Fact File Isle of Man 2005

FACT
FILE
Isle of Man
2005/6
FACT
FILE
Isle of Man
2005/6
Fact File Publications Limited

www.countryfactfiles.com
Fact File Isle of Man 1

Fact File Isle of Man > Acknowledgements
Fact File Publications Limited

PO Box 32
Castletown
Isle of Man
IM99 5XU
Tel: + 44 (0)1624 838440
Fax: + 44 (0)1624 838441
Email: factfiles@adnp.co.im
Web site: www.countryfactfiles.com
First published in the Isle of Man 2004

Copyright Fact File Publications Limited
Published in association with ADNP Ltd
ISBN 0-9548142-0-7
All rights reserved; No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form
or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the
Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding
or cover other than that in which it is published without the prior written consent of the Publisher.
The Publisher cannot accept any responsibility for any loss, injury or inconvenience resulting from the use of the contents of this book.
The Publisher has made every effort to ensure the accuracy of the information in this book at the time of going to press.
Acknowledgements
Main photography provided by Andrew Barton LBIPP.
Photographic contributions: ADNP Limited, Conister Trust, Miles Cowsill of Lily Publications Limited, Emma Cundy-Cooper,
CV Jewellery, Dandara Holdings Ltd, DeanWood Agencies, Isle of Man Department of Health and Social Security,
Isle of Man Department of Tourism and Leisure, Isle of Man International Business School, IHMES – International Hotel School,
King William’s College, Louis Group International Trustees, MannBenham Limited, Manx Telecom, MasterCraft, Limited, Jenny Melling,
Pelagos Yachts, Sefton Hotel, Steam Packet Company, Michael Thompson.
Main design provided by Neil Price Reprographic Services.

Initial contents page design: Fusion Graphics.
Printed and bound in Sweden by Kristianstads Boktryckeri AB
Research and editorial contribution: Ann Clayton, Marcus Cooper, Joanne Green and Sylvia Melling
Reference material: DCA Crown Copyright, Fitch Ratings, Isle of Man Government, Isle of Man Treasury Economics Affairs Division, Moody’s,
OECD, Standard and Poor’s, Tynwald Parliament
2 Fact File Isle of Man

Fact File Isle of Man > Foreword
The introduction of this new Fact File series of books giving independent, factual and accurate profiles of
international financial centres is timely and it is welcomed.
At a time when individual financial centres are offering a myriad of similar products and benefits it has become
necessary for the international businessmen to dig below the surface in order to identify significant jurisdictional
differences. Most international financial centres claim to have ‘solid economies, first class telecommunications and
support services, established legal systems and cutting edge legislation,’ and conduct business with integrity
and in accordance with the highest international standards. Consequently, how is the businessman to select an
‘appropriate’ jurisdiction?
From the evidence of the first Isle of Man Fact File this series will give the reader the ability to analyse in detail the
quality of a jurisdiction, its characteristics and overall effectiveness as a centre of excellence. The depth of original,
independent research that has gone into the text provides an insight which is not generally available when profiling
jurisdictions in the usual ways.
In the present climate of enhanced regulation and compliance this publication gives a thorough, up-to-date
analysis of key regulatory developments and provides the professional with a significant tool in the constant battle
to remain compliant, internationally aware and industry competent.
The Isle of Man Fact File demonstrates that the much maligned ‘off-shore’ can be sensibly regulated to a high
standard and indeed to a standard better than many of their ‘on-shore counterparts.’
The Isle of Man comes across as a well supervised, sensibly regulated, jurisdiction that complies with the highest
international standards and is at the forefront of international best practice. There does not appear to be over-
regulation. Achieving the necessary balance between required regulation and business freedom is a difficult one
but the Isle of Man has gone some way towards achieving it.
I anticipate with some eagerness the Fact Files on other centres.
William B Howarth, Chief Executive, International Compliance Association

Fact File Isle of Man > Contents
Contents
> Foreword from William B Howarth, Chief Executive, International Compliance Association 3
Global Status 6
> Rating Agency Report – Standard & Poor’s 7
> Country Credit Ratings 11
> Country Comparison Chart 15
> Financial Regulators’ Reports 16
> Organisations and Regulatory Bodies 17
Country Fact File 18
> Key points of the Isle of Man 19
> Country Statistics 20
> A British Crown Dependency 24
> British and overseas contacts 27
> Business overview 28
> Social and political history 37
> Tynwald Parliament and Government 41
> Government Departments 47
> Statutory Boards and Government Offices 74
Finance Sectors and Professional Services 76
> Banking 77
> Corporate Service Providers 87
> Insurance Services 93
> Investment Services 97
> Legal Services 101
> Wealth Management 105

Fact File Isle of Man > Contents
Other Sectors 108
> Construction and Property Services 109
> Education 113
> Information Technology and Computer Services 121
> Manufacturing and Retail 125
> Media and Advertising 135
> Shipping and Yacht Management 137
> Tourism and Travel 141
> Telecommunications 147
Company Profiles 150
Diary 2005/2006 161
> Isle of Man dates 161
> Calendar 2005 162
> Calendar 2006 163
> One page per month 164
Index 191
Useful Numbers 192

Global Status > Contents
Global Status
Standard & Poor’s Report 7
Country Credit Ratings 11
> Ratings explained
> Standard and Poor’s Rating definitions
> Moody’s Rating definitions
> Fitch Rating definitions
Country Comparison Chart 15
Financial Regulators’ Reports 16
> Financial Stability Forum ‘The Edwards Report’
> OECD Tax Haven Criteria
Organisations and Regulatory Bodies 17

Global Status > Standard & Poor’s Report
Standard & Poor’s Report

Publication date: 16-Jul-2004 financial sector, policy-makers are well placed to manage any
Rating history: Long- and short-term foreign and local currency political, fiscal, or economic repercussions.
ratings of 'AAA/A-1+' assigned February 2000
The government's robust financial position, coupled with close
Default history since 1975: None
economic and financial ties with the U.K., should enable the Isle to
Year. 2003/2004 (year ended March 31, 2004)
weather external shocks or significant changes in its economic
Population: 77,600
environment without major strain on its factor markets or overall
Per capita GDP: $26,669
economic stability.
Current government:
The majority of members in the Isle of Man parliament sit as Comparative Analysis
independents.
a) The Isle of Man's GDP growth has tended to exceed the 'AAA'
Chief Minister Richard Corkill is head of government.
average, although this gap is narrowing. Income levels on the Isle
Election schedule.
are high, albeit lower than the 'AAA' median.
General elections
b) Fiscal flexibility remains substantial in the Isle, as in most of its
Last: November 2001
peers.
Next: November 2006
c) The EU Savings Tax Directive is like to have an impact on the
Major Rating Factors financial industry of the Isle of Man, as well as its peers. That said,
no immediate pressure is expected on the ratings.
Strengths:
Like its 'AAA' rated peers, the Isle of Man has a stable,
Substantial fiscal flexibility and a strong government balance sheet.
democratically elected government that pursues predictable and
A high degree of economic integration with the United Kingdom.
transparent economic policies. As a small, open economy with a
Weaknesses: significant financial centre, the Isle's closest peers include the
Principality of Liechtenstein, the Grand Duchy of Luxembourg, the
The vulnerabilities faced by a small open economy.
Republic of Singapore, and the Swiss Confederation (all with foreign
Rationale currency ratings of AAA/Stable/A-1+; all references to ratings
hereafter are to foreign currency sovereign credit ratings), as well as
The ratings on the Isle of Man reflect its prudent policies, which are
the Principality of Andorra (AA-/Stable/A-1+).
expected to continue to sustain a high general government net
asset position. Income levels are high, albeit lower than the 'AAA' median.
Reflecting a peak in capital investment, the Isle's estimated general The Isle of Man's per capita income is high, estimated at $26,669
government balance-which consolidates the current account, in 2004, although this is dwarfed by Liechtenstein's exceptional
income from invested funds, and capital spending by revenue- income figure, estimated at $107,169 (unadjusted for cross-border
funded entities, but excludes internal financing-has been in deficit inward commuting of nonnationals), and is also below the 'AAA'
since 2002. The deficit narrowed in 2003, however, and the general median of $36,506 (see Chart 1). GDP per capita in Singapore and
government balance is expected to return to a surplus by 2005. In Andorra is at a similar level to the Isle, while the figure in
addition, the government's balance sheet remains exceptionally Switzerland is estimated at $44,902 in 2003.
strong, underpinned by net assets equivalent to about 50% of GDP.
GDP growth exceeds 'AAA' median, but the gap is narrowing.
The ratings are also supported by the Isle's open, export-oriented,
Real per capita income growth in the Isle of Man has averaged
and increasingly flexible economy. Substantial inward investment, a
6.8% over the past five years, compared with 2.3% per year in
stable business environment, and net immigration have supported
Singapore and the UK, 1.8% in Liechtenstein, 5.0% in Andorra, and
robust economic growth over the past decade. Real growth,
1.1% in Switzerland. The growth gap is narrowing, however. In
averaging 6.8% annually over the past five years, has increased per
1998, real GDP per capita growth in the Isle of Man, at 14.0%, was
capita income to an estimated $26,669. Unemployment remains
more than 10 percentage points higher than the 'AAA' median. By
negligible.
2004, this differential will have diminished to less than two
Furthermore, the Isle of Man's creditworthiness is underpinned by a percentage points (see Chart 2).
high degree of economic integration with the United Kingdom (UK;
Fiscal flexibility remains substantial, as in most peers
AAA/Stable/A-1+). This enables the Isle to mitigate many of the risks
Sustained general government surpluses over recent years, together
stemming from its small, highly open economy. As part of the UK
with very low taxes, a modest public debt burden, and substantial
monetary zone, the Isle benefits from low inflation and minimal
reserves, place the Isle of Man-alongside Liechtenstein,
external risk. Moreover, its customs union with the UK Exchequer
Luxembourg, and Singapore-in a strong fiscal position compared
underpins political and fiscal flexibility.
with many 'AAA' rated sovereigns with larger economies and
Outlook deeper domestic markets. With its small population and territory, the
Isle of Man is not confronted by the same public service demands,
The stable outlook reflects Standard & Poor's expectation that, over
complexities, and costs as those faced by larger governments
the medium term, the Isle of Man's very strong credit standing will
tackling regional or income disparities or heavy social welfare
remain secure against almost all foreseeable downside economic,
requirements.
political, and financial risks.
Although the EU Savings Tax Directive-which is expected to come At an estimated 22.6% of GDP in 2004 (year ending March 31,
into effect in 2005--will have some negative impact on the Isle's 2005) compared with 45.2% for the 'AAA' median, the Isle of Man's

general government debt burden remains modest, although higher ‘Fiscal Flexibility’ on page 10), reached 56% of GDP by March 31,
than that of Liechtenstein (8.8%) and Luxembourg (5.2%). 2004. Net of such assets, the Isle's general government sector is in
Substantial budget surpluses have allowed the Isle to accumulate a substantial net creditor position equivalent to 50.1% of GDP,
significant reserves. The market value of central government assets, higher than Luxembourg (41.5%) and Singapore (31.4%), but lower
which are distributed across a range of funds (see section headed than Liechtenstein (69.9%) (see Chart 3). The Isle of Man's revenue,
expenditure, and balance performances, however, have weakened surpluses, and a competitive tax regime. The Isle of Man's strategy
relative to those of peers over the past two years. At 1.6% of GDP, is very similar, but whereas none of these objectives is enshrined in
the general government deficit for 2003 is moderate among the legislation in the case of Singapore, the Isle's government is
Isle's deficit-running peers (Switzerland, Luxembourg, Andorra and required by law to budget for a central government current surplus.
the UK). Nevertheless, the Isle's general government budget is Both sovereigns are also small, highly open economies lacking in
expected to return to a surplus in excess of the 'AAA' median by natural resources. Moreover, the Singaporean economy's high
2005 as capital expenditures level off. degree of dependence on the US economy and on its own
electronics sector mirrors the Isle's heavy reliance on the UK
Economic and fiscal strengths are similar to Singapore's
economy and its own financial services industry. The two
Both the Isle of Man and Singapore boast investor-friendly sovereigns differ markedly in the political sphere, however. Whereas
governments with a solid macroeconomic policy record. Singapore's a dominant single party underpins Singapore's policy environment,
fiscal policy is focused on prudent spending, modest structural the Isle of Man adopts a heavily consensus-based approach.

