Why entrepreneurs from outside the UK and Ireland should consider the Isle of Man Business Migrant Route when relocating their business to the Isle of Man.
Business migrant route
The Isle of Man offers both a step-by-step and simple work permit and immigration system for individuals and businesses planning to relocate to the Isle of Man.The Business migrant route is an efficient immigration pathway accessible to people from outside the Common travel area, who are looking to set up a business in the Isle of Man. This progressive immigration route is accessible to any type of business, operating in any type of sector or industry. In comparison to other jurisdictions, particularly the UK, the criteria for obtaining permission to stay on the island indefinitely are much more favorable.Business Migrant – Start-upThis route is aimed at migrants who wish to create an innovative, viable and scalable business on the island. There is no minimum investment requirement, but applicants will need to demonstrate that the business is sustainable. This route offers two years and four months of leave but does not lead to indefinite leave to stay (ILR), which can only be obtained by progressing to the ‘innovator’ route.The Business Migrant – InnovatorThis route is aimed at migrants with business experience who wish to set up, join or take over one or more businesses on the Isle of Man. Unless progressing from the Start-Up route, migrants must have a minimum of £50,000 to invest in the business. As with the “Start-Up” route, applicants will need to have an innovative, viable and scalable business idea. This category can lead to ILR.All applications must be approved by the Isle of Man Government Business Department before the immigration process begins, but unlike some jurisdictions, there is no approval fee required.
What else makes the Isle of Man a great place to relocate a business?
Politically and financially stable jurisdictionThe Isle of Man is financially stable and politically progressive, offering a low tax environment that is open, transparent and meets international standards.The Isle of Man appeals to both individuals and businesses with a financially advantageous system, with no capital gains, no inheritance tax, no corporation tax and low personal tax rates. income tax.Diversified economyThe island’s mature and globally connected financial sector ensures that there is a full range of services on offer for those considering relocating their existing business or establishing a new operation on the Isle of Man. Business activity on the island spans a wide range of sectors including: aviation, technology, online gaming, financial and emerging technologies, manufacturing, clean technologies, biomedicine, visitor economy and, more recently, medicinal cannabis.As a “first mover” in a number of business areas and with a history of entrepreneurship, with 92% companies recommending the Isle of Man as a good place to do business, the island has a natural taste for innovation and collaboration. By investing and doing business in the Isle of Man, you join a community of like-minded individuals who think differently and have a strong desire to achieve their business goals. Solidarity governmentAlongside the Business Migrant Route, the Isle of Man Government, along with many private sector entities, offer a support ecosystem for people who want to start, grow or relocate their business. From training and mentoring to grants, loans and equity investments, there are a number of Opportunities for entrepreneurs wishing to start and grow a business in the Isle of Man.The Business Department offer a wide range of support schemes allowing greater accessibility and funding for modern and advanced technologies and business scenarios. Financial aid scheme offers a range of grants and loans on favorable terms for new start-ups and businesses relocating to the Isle of Man. The Discretionary Plan offers a generous support package, which can include up to 40% funding for capital and operating expenses, and a Employee Relocation Incentive up to £10,000 to help businesses relocate their employees to the island to help them grow.The Micro-Enterprise Grant Program was designed to give start-ups and small start-ups the financial support, training and business savvy they need to get their business off the ground. Business owners can benefit from funding of up to £15,000, 16 hours of flexible training and 18 months of one-on-one business mentorship.the Incentive for key employees. The incentive provides that an individual will only be subject to Manx income tax on Manx source income. In essence, only the individual’s Manx source employment income, including benefits in kind and rent arising from property on the island, is subject to Manx income tax. This means that an individual income from sources other than the Isle of Man (and certain Isle of Man source income such as dividends and interest) are not subject to Manx income tax.For other reasons why you should consider setting up or relocating a business to the Isle of Man, read Locate Isle of Man’s Top 5 reasons to start a business in the Isle of Man article. With a stable economy and a financially rewarding ecosystem, the Isle of Man could be an ideal location for you, your family and your business. If you have any questions regarding Business Migrant, get in touch with one of the Locate team, always happy to help.
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