop events during 2014 which have been extremely popular, especially for members from small businesses. While major corporations will have the resources to acquire specialist advice in areas such as the impact of new legislation, it may not be practical or cost-effective for a small business to do the same. The CPD Workshops fill this gap by focusing on topics that affect all employers such as the proposed Equality Bill; misuse of social media by employees; work permits; and upcoming changes to data protection, Chamber’s networking lunches cover a wide range of topics and debates from global taxation strategies to the Island’s potential to become a global centre in the cryptocurrency sector. The AGM luncheon this year culminated with a speech by Hon. Chris Robertshaw MHK who had recently been

appointed Minister for Policy and Reform within the Cabinet Office. Membership also provides many interbusiness networking opportunities, and promotes the sharing of best practice across all sectors. Businesses also benefit from increased internet visibility via the member directory on the www.iomchamber.org. im website. Joining Chamber provides two distinct advantages for businesses which already have, or wish to develop, international markets. This comes in the form of a discount on Certificates of Origin for exporting, and access to the global network of Chambers of Commerce which provides international development contacts and opportunities as Isle of Man Chamber of Commerce is the only organisation here affiliated to the British Chambers of Commerce. To find out more, call into the Isle of Man Chamber of Commerce office at Athol House, Athol Street, Douglas – or visit www.iomchamber.org.im or phone +44 (0)1624 674941.

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Thomas Miller Investment (Isle of Man) Limited is licensed by the Financial Supervision Commission of the Isle of Man. Telephone calls may be recorded. Clients are advised that the value of investments can go down as well as up. Registered address: Level 2 Samuel Harris House, 5-11 St Georges Street, Douglas, IM1 1AJ.