Meanwhile, Singapore enjoys greater policy flexibility given the UK the UK, the Isle of Man is constitutionally distinct from the Kingdom
government's ability to influence the Manx political agenda. but closely tied to it by centuries of custom and practice. Although
the Isle is governed by its own parliament (the Tynwald), the
Impact of the EU Savings Tax Directive
Crown-and thereby the UK parliament--remains responsible for the
The ultimate objective of the EU's Savings Tax Directive is an good governance of the Isle. The Crown's responsibilities are
automatic exchange of information concerning interest income from reflected by the legislative supremacy of the UK parliament at
the savings of residents of other member states and the prevention Westminster and its ability to withhold royal assent to legislation. In
of harmful tax practices. For a transitional period lasting until 2011, practice, however, there have been few disputes between
member states have been given the option either to exchange Westminster and the Isle government, reflecting close cooperation
information directly or to apply a withholding tax on domestic between the two authorities.
savings held by residents of other member states. Luxembourg,
Full independence lacks any strong support
together with the Republic of Austria (AAA/Stable/A-1+), and the
Kingdom of Belgium (AA+/Stable/A-1+), have opted for the Little popular support exists for full independence from the UK A
withholding tax, at a rate starting at 15% in 2005 and rising to 20% report by the Council of Ministers has concluded that there are
in 2007 and 35% in 2010. Of the revenues generated, 75% will be insufficient advantages for the Isle of Man to seek independence.
returned to the country of residence, while the country levying the At the same time, the report recommended that the government
tax will retain the remainder. amend its policy with respect to constitutional development, to
sustain the evolution of the Isle government's autonomy in both
The EU has requested non-member third countries such as
internal and external affairs. Politics remains grounded in the Manx
Switzerland, Liechtenstein, Andorra, and the Isle of Man to give
tradition of consensus. In keeping with this, the majority of
assurances that they are ready to apply measures equivalent to
parliamentary representatives sit as independents in the Tynwald,
those due to be agreed by member states. The Isle of Man, as well
resulting in a virtual absence of party politics. In recent history, no
as Switzerland, Liechtenstein, and Andorra have indicated that they
government has been subject to a vote of no confidence. At the
will follow the withholding tax route. The directive is supposed to
same time, parliamentary structures provide flexibility to react to
come into force in January 2005, but delays are likely. It is expected
changes in the international environment or domestic events.
to have a negative effect on the offshore retail banking deposit
base, but the magnitude is difficult to foresee. Its impact on other External relations
financial services sub sectors such as insurance and fund
With the consent of Westminster, which is formally responsible for
management is expected to be limited. Therefore, the directive is
external relations and defence, the Manx government has
not expected to put any immediate downside pressure on the
increasingly represented its own interests in international forums.
ratings on the Isle of Man or those of its peers.
For example, although it is not a member state of the EU, the Isle
Currency union less exposed than Liechtenstein's of Man has successfully developed a special bilateral relationship
with the Union, gaining exemptions from certain EU regulations
Although Liechtenstein is also a small offshore financial centre, it is
affecting fiscal harmonization, financial services, and immigration. In
much less reliant on financial services than the Isle of Man, as it
addition, Manx policy-makers' strategy of active engagement with
boasts a large, competitive, and export-oriented manufacturing
the Isle's business community, as well as the UK and EU
industry. Both economies have attracted sizable inflows of foreign
authorities, minimizes any potential for disruption. With regard to
workers over recent years, which have supported GDP growth. In
the EU's Savings Tax Directive, for example, the Isle of Man
the Isle's case, workers mainly originate from the UK, whereas
government's decision to opt for the introduction of a withholding
people tend to commute from nearby Switzerland, Austria, and
tax was based on extensive consultation with the financial sector. It
Germany into Liechtenstein. Furthermore, Liechtenstein's economic
was also undertaken without stirring any discontent from the UK
and monetary union with Switzerland is similar to the Isle's
authorities, who had made known their preference for the Isle to
economic relationship with the UK in that both arrangements help
adopt automatic information exchange. Moreover, the Isle has
to underpin macroeconomic stability. In political and constitutional
successfully reached agreement with the EU on the Code of
terms, however, the relationships differ. Liechtenstein is entirely
Conduct (for offshore financial centres) and on the final
autonomous (Switzerland holds no governing authority over the
implementation of the new tax strategy. Appropriately, the Isle is
Principality), whereas the Isle of Man is a Crown dependency of the
actively involved with the OECD on achieving the ‘level playing field’.
UK Moreover, Liechtenstein faces currency risk, as its exports to the
Its present stance of constructive cooperation in bilateral tax
US and the Eurozone exceed those to Switzerland. By contrast,
agreements is intended to provide it with reciprocal economic
currency risk in the Isle of Man is negligible, since 95% of its
benefits such as shipping agreements and market access.
exports are destined for the UK
Economic Prospects
Political Environment
The Isle's main competitive advantage lies in its financial services
The Isle of Man's political environment faces few appreciable risks.
sector. Although increasing international scrutiny could give rise to
The government continues to enjoy a high degree of autonomy
consolidation in the number of offshore financial centres around the
from the UK authorities, but full independence remains off the
world, the Isle of Man's financial sector is not seen as under
agenda.
immediate threat.
Active involvement in tax-related negotiations with the EU and
OECD preserves the Isle's healthy external relations. The Isle's real GDP growth trajectory in fiscal years 2004/2005 to
2006/2007 is expected to remain in the region of 4.0% per year,
The political environment is stable
underpinned by the global economic recovery.
The Isle has a long-standing track record of disciplined,
Economic prospects over 2004/2005 are likely to continue to
conservative, and predictable policies, giving it the flexibility to
depend on the further expansion of the financial sector and net
adjust quickly to any changes in economic and political
immigration of labour.
circumstances without major disruption. As a Crown dependency of

Economic structure direct taxes, which contribute 35% of total treasury income. Income
taxes are substantially lower than in the UK, and personal tax-free
While the Isle's economic structure is dominated by financial
allowances are higher. Furthermore, there are no capital gains taxes,
services (42% of GDP) and manufacturing (10%), there is a degree
death or inheritance duties, stamp duties, estate duties, or wealth
of diversification within these two sectors. In the absence of
taxes.
abundant natural resources, the Isle's competitive advantage is
based on its financial services sector. Although increasing The standard corporate tax rate has been reduced from 18% to
international scrutiny of the industry could give rise to consolidation 10% as part of a new tax strategy, and a further reduction to zero is
in the number of offshore centres operating around the world, the expected by 2006. A forthcoming income tax bill will include an
Isle of Man's financial sector is not seen as under immediate threat. amendment to prevent abuse of the divergent corporate and
In addition to its strong regulatory environment, the sector boasts a individual tax rates. Further implementation of the government's
highly skilled workforce, and has already demonstrated its ability to taxation strategy is expected to remove preferential offshore tax
accommodate change imposed from outside, for example through breaks and sustain the downward trend in the direct tax burden
its quick response to the international Financial Action Task Force over the medium term.
initiative aimed at combating money-laundering. Although the EU's
Indirect taxes are a more vital revenue source for the government.
Savings Tax Directive is likely to affect the future prospects of the
Under the customs arrangement with the UK government, which
financial sector, any impact is expected to occur only gradually over
covers the bulk of traded goods, duty revenues are pooled and
several years. Moreover, policy-makers' response to the proposal is
shared according to a formula. This mechanism has helped to
expected to be driven primarily by the economic interests of the
ensure much greater revenue reliability for the Manx budget,
Isle, and the ability and willingness of its financial sector to fully
especially as revenues are now much less contingent on the health
absorb any related costs, rather than by outside pressures such as
of the domestic economy. The revenue redistribution formula is
the UK's preferences. This is particularly true of the decision to
updated every 10 years to allow for changes in relative population
adopt a withholding tax over information exchange.
and average consumption levels for the goods involved.
Economic growth.
Government debt and interest burden
The UK is the Isle of Man's largest trading partner, accounting for
General government debt stood at 24.2% of GDP at the end of
more than 95% of total exports. Consequently, the Isle's growth
March 2004. Nevertheless, at an estimated 2.4% of government
prospects are inextricably linked with those of the UK A revival in
revenues in fiscal year 2003/2004, the interest burden is negligible.
global demand over 2004-2005 is expected to help both
Total government assets remain sizable. They are distributed across
economies to recover lost momentum. As a result, the Isle's real
a range of funds, including: an internal fund (to cover possible
GDP growth trajectory is expected to stabilize at around 4.0 in the
revenue shortfalls from the government's tax strategy); a
medium term. The proactive government policy of promoting high
consolidated loans fund and hospital estate development fund (to
value-added industry, and its continued effort to expand and
finance capital expenditure); a reserve fund (to provide a fiscal
diversify the financial sector, are expected to overcome the negative
cushion for external shocks); a national insurance fund; and various
effect of implementing the EU Savings Tax Directive. On the supply
pension funds.
side, the temporary fall in net inward migration is expected to
reverse as the Isle's business expansion creates more vacancies. Surpluses in the national insurance system, averaging 3.1% of GDP
in the past decade, have enabled the government to build up the
Fiscal Flexibility
national insurance fund to 28.0% of GDP at the end of March 2004.
The general government deficit is expected to narrow to 0.2% of A further fund, the public service employees pension reserve (£66
GDP in 2004 from 3.6% in 2002, before returning to a slight surplus million or 5.1% of GDP at the end of March 2003), partially finances
in 2005. the public pay-as-you-go system. These and other assets, together
with favourable demographic trends, minimize future pension
A new tax strategy is expected to limit the revenues from direct
liabilities and support a net asset position estimated at 52.8% of
taxation, but indirect tax receipts pooled with the UK provide a
GDP in fiscal 2003/2004.
reliable source of revenues. The general government is in a net
asset position estimated at 52.8% of GDP at the end of March Off-budget and contingent liabilities.
2004, while off-budget and contingent liabilities are low.
Contingent liabilities are low. The potential cost to the government
Revenue, expenditure and balance performance of financial system stress is minimal, reflecting not only a strong
regulatory environment, but also the fact that many of the licensed
In 2003, the central government deficit declined to 1.6% of GDP
banks or building societies operating in the Isle are subsidiaries or
from more than 3.6% of GDP in 2002, outperforming the budgeted
branches of much larger parent institutions based mainly in the UK
4%, mainly due to higher-than-expected revenues from customs
Any potential liability is further reduced by a depositor protection
and excise. The strong growth in capital spending, which
scheme. Total outstanding government guarantees amounted to an
contributed to the 20% annual increase in central government
estimated £5.3 million at the end of March 2004.
expenditure in 2002 have levelled off following the completion of
major projects such as a hospital and a new incinerator. The Total financial commitments under Private Finance Initiative-type
annual capital expenditure is expected to decline from almost £100 contracts are moderate, amounting to £31.0 million (2.4% of GDP).
million ($185 million) to less than £70 million by 2006. The main government-owned entities include Manx Electricity, the
Water Board, and the Post Office. These companies operate on a
Prudent policies--such as the commitment, under section nine of
commercial basis and are profitable, therefore posing little
the Treasury Act (1985), to budget for a central government current
contingent liability risk to the sovereign. Moreover, outstanding
surplus--and surpluses on the social security account are expected
borrowings by these entities are already recorded on the
to continue to underpin the general government performance.
government's balance sheet.
As part of the UK customs and excise area, the Manx government's
revenue-raising flexibility is largely limited to income and other Reproduced with permission from Standard & Poor’s.

Global Status > Country Credit Ratings
Country Credit Ratings

What Is a Credit Rating Agency? How are the ratings made?
A credit ratings company has the ability to assess the creditable The ratings are made on a very broad scale ranging from the very
worthiness of a foreign country or company in an objective and best to the very worst. Letters in the English language are used to
independent way. It is able to determine the potential risks of denote the level of the credit rating.
investing money or securities in these areas.
The highest letter rating that can be awarded is triple A, denoted as
Credit in the Investment World AAA. With C or D being the lowest quality rating depending on the
credit rating company used. The broadness of the scale shows the
As in any foreign investment opportunity, there is the potential for
finer points or degrees within that letter rating. This can be seen as
the investor to gain or lose depending on many factors. However
a plus or minus mathematical symbol or a number.
the risks are considerably greater due to the lack of information that
is presented with investing in certain countries, people, companies AAA is the best rating with extremely low credit risk
or other markets. The ratings company will be able to present BBB is a speculative rating and reasonably good credit quality
information to help measure the positivity of co-operation and C or D is very poor and is of very high risk.
willingness to keep its financial commitment to whoever invests in A+, AA, BB, Ba2 are examples of levels of rating depending on the
that particular area. ratings company so each style must be interpreted respectively and
from those interpretations, a final collective assessment of risk of
Rating Agencies
willingness of the entity to repay debt can be made..
Of the many ratings companies in existence today, Moody’s,
What are Sovereign Credit Ratings?
Standard and Poor’s, and Fitch Ratings are the three best-known
credit rating agencies in the world. Individually, they provide a rating Sovereign credit ratings refer to the general credit worthiness of the
system that helps investors to make decisions with a better entity as opposed to just its financial obligations. In order to receive
knowledge of the entity for investing in. Collectively this allows the a respectable Sovereign credit rating, the country has to have a
investor to get an accurate assessment of that entity from three sound economic structure, transparency in the capital market, public
different viewpoints. and private investment, local and overseas investment, good
foreign currency reserves, and political stability.
Ratings can be assigned in the short or long term depending on
the type of investment required, the length of time involved, the A country with a sovereign rating will attract potential investors in
associated surroundings and the obligations and responsibilities the first instance. The level of risk shown within that rating is more
connected with the repayments either as local currency or foreign easily identifiable than one that does not have a sound investment
currency. rating. It could be generally assumed that a country's sovereign
credit rating would in most cases also be its upper limit of credit
An accurate ratings assessment in any case of foreign investment
ratings.
will therefore act as a guideline, providing both positive and
negative aspects on the entity. This results in the knowledge that Definition sovereign:
the entity has a certain level of ‘willingness to repay debt’ and
n. A nation (country) that governs territory outside its borders.
hence a level of risk is identified.
adj. Self-governing; independent: a sovereign state

Standard & Poor’s rating definitions

Issuer credit rating definitions financial commitments.
A Standard & Poor's issuer credit rating is a current opinion of an
CCC - An obligor rated 'CCC' is currently vulnerable, and is
obligor's overall financial capacity (its creditworthiness) to pay its
dependent upon favourable business, financial, and economic
financial obligations. This opinion focuses on the obligor's capacity
conditions to meet its financial commitments.
and willingness to meet its financial commitments as they come
due. It does not apply to any specific financial obligation, as it does CC - An obligor rated 'CC' is currently highly vulnerable.
not take into account the nature of and provisions of the obligation,
Plus (+) or minus (-)
its standing in bankruptcy or liquidation, statutory preferences, or
The ratings from 'AA' to 'CCC' may be modified by the addition of a
the legality and enforceability of the obligation. In addition, it does
plus (+) or minus (-) sign to show relative standing within the major
not take into account the creditworthiness of the guarantors,
rating categories.
insurers, or other forms of credit enhancement on the obligation.
The issuer credit rating is not a recommendation to purchase, sell, R - An obligor rated 'R' is under regulatory supervision owing to its
or hold a financial obligation issued by an obligor, as it does not financial condition. During the pendency of the regulatory
comment on market price or suitability for a particular investor. supervision the regulators may have the power to favour one class
of obligations over others or pay some obligations and not others.
Counterparty credit ratings, ratings assigned under the Corporate
Please see Standard & Poor's issue credit ratings for a more
Credit Rating Service (formerly called the Credit Assessment Service)
detailed description of the effects of regulatory supervision on
and sovereign credit ratings are all forms of issuer credit ratings.
specific issues or classes of obligations.
Issuer credit ratings are based on current information furnished by
obligors or obtained by Standard & Poor's from other sources it SD and D - An obligor rated 'SD' (selective default) or 'D' has failed
considers reliable. Standard & Poor's does not perform an audit in to pay one or more of its financial obligations (rated or unrated)
connection with any issuer credit rating and may, on occasion, rely when it came due. A 'D' rating is assigned when Standard & Poor's
on unaudited financial information. Issuer credit ratings may be believes that the default will be a general default and that the
changed, suspended, or withdrawn as a result of changes in, or obligor will fail to pay all or substantially all of its obligations as
unavailability of, such information, or based on other circumstances. they come due. An 'SD' rating is assigned when Standard & Poor's
Issuer credit ratings can be either long term or short term. Short- believes that the obligor has selectively defaulted on a specific
term issuer credit ratings reflect the obligor's creditworthiness over a issue or class of obligations but it will continue to meet its payment
short-term time horizon. obligations on other issues or classes of obligations in a timely
manner. Please see Standard & Poor's issue credit ratings for a
Long-Term Issuer Credit Ratings
more detailed description of the effects of a default on specific
AAA - An obligor rated 'AAA' has extremely strong capacity to meet
issues or classes of obligations.
its financial commitments. 'AAA' is the highest issuer credit rating
assigned by Standard & Poor's. N.R. - An issuer designated N.R. is not rated. Short-Term Issuer Credit
Ratings
AA - An obligor rated 'AA' has very strong capacity to meet its
financial commitments. It differs from the highest-rated obligors only A-1 - An obligor rated 'A-1' has strong capacity to meet its financial
to a small degree. commitments. It is rated in the highest category by Standard &
Poor's. Within this category, certain obligors are designated with a
A - An obligor rated 'A' has strong capacity to meet its financial
plus sign (+). This indicates that the obligor's capacity to meet its
commitments but is somewhat more susceptible to the adverse
financial commitments is extremely strong.
effects of changes in circumstances and economic conditions than
obligors in higher-rated categories. A-2 - An obligor rated 'A-2' has satisfactory capacity to meet its
financial commitments. However, it is somewhat more susceptible
BBB - An obligor rated 'BBB' has adequate capacity to meet its
to the adverse effects of changes in circumstances and economic
financial commitments. However, adverse economic conditions or
conditions than obligors in the highest rating category.
changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitments. A-3 - An obligor rated 'A-3' has adequate capacity to meet its
financial obligations. However, adverse economic conditions or
BB, B, CCC, and CC - Obligors rated 'BB', 'B', 'CCC', and 'CC' are
changing circumstances are more likely to lead to a weakened
regarded as having significant speculative characteristics. 'BB'
capacity of the obligor to meet its financial commitments.
indicates the least degree of speculation and 'CC' the highest. While
such obligors will likely have some quality and protective B - An obligor rated 'B' is regarded as vulnerable and has significant
characteristics, these may be outweighed by large uncertainties or speculative characteristics. The obligor currently has the capacity to
major exposures to adverse conditions. meet its financial commitments; however, it faces major ongoing
uncertainties, which could lead to the obligor's inadequate capacity
BB - An obligor rated 'BB' is less vulnerable in the near term than
to meet its financial commitments.
other lower-rated obligors. However, it faces major ongoing
uncertainties and exposure to adverse business, financial, or C - An obligor rated 'C' is currently vulnerable to non-payment and
economic conditions, which could lead to the obligor's inadequate is dependent upon favourable business, financial, and economic
capacity to meet its financial commitments. conditions for it to meet its financial commitments.
B - An obligor rated 'B' is more vulnerable than the obligors rated R - An obligor rated 'R' is under regulatory supervision owing to its
'BB', but the obligor currently has the capacity to meet its financial financial condition. During the pendency of the regulatory
commitments. Adverse business, financial, or economic conditions supervision the regulators may have the power to favour one class
will likely impair the obligor's capacity or willingness to meet its of obligations over others or pay some obligations and not others.

Please see Standard & Poor's issue credit ratings for a more Rating outlook definitions
detailed description of the effects of regulatory supervision on A Standard & Poor's rating outlook assesses the potential direction
specific issues or classes of obligations. of a long-term credit rating over the intermediate term (typically six
months to two years). In determining a rating outlook, consideration
SD and D - An obligor rated 'SD' (selective default) or 'D' has failed
is given to any changes in the economic and/or fundamental
to pay one or more of its financial obligations (rated or unrated)
business conditions. An outlook is not necessarily a precursor of a
when it came due. A 'D' rating is assigned when Standard & Poor's
rating change or future CreditWatch action.
believes that the default will be a general default and that the
Positive means that a rating may be raised.
obligor will fail to pay all or substantially all of its obligations as
Negative means that a rating may be lowered.
they come due. An 'SD' rating is assigned when Standard & Poor's
Stable means that a rating is not likely to change.
believes that the obligor has selectively defaulted on a specific
Developing means a rating may be raised or lowered.
issue or class of obligations but it will continue to meet its payment
CreditWatch - CreditWatch highlights the potential direction of a
obligations on other issues or classes of obligations in a timely
short- or long-term rating. It focuses on identifiable events and
manner. Please see Standard & Poor's issue credit ratings for a
short-term trends that cause ratings to be placed under special
more detailed description of the effects of a default on specific
surveillance by Standard & Poor's analytical staff. These may include
issues or classes of obligations.
mergers, recapitalizations, voter referendums, regulatory action, or
N.R. - An issuer designated N.R. is not rated. anticipated operating developments.
Ratings appear on CreditWatch when such an event or a deviation
Local Currency and Foreign Currency Risks
from an expected trend occurs and additional information is
Country risk considerations are a standard part of Standard & Poor's necessary to evaluate the current rating. A listing, however, does not
analysis for credit ratings on any issuer or issue. Currency of mean a rating change is inevitable, and whenever possible, a range
repayment is a key factor in this analysis. An obligor's capacity to of alternative ratings will be shown.
repay foreign currency obligations may be lower than its capacity to CreditWatch is not intended to include all ratings under review, and
repay obligations in its local currency due to the sovereign rating changes may occur without the ratings having first appeared
government's own relatively lower capacity to repay external versus on CreditWatch. The ‘positive’ designation means that a rating may
domestic debt. These sovereign risk considerations are incorporated be raised; ‘negative’ means a rating may be lowered; and
in the debt ratings assigned to specific issues. Foreign currency ‘developing’ means that a rating may be raised, lowered, or affirmed.
issuer ratings are also distinguished from local currency issuer
Reproduced with permission from Standard & Poor’s.
ratings to identify those instances where sovereign risks make them
different for the same issuer.
Moody’s rating definitions

General – Long term obligation ratings C - Obligations rated C are the lowest rated class of bonds and are
Moody’s long-term obligation ratings are opinions of the relative typically in default, with little prospect for recovery of principal or
credit risk of fixed-income obligations with an original maturity of interest.
one year or more. They address the possibility that a financial
Note: Moody’s appends numerical modifiers 1, 2, and 3 to each
obligation will not be honoured as promised. Such ratings reflect
generic rating classification from Aa through Caa. The modifier 1
both the likelihood of default and any financial loss suffered in the
indicates that the obligation ranks in the higher end of its generic
event of default.
rating category; the modifier 2 indicates a mid-range ranking; and
Moody’s Long-Term Rating Definitions the modifier 3 indicates a ranking in the lower end of that generic
Aaa - Obligations rated Aaa are judged to be of the highest quality, rating category.
with minimal credit risk.
Country guidelines for local currency obligations
Aa - Obligations rated Aa are judged to be of high quality and are Moody’s assigns local currency guidelines for many countries (or
subject to very low credit risk. distinct monetary areas) in order to facilitate the assignment of local
currency ratings to issues and/or issuers. Local currency ratings
A - Obligations rated A are considered upper-medium grade and are
measure the credit performance of obligations denominated in the
subject to low credit risk.
local currency and therefore exclude the transfer risk relevant for
Baa - Obligations rated Baa are subject to moderate credit risk. foreign-currency obligations. They are intended to be globally
They are considered medium-grade and as such may possess comparable. The country guidelines summarize the general country-
certain speculative characteristics. level risks (excluding foreign-currency transfer risk) that should be
taken into account in assigning local currency ratings to locally
Ba - Obligations rated Ba are judged to have speculative elements
domiciled obligors or locally originated structured transactions. They
and are subject to substantial credit risk.
indicate the rating level that will generally be assigned to the
B - Obligations rated B are considered speculative and are subject financially strongest obligations in the country, with the proviso that
to high credit risk. obligations benefiting from support mechanisms based outside the
country (or area) may on occasion be rated higher.
Caa - Obligations rated Caa are judged to be of poor standing and
are subject to very high credit risk. Reproduced with permission from Moody’s
Ca - Obligations rated Ca are highly speculative and are likely in, or
very near, default, with some prospect of recovery of principal and
interest.

Fitch rating definitions

International Long-Term Credit Ratings DDD, DD, D Default. The ratings of obligations in this category are
based on their prospects for achieving partial or full recovery in a
International Long-Term Credit Ratings are more commonly referred
reorganization or liquidation of the obligor. While expected recovery
to as simply ‘Long-Term Ratings’. The following scale applies to
values are highly speculative and cannot be estimated with any
foreign currency and local currency ratings. International credit
precision, the following serve as general guidelines. 'DDD'
ratings assess the capacity to meet foreign or local currency
obligations have the highest potential for recovery, around 90%-
commitments. Both foreign and local currency ratings are
100% of outstanding amounts and accrued interest. 'DD' indicates
internationally comparable assessments. The local currency rating
potential recoveries in the range of 50%-90% and 'D' the lowest
measures the probability of payment only within the sovereign
recovery potential, i.e., below 50%
state's currency and jurisdiction.
Entities rated in this category have defaulted on some or all of their
Investment Grade
obligations. Entities rated 'DDD' have the highest prospect for
AAA Highest credit quality 'AAA' ratings denote the lowest resumption of performance or continued operation with or without
expectation of credit risk. They are assigned only in case of a formal reorganization process. Entities rated 'DD' and 'D' are
exceptionally strong capacity for timely payment of financial generally undergoing a formal reorganization or liquidation process;
commitments. This capacity is highly unlikely to be adversely those rated 'DD' are likely to satisfy a higher portion of their
affected by foreseeable events outstanding obligations, while entities rated 'D' have a poor
prospect of repaying all obligations.
AA Very high credit quality 'AA' ratings denote a very low
expectation of credit risk. They indicate very strong capacity for Notes
timely payment of financial commitments. This capacity is not
‘+’ or ‘-’ may be appended to a rating to denote relative status
significantly vulnerable to foreseeable events
within major rating categories. Such suffixes are not added to the
A High credit quality 'A' ratings denote a low expectation of credit 'AAA' category or to categories below 'CCC'.
risk. The capacity for timely payment of financial commitments is
'NR' indicates that Fitch Ratings does not publicly rate the issuer or
considered strong. This capacity may, nevertheless, be more
issue in question.
vulnerable to changes in circumstances or in economic conditions
than is the case for higher ratings 'Withdrawn': A rating is withdrawn when Fitch Ratings deems the
amount of information available to be inadequate for rating
BBB Good credit quality 'BBB' ratings indicate that there is
purposes, or when an obligation matures, is called, or refinanced.
currently a low expectation of credit risk. The capacity for timely
payment of financial commitments is considered adequate, but Rating Watch: Ratings are placed on Rating Watch to notify investors
adverse changes in circumstances and in economic conditions are that there is a reasonable probability of a rating change and the
more likely to impair this capacity. This is the lowest investment- likely direction of such change.
grade category.
These are designated as ‘Positive’, indicating a potential upgrade,
Speculative Grade ‘Negative’, for a potential downgrade, or ‘Evolving’, if ratings may be
raised, lowered or maintained. Rating Watch is typically resolved
BB Speculative. 'BB' ratings indicate that there is a possibility of
over a relatively short period.
credit risk developing, particularly as the result of adverse economic
change over time; however, business or financial alternatives may A Rating Outlook indicates the direction a rating is likely to move
be available to allow financial commitments to be met. Securities over a one to two-year period. Outlooks may be positive, stable, or
rated in this category are not investment grade negative.
B Highly speculative 'B' ratings indicate that significant credit risk is A positive or negative Rating Outlook does not imply a rating
present, but a limited margin of safety remains. Financial change is inevitable. Similarly, ratings for which outlooks are ‘stable’
commitments are currently being met; however, capacity for could be upgraded or downgraded before an outlook moves to
continued payment is contingent upon a sustained, favorable positive or negative if circumstances warrant such an action.
business and economic environment.
Occasionally, Fitch may be unable to identify the fundamental trend
CCC, CC, C High default risk. Default is a real possibility. Capacity for and in these cases, the Rating Outlook may be described as
meeting financial commitments is solely reliant upon sustained, ‘evolving’.
favorable business or economic developments. A 'CC' rating
Reproduced with permission from Fitch Ratings
indicates that default of some kind appears probable. 'C' ratings
signal imminent default.

Global Status > Country Comparison Chart
Sovereign Ratings International Finance Centres

Standard & Poor's Moody's Fitch Ratings OECD FATF IRS FSF
Jurisdictions
Foreign Committed to
currency Transparency Non-
government long term and Effective List of un co- cooperative
bond rating. foreign Exchange of operative Tax countries and Removed from Know your Standards of financial
Foreign Currency (Gov bonds) currency Information. Havens territories black list customer regulation
high medium low
75 Countries 33 5 3 year 29 9 8 25
Andorra (The Principality of) AA/Stable/A-1+ 1 1 1
Anguilla 1 1
Antigua & Barbuda 1 1 1
Aruba (Kingdom of the Netherlands) BBB (negative) 1 1 1
Australia (Commonwealth of) AAA/Stable/A-1+ Aaa AA+ (stable) 1
Austria (Republic of) AAA/Stable/A-1+ Aaa AAA (stable)
Bahamas A-/Stable/A-2 A3 1 2001 1 1
Bahrain (Kingdom of) A-/Positive/A-2 Baa1 A- (stable) 1 1 1
Barbados BBB+/Stable/A-2 Baa2 1 1
Belgium (Kingdom of) AA+/Stable/A-1+ Aa1 AA (stable)
Belize B-/Negative/C B2 1 1
Bermuda AA/Stable/A-1+ Aa1 AA (stable) 1 1 1
British Virgin Islands (Overseas Territory of the UK) 1 1 1
Brunei
Canada AAA/Stable/A-1+ Aaa AAA (stable)
Cayman Islands Aa3 1 2001 1 1
China (People's Republic of) BBB+/Positive/A-2 A2 A- (positive)
Cook Islands (New Zealand) BB-/Stable/B 1 1 1
Costa Rica (Republic of) BB/Negative/B 1
Cyprus (Republic of) A/Stable/A-1 A2 A+ (stable) 1 1 1
Denmark (Kingdom of) AAA/Stable/A-1+ Aaa AAA (stable)
Dominican Republic CC/Negative/C B3 CCC+ 1 2002
Dubai
Finland (Republic of) AAA/Stable/A-1+ Aaa AAA (stable)
France (Republic of) AAA/Stable/A-1+ Aaa AAA (stable)
Germany (Federal Republic of) AAA/Stable/A-1+ Aaa AAA (stable)
Gibraltar Aaa 1 1 1
Greece (Hellenic Republic) A+/Negative/A-1 A1 A+
Grenada B-/Watch Neg/C 1 2003
Guernsey (Dependency of the British Crown) 1 1 1
Hong Kong SAR AA-/Stable/A-1+ A1 AA- (stable) 1 1
Ireland AAA/Stable/A-1+ Aaa AAA(stable) 1 1
Isle of Man (Dependency of the British Crown) AAA/Stable/A-1+ Aaa 1 1 1
Israel (State of) A-/Negative/A-1 A2 2002 1
Italy (Republic of) AA-/Stable/A-1+ Aa2 AA (stable)
Japan AA-/Stable/A-1+ Aaa AA (negative)
Jersey (Dependency of the British Crown) 1 1 1
Labuan (Malaysia) A-/Stable/A-2 Baa1 BBB+ (positive) 1
Lebanon (Republic of) B-/Stable/C B2 B- (stable) 2002 1
Liberia 1
Liechtenstein (The Principality of) AAA/Stable/A-1+ 1 2001 1 1
Luxembourg AAA/Stable/A-1+ Aaa AAA (stable) 1 1
Malta (Republic of) A/Stable/A-1 A3 A (positive) 1 1 1
Marshall Islands (The Republic of) 1 2002 1
Mauritius Baa2 1 1
Monaco (The Principality of) 1 1 1
Montserrat (Overseas Territory of the UK) BBB-/Positive/A-3 1
Nauru (The Republic of) 1 1 1
Netherlands (State of The) AAA/Stable/A-1+ Aaa AAA (stable)
Netherlands Antilles (Kingdom of the Netherlands) 1 1 1
New Zealand AA+/Stable/A-1+ Aaa AA+ (stable)
Niue 1 2002 1
Norway (Kingdom of) AAA/Stable/A-1+ (p)Aaa AAA (stable)
Panama BB/Negative/B Ba1 BB+ (stable) 1 2001 1 1
Philippines (Republic of) BB/Stable/B Ba2 BB (stable) 1
Portugal (Republic of) AA/Stable/A-1+ Aa2 AA (stable)
Russian Federation (The) BB+/Stable/B Baa3 BB+ (stable) 2002
Samoa 1 1
San Marino AA (stable) 1
Seychelles (The Republic of) 1 1
South Africa (Republic of) BBB/Stable/A-3 Baa2 BBB (stable)
Spain (Kingdom of) AA+/Positive/A-1+ Aaa AAA (stable)
St Kitts & Nevis 1 2002 1
St Lucia 1 1 1
St Vincent & The Grenadines 1 2003 1
Singapore (Republic of) AAA/Stable/A-1+ Aaa AAA (stable) 1 1
Sweden (Kingdom of) AAA/Stable/A-1+ Aaa AAA (stable)
Switzerland AAA/Stable/A-1+ Aaa AAA (stable) 1 1
Taiwan (Republic of China) AA-/Stable/A-1+ Aa3 A+ (stable)
Tonga
Turks & Caicos (Overseas Territory of the UK) 1 1 1
United Kingdom AAA/Stable/A-1+ NR AAA (stable) 1
United States of America AAA/Stable/A-1+ Aaa AAA (stable)
US Virgin Islands (US possession) 1 1
Vanuatu (The Republic of) 1 1

Global Status > Financial Regulators’ Reports
Financial Regulators’ Reports

Financial Stability Forum- The Edwards Report ● First to introduce an Ombudsman scheme for occupational
pensions (using the UK scheme)
Financial Stability Forum Report: (Review of Financial Regulation in
the Crown Dependencies known as the Edwards Report) ● First to get UK Designated Territory Status in 1988
Report of the Working Group on Offshore Centres 5 April 2000
● As a result of these and other initiatives, the Island is regularly
is available from: www.fsforum.org
recognised by leading specialist publications as the leading
Offshore Financial Centre (OFC) issues have been of concern for offshore jurisdiction in terms of legislation.
some time within the official sector. Considerable work has been
undertaken by the Basel Committee on Banking Supervision (BCBS),
International Association of Insurance Supervisors (IAIS), International OECD Tax Haven Criteria
Organisation of Securities Commissions (IOSCO), Financial Action
Four key factors are used to determine whether a jurisdiction is a
Task Force (FATF), United Nations (UN), Organisation for Economic
tax haven. The first is that the jurisdiction imposes no or only
Co-ordination and Development (OECD), and G-7 Finance Ministers.
nominal taxes. The no or nominal tax criterion is not sufficient, by
Much of this work has focused on the development and itself, to result in characterisation as a tax haven. The OECD
assessment of standards or best practices in the areas of banking recognises that every jurisdiction has a right to determine whether
and insurance supervision, securities market regulation, corporate to impose direct taxes and, if so, to determine the appropriate tax
governance, money laundering, and information exchange, all of rate. An analysis of the other key factors is needed for a
which has relevance for OFCs. jurisdiction to be considered a tax haven.
The Group took note of the ongoing FATF work on non-cooperative The three other factors to be considered are:
jurisdictions (‘FATF on Money Laundering: Report on Non-
● Whether there is a lack of transparency
Cooperative Countries and Territories’), and on the work being
undertaken by the OECD on tax competition (‘Harmful Tax ● Whether there are laws or administrative practices that prevent
Competition: An Emerging Global Issue’) as well as bribery and the effective exchange of information for tax purposes with
corruption (‘Convention on Combating Bribery of Foreign Public other governments on taxpayers benefiting from the no or
Officials in International Business Transactions’). nominal taxation.
The Group also drew on the available analytical work on OFCs. ● Whether there is an absence of a requirement that the activity
be substantial
The Isle of Man and Regulatory Leadership, ‘The Edwards Report’,
highlights many areas where the Isle of Man has led the Crown Transparency ensures that there is an open and consistent
Dependencies in the development of regulation and legislation. application of tax laws among similarly situated taxpayers and that
information needed by tax authorities to determine a taxpayer’s
correct tax liability is available (e.g., accounting records and
These include: underlying documentation).
● Firsts/Leadership With regard to exchange of information in tax matters, the OECD
encourages countries to adopt information exchange on an ‘upon
● First Island to institute a Financial Supervision Commission -
request’ basis. Exchange of information upon request describes a
fifteen years ago in 1983
situation where a competent authority of one country asks the
● First to give FSC its own prosecution powers competent authority of another country for specific information in
connection with a specific tax inquiry, generally under the authority
● First to introduce unified Enforcement Division - commended
of a bilateral exchange arrangement between the two countries. An
by Edwards
essential element of exchange of information is the implementation
● Most extensive arsenal of legislation against financial crime of appropriate safeguards to ensure adequate protection of
and money laundering - equal to that in the UK taxpayers’ rights and the confidentiality of their tax affairs.
● Most extensive enforcement powers - matching those in UK, The no substantial activities criterion was included in the 1998
including powers to ban, injunct and name and shame Report as a criterion for identifying tax havens because the lack of
such activities suggests that a jurisdiction may be attempting to
● First and only Crown Dependency to introduce depositor
attract investment and transactions that are purely tax driven. In
protection (compensation) provisions (wider even than those
2001, the OECD’s Committee on Fiscal Affairs agreed that this
applying in the UK)
criterion would not be used in connection with determining
● First to cover investment business generally under regulatory whether a tax haven was cooperative or uncooperative.
bodies - in 1991
Sourced with permission from www.oecd.org
● First to introduce statutory policy holder protection scheme

Global Status > Organisations and Regulatory Bodies
Organisations and Regulatory Bodies

Rating Agencies World Trade Organization
Centre William Rappard, Rue de Lausanne 154
Standard & Poor's
CH-1211 Geneva 21 Switzerland
20 Canada Square
+ 41 22 739 5111
London United Kingdom E14 5LH
www.wto.org
+ 44 (0)207 176 7105
www.standardandpoors.com Membership: 146 countries across the world. The WTO’s main
function is to ensure a safe, predictable and free trade flows
Moody’s between nations according to internationally agreed trade rules.
700 19th Street
Mincing Lane Financial Action Task Force on Money Laundering (FATF)
London United Kingdom EC3R 7XB 75775 Paris Cedex 16, Paris France
+ 44 (0)207 772 5454 + 33 1 4524 7945
www.moodys.com www.oecd.org/fatf
The role of the FATF is to spread the message of anti-money
Fitch Ratings
laundering to all nations and check the ‘Forty Recommendations’
Eldon House, 2 Eldon Street
has been implemented by its members and constantly review
London United Kingdom EC2M 7UA
money laundering trends and countermeasures.
+ 44 (0)207 417 4222
www.fitchratings.com International Monetary Fund (IMF)
Bank for International Settlements
Financial Regulators
Washington USA D.C. 20431
Organisation for Economic Co-operation and Development + 1 202 623 7100
(OECD), Minster Court www.imf.org
2 rue André Pascal
Membership: 184 countries across the world. Votes are allocated
F-75775 Paris Cedex 16
according to members’ economic strength, hence US 17.5% and St
Paris France
Lucia 0.01%. The IMF promotes monetary co-operation, exchange
+ 33 1 4524 9700
stability and arrangements. It also fosters economic growth and
www.oecd.org
improved levels of employment.
Membership: 30 leading democratic market economies, which
together produce two-thirds of the world's goods and services. The Financial Services Authority (FSA)
The role of the OECD is to foster good governance in the public 20 Canada Square, Canary Wharf
service and incorporate activity by making recommendations to London United Kingdom E14 5HS
government policy makers in identifying those policies that work in + 44 (0)207 066 1000
the international arena thereby helping the countries to progress by www.fsa.gov.uk
multilateral agreement. The FSA provides support for the financial services industry in the
United Kingdom by promoting public understanding and confidence
The Financial Stability Forum (FSF)
of the financial system, reducing financial crime and protecting its
25 The North Colonnade
consumers.
Centralbahnplatz 2
Basel Switzerland CH-4002 The Office of the Superintendent of Financial Institutions
+ 41 61 280 8298 255 Albert Street, Ottawa Canada K1A 0H2
www.fsforum.org + 1 613 990 7788
Membership: National financial authorities in the G7, Australia, Hong www.osfi-bsif.gc.ca
Kong, the Netherlands and Singapore; international financial The OSFI is the primary regulator of federally chartered financial
institutions; international regulatory and supervisory groupings; institutions and federally administered pension plans. It aims to
committees of central bank experts and the European Central Bank. protect the rights and interests of consumers.
The FSF uses information exchange and international co-operation
by surveillance and supervision between countries to promote International Organization Of Securities Commission (IOSCO)
international financial stability. C/ Oquendo 12, 28006 Madrid Spain
+ 34 91 417 5549
The World Bank www.iosco.org
1818 H Street, N.W. Membership: 175 countries across the world.
Washington, DC 20433 U.S.A. The IOSCO promotes high standards of regulation in order to
+ 1 202 473 1000 maintain reputable markets by the exchange of information and
www.worldbank.org effective surveillance of international securities transactions.
The International Bank for Reconstruction and Development (IBRD)
or ‘World Bank’ has 184 member countries, nearly all the countries Council of the European Union
of the world. It is one of five organisations in the World Bank Group. Rue de la Loi, 175 B-1048, Bruxelles Belgium
The World Bank Group’s mission is to fight poverty and improve the + 32 2 285 6111
living standards of people in the developing world. It is a http://ue.eu.int
development Bank which provides loans, policy advice, technical The Council is the main decision-making body of the European
assistance and knowledge sharing services to low and middle Union. The ministers of the 25 member states meet within the
income countries to reduce poverty. Council of the European Union. Each country has representative
ministers who are responsible for their field such as finance, foreign
or social affairs.

Country Fact File > Contents
Country
Fact File
The Key Points of the Isle of Man 19 > The Company Registry
> For businesses > Zero Rate Company Income Tax Strategy
> Trusts
> For the individual
> Express Trusts
Country Statistics 20 > Non-Express Trusts
> Global position > Private, Public or Purpose Trusts
> Demographics > Bare Trusts
> Climate > Fixed Interest and Discretionary Trusts
> Travelling > Trading Trusts
> New Residents > Unit Trusts
> Trust Service Providers
A British Crown Dependency 24
> Funds
> What are Crown Dependencies?
> Mutual Funds
> The relationship with the United Kingdom
> Authorised Schemes
> The relationship with the European Union Protocol 3
> International and Exempt International Schemes
> Immigration and nationality > Professional Investor Funds
> Citizenship applications > Experienced Investor Funds
> Overseas work permits > Closed-Ended Funds (Investment Trusts)
> Diplomatic and consular missions > Insurance
> Island and British contacts > Captive Insurance
> Facts for individuals > Life Assurance
> Entry requirements > General Insurance
> Isle of Man work permits > Pensions
> Employment legislation > Domestic Pensions
> International Pension Schemes
> Residency for tax purposes
> e-business
> Personal taxation
> Government incentives
> Quality of life
> Currency and exchange controls
> Owning property > Secrecy and Disclosure
British and Overseas Contacts 27 > Data Protection
> Associations, Societies, Institutes > Anti-money laundering controls
> Manx Associations Old Mann, New Mann 37
Business Overview 28 > Social and political history
> Financial Background Tynwald Parliament and the Government 41
> Partnerships > The make up of Tynwald
> General Partnerships > Tynwald and Government connecting (map)
> Limited Partnerships > 2004 - Annual Report
> Department of Trade and Industry
> Manx Partnerships
> Treasury Department
> International Limited Partnerships
> Department of Tourism and Leisure
> Limited Liability Companies
> Department of Transport
> Companies
> Department of Local Government and Environment
> Offshore or International Companies > Department of Health and Social Security
> Non-Resident Companies > Department of Home Affairs
> Tax Exempt Companies > Department of Agriculture, Fisheries and Forestry
> Redomiciliation of Companies > Department of Education
> Company Formation > Statutory Boards and Government Offices

Country Fact File > Key Points of the Isle of Man
Key Points of the Isle of Man

Positive features of the Isle of Man: For businesses
The Island also boasts state of the art telecommunications.
The Isle of Man has shed its image of a ‘dubious tax haven’ and
It was a very close second in the race to be the first country to
convinced such organisations as the OECD, FATF, Standard &
introduce a third generation (3G) mobile telephone network, and
Poor’s and Moody’s that it is a well regulated, credit worthy,
broadband technology is available in virtually all parts of the
international finance centre of repute.
Island.
Over the last quarter of a century the Island has become home to
Positive features of the Isle of Man: For the individual
many successful international organisations within the finance
sector. In one of the longest established international finance The Island is a beautiful, uncrowded island. Its residents are
centres in the world and as the Island’s largest employment friendly, and have a strong sense of community. Levels of crime
sector, it has a work force with considerable relevant experience. are low compared to the UK and, in a recently conducted survey,
Local companies encourage their staff to take professional the Manx people voted the safety of the Island as the aspect
qualifications, as well as providing in-house training. Industry they would most hate to lose.
related professional courses are run on the Island at the
A significant proportion of the Manx budget is invested in health
International Business School and the College of Further
provision and a new state of the art hospital was opened in
Education.
2004.
The Island has a remarkable history of innovation. Because of
The Island can boast education standards and exam results at a
generous support packages and quality advice available to
level to challenge the best in the UK. Significant investment in ICT
suitable businesses, several innovative, high value manufacturing
in senior schools means that over 90 per cent of students leaving
and service companies have set up their businesses on the
school in 2003 had IT qualifications.
Island. The Island is also proud of the quality of its local produce.
Most people on the Island, whatever their origin, are interested in
The Isle of Man is a low tax regime. Corporate income tax is due
its culture and heritage, and are committed to enhancing its
to be reduced to 0% with effect from the year 2006. Personal
distinctive national identity. There is also a wide range of sports,
income tax rates are low and the Island charges no Capital Gains
social and leisure clubs on the Island and Manx teams compete
Tax, Inheritance Tax or Stamp Duty.
at international level in a number of sports. The Island is famous
The Island has the oldest independent parliament in the world worldwide for its annual TT races.
and has proved its ability to make speedy decisions and quickly
The Isle of Man is committed to ensuring that the quality of life it
implement new legislation when circumstances or markets
offers is maintained in terms of social well-being, quality
indicate the need for change. This has enabled the Isle of Man
environment, and sound infrastructure, coupled with political and
to stay at the forefront of the international scene and build a
economic stability.
successful and stable economy.

Country Fact File > Country Statistics
Country Statistics
Global Position: Climate
Latitude 54˚3 - 54˚25_ N The weather in the Isle of Man is similar to that of Ireland,
Longitude 4˚18 - 4˚47_ W Scotland, England and Wales. With the island being situated in
Location: The centre of the Irish Sea - 50 km (31 miles) from the Irish Sea, roughly halfway between England and Ireland, the
Ireland and 50 km (31 miles) from the U.K. prevailing wind is usually from the South West providing a
Area: 572 sq. km (227 sq. miles) temperate climate with moderate temperatures, rainfall and
Length: 52 km (32.5 miles) sunshine. The Gulf Stream travelling up through the Irish Sea
Width: 22 km (13.5 miles) ensures a mild climate for most of the British Isles and
Perimeter coastline: 160 km (100 miles) particularly for the Isle of Man, due to its unique positioning in the
Maritime claims: exclusive fishing zone: 12 NM Irish Sea. Occasionally there are very short bursts of snowfall,
Territorial sea: 12 NM mostly falling on Snaefell Mountain (Snow Mountain) in the centre
Longest River: Sulby 17 km (10.5 miles) of the island. The worst problem is sea fog on the south and east
Highest Point: Snaefell 621 metres (2,036 feet) coast of the island. Least affected is the west coast.
Central Terrain: hills, valleys
Average rainfall is 863 mm (34 inches) increasing with altitude up
North Terrain: flat, long sandy beaches
to 2.5 times more.
West and South Terrain: rocky cliffs, sheltered bays
Capital: Douglas
Languages: English and Manx Gaelic
Currency: Manx pounds and pence (equivalent to GB pounds)
Religion: Anglican, Roman Catholic, Methodist, Baptist, Presbyterian
Demographics
The Isle of Man Government has produced a full census report
every 10 years since 1821 with interim censuses introduced since
1966. Copies of the reports can be found at the Central Reference
Library in Douglas. The reports hold statistical and historical
information and can provide a valuable insight into the nature of
the Manx people and their country. Fact File > Contact Information
Source: Census 2001
Total resident population: 76,315
Population by town: Males: 37,372, Females: 38,943 Central Reference Library
East: Douglas 23,487, Onchan 8,656 Government Offices,
North: Ramsey 6,874 Bucks Road, Douglas,
West: Peel 3,819 Isle of Man, IM1 3PG
South: Castletown 2,958, Port Erin 3,218, Port St Mary 1,874 Tel: + 44 (0)1624 685520
Vehicle Testing station

Tromode,
Douglas, Isle of Man
Tel: + 44 (0)1624 627431
Vehicle Licensing and Registration

The Treasury
Government Offices,
Bucks Road, Douglas,
Isle of Man, IM1 3PG
Tel: + 44 (0)1624 685600
Email: treasuryadmin@gov.im
Weather and Shipping Forecast
Weathermann:
Speak to a Forecaster Direct:
(24 hours) Tel: + 44 (0)900 6243 200
Recorded Weather Forecast:
(updated six tiimes each day)
Tel: + 44 (0)900 6243 300
Recorded Shippng Forecast:
(updated five times each day)
Tel: + 44 (0)900 6243 322

Travelling to, from and around the Isle of Man

Access to the Isle of Man is either by air or sea.
Fact File > Contact Information
Sea routes operate daily all year round between Douglas and Heysham or Liverpool in
the north west of England and in the summer months to Belfast in Northern Ireland and
Dublin in the Republic of Ireland. The ferry operators have an excellent record of Isle of Man Airport
consistency, safety and all weather travel (see Isle of Man Steam Packet). It is only in the Tel: + 44 (0)1624 821600
most extreme conditions that ferry services are cancelled. The transport of goods is www.gov.im/airport
mainly by sea and controls are kept to a minimum under the Isle of Man’s Custom Union
Agreement with the UK, allowing a smooth and relatively unrestricted passage for cargo. Department of Transport
Due to the deep water harbour facilities around the island there are visitors and cargo Tel: + 44 (0)1624 686600
operators who are able to dock with their own private cruisers, yachts, bulk containers
and other seaworthy vessels. Department of Tourism and Leisure
Ronaldsway airport is situated nine miles south of Douglas between Ballasalla and Tel: + 44 (0)1624 686801
Castletown in the south of the Island. The airport has excellent links to and from the
United Kingdom and Ireland providing around one hundred flights each week through Steam Packet Company
various airline operators. This allows for interconnections at major airports to the rest of Tel: + 44 (0)870 552 3523
the world. Facilities are also available for charter airline and private small aircraft and jets. www.steam-packet.com
Getting around in the Isle of Man Aer Arann
There are over 500 miles of public road access. Driving is like that of the United Kingdom
Tel: + 44 (0)800 587 2324
in that road vehicles are always driven on the left hand side. (International travellers
www.aerarann.com
should note that hire cars reflect this with right hand steering wheels). The major
difference between the UK roads and IOM roads is the absence of motorways. There is a
British NorthWest Airlines Ltd.
misconception that the entire Island has no speed limit as dramatically advertised
worldwide by the famous TT races. In fact, drivers must adhere to the speed limits around Tel: + 44 (0)1624 617181
towns and residential areas that could be as low as 15 miles per hour. Due to the www.flybnwa.co.uk
Island's compact developments, there is an obvious lack of road names and signposts.
This can only be offset by the length of stay on the Island since historical and British Airways
geographical landmarks provide the mainstay of road recognition and direction. Tel: + 44 (0)870 850 9850
www.britishairways.com
Public transport is user friendly. The buses are regular and mostly punctual. The bus
facilities are adaptable for people of any ability with or without encumbrances such as Eastern Airways
wheelchairs, pushchairs and luggage. The cost of getting around the Island is very Tel: + 44 (0)1652 680600
sensibly priced compared with UK fares. Taxis, however, are relatively expensive but
www.easternairways.com
conveniently placed at the sea terminal and at the airport. Other less conventional
methods of transport include the summer running of the Victorian steam train along the
Emerald Airways
south coast, the horse drawn tram along Douglas promenade and the electric railway to
Tel: + 44 (0)870 850 5400
Laxey and Ramsey along the north east coast and to the top of Snaefell mountain in the
centre of the Island. www.flyjem.com
EuroManx
Tel: + 44 (0)870 787 7879
www.euromanx.com
Flybe
Tel: + 44 (0)871 700 0123
www.flybe.com
Flykeen
Tel: + 44 (0)800 083 7783
Charter enquiries:
Tel: + 44 (0)1253 400818
Manx Flyers
Tel: + 44 (0)1624 825999
Charter & Training
(Fixed wing & helicopter)
www.manxflyersaerodub.com
Woodgate Aviation
Charter & Training
Tel: + 44 (0)1624 823707
www.woodair.com

From ‘Come-Over’ to ‘Stop-Over’

Having made the decision to stay on the Isle of Man, becoming a resident of the Island
Fact File > Information
requires a lot of planning and forethought.
The major reasons for a ‘big move’ are usually associated with career relocation, The Isle of Man has been known
improvements in personal financial planning, retirement prospects and family situations. through the centuries under various
names such as Isle of Mann, from the
Finding a financial or business adviser is half the battle won. The other half is the
Manx Gaelic language as Ellan Vannin or
personal or family side of the move. Different countries have different rules and the Isle of
Mannin and as Mona from the Latin
Man is no exception.
language. The names can still be found
Car Owners: in use today.
New residents who own non-Manx registered cars and bring them across to the Island
The Isle of Man first produced its own
must have them re registered and given Manx plates. In order to get these plates, the
bronze money in the 18th century for
car(s) must be road worthy and tested on the Island. Vehicle insurance must also be
the earls of Derby and Atholl.
sought if the vehicle is to be driven on the public roads.
The motto ‘Quocunque Jeceris Stabit’ on
Drivers:
the Coat of Arms translates to
New residents who drive and hold non-Manx driving licenses are expected to obtain the
‘whithersoever you throw it, it will stand’
Manx equivalent. As in the United Kingdom, learner drivers are required to display a red L-
plate until qualified. A newly qualified driver is required to display a red R plate for the The three legs symbol of the Isle of Man
first year, during which they are restricted to travelling at no more than 50mph. was not originally Manx. Its origins are
loosely European but the Manx adopted
Passports and other identification
the symbol in about the thirteenth
Compliance is strictly observed on the Island and requests for personal identification are
century with the legs now strongly
commonplace for most financial changes such as opening a local bank account, renting
identified as Manx or associated with
property, even the purchase of a local network mobile telephone.
the Isle of Man.
Types of identification depend on the type of situation. It is advisable to bring across
The Manx cat has no tail. This is only
documents relating to the last residence such as the last utility bills, telephone bills,
true for the ‘Rumpy’, the cat with no
personal documents such as birth certificate, marriage certificate, divorce certificate,
cartillage at the base of the rump. Manx
current driving license, passport, current pension or allowance details (books or
cats can have varying lengths of tail.
statements). The list is quite exhaustive, however, for those requiring overseas work
Myths still abound as to why this animal
permits it is advisable to contact the appropriate office for correct procedural admittance.
has no tail, from having the tail trapped
Manx law is based on the English system. It does, however, treat road drivers who abuse and losing it as the cat rushed to safety
the system due to reckless or dangerous driving, or drugs (including alcohol), very strictly on board Noah’s Ark, or from invading
and can hand out very harsh sentences and fines. Vikings cutting their tails off, to
experimental use for finding a cure for
Once settled, the only way to really find out about the Island is to explore and ask.
spina bifida in humans. None of these
are true. This breed of cat has
developed naturally within the confines
of the small island over time and
without having other breeds of cat to
mate with, retaining its special
characteristics. The island has in effect
managed to perform its own ‘genetic
modification’ without human intervention.
The first TT (Tourist Trophy) Races were
held in 1907 at St Johns with 27
competitors racing 10 laps of a 15 mile
circuit of public roads. In 1911 the 37.5
mile Mountain Course replaced the original
circuit. With minor changes a few years
later, the circuit was reduced to 37.25
miles and remains as such today.
St Patrick of Celtic Ireland is believed to
have brought Christianity to the Isle of
Man, though this has never been
proven. However there is evidence of
Christianity on the Island since 500AD.
The first literary work translated into Manx
and printed was in 1707. Written Manx
prior to this date is extremely rare and
relates mainly to ecclesiastical manuscripts.

Country Fact File > Map of the Isle of Man

Country Fact File > A British Crown Dependency
A British Crown Dependency

What are Crown Dependencies? Legislative Council are presided over by Community provisions on the free
the President of Tynwald who is elected movement of persons and services do not
According to the United Kingdom by the Members of Tynwald. The Isle of apply to the Islands*. Islanders benefit
Department for Constitutional Affairs, the Man has adopted a Cabinet-style from these provisions within the rest of
Isle of Man along with the Bailiwick of Government with a Chief Minister elected the Community only if they have close
Guernsey and the Bailiwick of Jersey are by the Isle of Man Parliament (Tynwald), ties with the UK (i.e. if they, a parent or
internally self-governing ‘Dependencies’ of and up to nine Ministers chosen by the grandparent were born, adopted or natural-
the Crown included in the term ‘British Chief Minister from members of Tynwald. ised in the UK or have at any time been
Islands’. They are ‘British Possessions’ but ordinarily resident in the UK for five years).
not ‘British Colonies’. They are not ‘United The Isle of Man first came under the
Kingdom Overseas Territories’ and should English Crown in the fourteenth century The Islands* neither contribute to nor are
be referred to as ‘Crown Dependencies’. following periods under the suzerainty of eligible to benefit from Community funds.
the Kings of Norway and Scotland. In They are not subject to Community
The Secretary of State for Constitutional 1405 the Island - with its ‘regalities’ - was measures on taxation, nor are they for
Affairs and Lord Chancellor is the Privy granted to Sir John Stanley and his heirs. any purposes within the EU's fiscal territory.
Counsellor with special responsibility for From then up to 1765 it was ruled by the
Island* Affairs. The Department for Earls of Derby, and later the Dukes of Protocol 3 also provides for the
Constitutional Affairs provides the main Atholl, as Kings or Lords of Man. By Acts application in the Islands of the European
channel of communication between the of Parliament passed in 1765 and in 1825, Coal and Steel Community unified tariff.
Islands* and HM Government and acts on the rights of the Lords of Man reverted to The European Atomic Energy Community
behalf of the Islands* for liaising with the Crown, and for a time the Island was (Euratom) Treaty applies to persons and
other Government Departments and for very largely governed from London. undertakings established in the Islands*.
making them aware of Islands'* interests
In addition to the Lieutenant Governor, Although measures on police and criminal
over a whole range of issues.
other Crown Officers in the Isle of Man are judicial co-operation adopted under Title 6
The Isle of Man is not part of the United the First and Second Deemster (the judges of the Treaty on European Union do not
Kingdom and has no representation in of the High Court) and Attorney General. apply to the Islands*, the United Kingdom
Parliament at Westminster. The The latter - like the Law Officers in the has undertaken to consult the Islands*
constitutional relationship between the Channel Islands - is legal adviser to both fully about such measures in order that
Crown Dependencies and the United the Crown and the Island government. the Islands* can consider whether, and if
Kingdom is the result of historical so to what extent, they wish to adopt
processes and accepted practice. Relationship of the Crown Dependencies legislation or administrative practices to
with the United Kingdom improve police and criminal judicial co-
The Kilbrandon Report of 1973 The United Kingdom is responsible for the operation with Member States.
acknowledged that there were areas of Islands’* international relations and for
uncertainty in the existing relationship their defence and the Crown is ultimately Immigration and Nationality
which itself was complex. It did not responsible for their good government. The Islands*, together with the United
purport to draw up a fully authoritative This means that, in the circumstances of a Kingdom and the Republic of Ireland, form
statement and the Islands* are known to grave breakdown or failure in the admin- a common travel area with immigration
be particularly sensitive to the need to istration of justice or civil order, the residual control at the periphery. There are no
obtain their consent, in accordance with prerogative power of the Crown could be immigration controls between the United
democratic principle, to any decision used to intervene in the internal affairs of Kingdom and the Islands. The Lieutenant
taken in the United Kingdom which has the Channel Islands or the Isle of Man. Governors issue passports in the Islands*.
legal implications for them. Under the British Nationality Act 1981,
The European Union Islanders are entitled to full British
The Isle of Man has its own legislative The Channel Islands and Isle of Man are citizenship.
assembly, administrative, fiscal and legal not Member States nor are they part of
system and own court of law. The Judicial the UK Member State. (*’Islands’ refers to the Isle of Man, the
Committee of the Privy Council is the Bailiwick of Guernsey and the Bailiwick of
ultimate court of appeal. The relationship of the Islands to the Jersey)
European Community is governed by
The Isle of Man Lieutenant Governor (The Article 299(6)(c) of the Treaty establishing Citizenship Applications
Queen's representative), subject to the the European Community and by Protocol Applications from foreign nationals to be
consent of the Secretary of State for 3 to the UK's Act of Accession to the naturalised as British citizens are
Constitutional Affairs and Lord Chancellor, Community. By virtue of Article 299(6)(c), considered under the provisions of the
grants Royal Assent to most primary the EC Treaty applies to the Islands* only British Nationality Act 1981 but involve
legislation passed by the Island's to the extent described in Protocol 3. This amongst other things a period of
legislature (Tynwald). In the case of a provides that Community rules on residence in the Isle of Man, United
minority of Bills, Royal Assent is reserved customs matters and quantitative Kingdom or any of the Channel Islands of
to The Queen-in-Council. restrictions apply to the Islands under the 5 years or 3 years if the applicant is
same conditions as they apply to the UK; married to a British citizen. Many other
Tynwald comprises the House of Keys (the requirements also apply.
Lower House) with 24 popularly elected the Islands* are inside the Community
Customs Territory and certain aspects of The Channel Islands and the Isle of Man
members and the Legislative Council (the have their own immigration laws and
Upper House) with eight members elected the Common Agricultural Policy are
applicable in order to allow free policies, but UK visa offices also issue
by the House of Keys, together with the visas for these islands. Guernsey
Attorney General and the Bishop of Sodor movement in agricultural products.
Immigration authorities also act for Herm,
and Man. Tynwald Court and the Sark and Alderney.

Country Fact File > Diplomatic and Consular Missions
Visas for Foreign Nationals Visiting the UK restricted range of duties than diplomatic
The UK Visa unit is operated between the representatives. Their prime task is to Fact File > Contact Information
Foreign and Commonwealth Office and protect the interests of the nationals of
the UK Home Office and provides a their countries.
service through the British Diplomatic Consular Missions are established in
posts overseas. accordance with the provisions of the Isle of Man
Vienna Convention on Consular Relations
Immigration Rules 1963. The Passport Office
Foreign Nationals - Entry Clearance Prospect House, 27-29 Prospect Hill,
Applications from foreign nationals to take The Convention provides four different Douglas, Isle of Man, IM1 1ET
up residence in the Isle of Man are dealt grades of Consular representatives (in
www.gov.im/cso/immigration/
with under the provisions of the Isle of descending order of importance): Consul-
Man Immigration Rules. If the person is General, Consul, Vice-Consul, and Consular Tel: + 44 (0)1624 685208
overseas they are likely to require an entry Agent. The offices of these representatives Fax: + 44 (0)1624 685210
clearance in order to do so and should are called Consulate-General, Consulate,
make enquiries in the first instance with Vice-Consulate and Consular Agency, The Immigration Officer
their nearest British Embassy, High respectively. Consular representatives may Government Office Bucks Road,
Commission or Consulate to see whether be career officers (i.e. they are full time Douglas, Isle of Man, IM1 3PG
this is the case. Application should be employees of their government) or
made to them in the first instance and honorary officers (i.e. officers paid only an
Tel: + 44 (0)1624 685208 / 685203
they will in turn then refer the application honorarium by the country they represent).
to this office for a decision on it to be Career officers are normally nationals of Citizen Application
made. the country they represent and members Chief Secretary's Office
of that country’s diplomatic or consular Tel: + 44 (0)1624 686283
Overseas Work Permits service. Honorary officers are usually
Foreign nationals who wish to come to permanent residents of the country in
the Isle of Man to work, require a work which they work and may be nationals of United Kingdom
permit issued under the Overseas Labour the country in which they live or of the
Scheme and where necessary a visa, in Foreign & Commonwealth Office
country that they represent.
order to so. Work permits are issued for a King Charles Street
specific job with a specific employer and In some Commonwealth countries, the London, England SW1A 2AH
normally only to people with high level senior consular missions of other http://www.fco.gov.uk/
qualifications or occupational skills and Commonwealth countries are called
with substantial post qualification Deputy High Commissions and the heads General enquiries
experience. The employer is required to of these offices are called Deputy High Tel: + 44 (0)207 008 1500
show that there is no one available to do Commissioners. However, the trend is for
the job on offer in the Isle of Man, United such offices to be called Consulate- Services for Britons Overseas
Kingdom or European Economic Area. General etc. Tel: + 44 (0)207 080 0210
(office hours only)
Definition of Diplomatic Consular Services
and Consular Missions Travel advice unit
The following is what a British Consulate Tel: + 44 (0)870 606 0290
Diplomatic Mission can do for you:
A Diplomatic Mission is the office of a Issue emergency passports, and in some Visa enquiries
country’s diplomatic representatives in the places full passports; Tel: + 44 (0)207 008 8438
capital city of another country. Contact relatives and friends and ask
them to help you with money or tickets;
UK Government Home Office
Diplomatic Missions are established in
accordance with the provisions of the Tell you how to transfer money; Direct Communications Unit,
Vienna Convention on Diplomatic In an emergency, cash you a sterling 7th Floor, 50 Queen Anne’s Gate
Relations 1961. cheque worth up to £100 in local London England SW1H 9AT
currency, if supported by a valid banker's www.homeoffice.gov.uk
A Diplomatic Mission of a Commonwealth card;
country in another Commonwealth Help you get in touch with local lawyers, General Enquiries
country is called a ‘High Commission’. The interpreters and doctors; Tel: + 44 (0)870 000 1585
head of mission is called ‘High Arrange for next of kin to be told of an
Commissioner’. Text: + 44 (0)207 273 3476
accident or a death and advise on
procedures; Fax: + 44 (0)207 273 2065
A Diplomatic Mission in any foreign (i.e.
non-Commonwealth) country is called an Visit you if you have been arrested or put email:
‘Embassy’ and the head of mission is in prison, and arrange for messages to be public.enquiries@homeoffice.gsi.gov.uk
called ‘Ambassador’. sent to relatives and friends;
Put you in touch with organisations who
High Commissions and Embassies perform help trace missing persons;
the same functions and have the same Speak to the local authorities on your
status. behalf;
Only as a last resort, in exceptional
Consular Missions circumstances, and as long as you meet
A Consular Mission is the office of a certain strict rules, give you a loan to get
country’s consular representative in you back to the UK, but only if there is
another country, either in the capital city no-one else who can help you.
or in another significant city. Consular
representatives undertake a more

Country Fact File > Facts for Individuals
The following is what a British Consulate clearance. However, Commonwealth of 18% payable on the rest of the taxable
cannot do for you: citizens whose passports have been income). A non-resident liable for Manx
Get you out of prison; endorsed with a Certificate of Entitlement income tax will pay 18% on all relevant
Give legal advice or start court will have a right of abode. income, without receiving any personal
proceedings for you; allowances.
Get you better treatment in hospital or Work Permits
prison than is given to local nationals; Whilst the restrictions on entry are only as There is a reciprocal arrangement with the
Investigate a crime; given above newcomers require a work UK whereby the National Insurance
Pay your hotel, legal, medical or any other permit before they can take up Contributions are the same and the same
bills; employment or self-employment. rates of VAT are applied (with some
Pay your travel costs, except in special Qualification as an Isle of Man worker are exceptions).
circumstances; such as being born on the Island, resident
for at least 5 years, married to an Isle of Quality of Life
Do work normally done by travel agents, The Island has a population density of
airlines, banks or motoring organisations; Man worker, having received full-time
education during residence (and having 335 people per square compared to
Get you somewhere to live, a job or work Jersey (1888) and Malta (3562). In 2002
permit; remained on the island thereafter) or
having a Manx-born parent who spent the MORI carried out a Quality of Life survey in
Demand you be treated as British if you which over 90% of residents indicated
are a dual national in the country of your first 5 years of their life on the Island.
satisfaction with the Island as a place to
second nationality Broadly speaking permits are granted live and over 70% were satisfied with the
Crown Copyright where there are no suitable local workers way the Government runs the Island.
available for the job concerned and where
External Relations Division (IoM there is no reason to doubt the good The Island is relaxed, friendly and
Government) character of the individual. Except in the peaceful. While it offers the services,
The External Relations Division in the Chief case of self-employed, permits are granted facilities, and business opportunities of a
Secretary’s Office promotes the for a specific job with a specific employer modern European centre, is has also
constitutional relationship between the and are normally limited in duration but managed to retain a work/life balance
Isle of Man and the United Kingdom and may be renewed. that is attractive and the envy of many
ensures recognition of the Island's urban dwellers.
interests internationally whilst honouring Employment Legislation
The Manx employment law has The Island has invested significantly into
its international obligations. its health care, opening a new state of
essentially followed that of the UK and
Passports issued in the Isle of Man the Minimum Wage Act was implemented the art hospital in 2004. A
Applications and renewals are available in 2001. The Island is currently in the comprehensive National Health Service is
from the Passport Office, post offices, process of modernising and consolidating at the heart of the Government’s policy
police stations, travel agents and the employment law framework. and is reflected in their spending plans.
Commissioners Offices throughout the It also has high educational standards
Island or directly from the government Residency for Taxation Purposes
‘Residence’ is not defined in the Income with exam results in its senior schools
website link. Since 26th October 2004 all comparing favourably with the UK. In
children travelling to the United States of Tax Acts so the Manx Assessor of Income
Tax has regard to the United Kingdom 2003 56% of Manx students achieved 5
America are required to have their own or more GCSE passes compared with 51%
passport. decisions on comparable legislation.
However the Short term Residence Extra in the UK. There are opportunities for
further education at the International
Facts for Individuals Statutory Concession does lay down
Business School, which offers a range of
certain rules for periods of temporary
At the last census in 2001 the population residence in relation to liability for Manx Masters level programmes as well as
of the Isle of Man was just over 76,000 income tax. undergraduate Business Studies and other
with 47,000 of these of working age; courses, and the College of Further
14,500 below working age and the rest Since the 6th April 2003 the Treasury Education. Both are affiliated to
retired. The level of unemployment has introduced a package of measures where universities in the UK. In addition The
been maintained at below 1% for several individuals are required by their employer Manx Government provides financial
years. to take up residence on the Isle of Man to support for its students to attend
start up a new business or to diversify / university in the UK. See Department of
Entry requirements expand an existing one. For the first Education and Education sections.
British citizens and citizens of the Irish three years the individual may elect to
Republic do not require passports or entry only be taxed on their Isle of Man source Owning Property
visas for travel between their respective income and their employer may be given Subject to immigration rules there are
countries and the Isle of Man. Other EU financial assistance for their relocation. currently no restrictions regarding who
citizens require only their ID cards for may purchase property and live on the
travel to the Island. Citizens from non-EU Personal Taxation Island.
countries will need a passport and may The Isle of Man operates a low personal
tax regime with income tax being the only Pensions
need a visa.
direct taxation; there being no capital The domestic pensions legislation is
The Island is part of the Common Travel gains tax, inheritance tax or stamp duty. similar to that of the UK with a review
Area so anyone entitled to enter the For income tax there are high personal currently being undertaken. Individuals
United Kingdom may also enter the Isle of allowances (for the year 2004/05 £8,225 who reside on the Island can transfer their
Man as an immigrant. This includes for a single person; £16,450 for a married UK occupational or personal pension
citizens of the United Kingdom, Ireland, couple); and low tax rates (10% on the rights into equivalent Isle of Man based
the Channel Islands and nationals of first £10,000 above the personal arrangements and those who do not have
European Economic Area. In general allowances for a single person; £20,000 access to an occupational scheme are
persons from outside the Common Travel for a married couple; with the higher rate able to establish a personal pension.
Area will require some form of entry

Country Fact File > British and Overseas Contacts
Associations, Societies & Institutes Manx Insurance Managers Association Institute of Chartered Secretaries
+ 44 (0)1624 625431 & Administrators
Isle of Man Insurance Brokers Association
www.mima.org.im + 44 (0)1624 630047
+ 44 (0)1624 611227
www.icsa.org.uk
Isle of Man Chamber of Commerce
Association of Chartered Certified Accountants
+ 44 (0)1624 674941 Institute of Financial Services
www.accaglobal.com
www.iomchamber.org.im www.ifslearning.com
Association of Corporate Service Providers
The Isle of Man Trades Council Institute of Directors
+ 44 (0)1624 628131
+ 44 (0)1624 621156 www.iod.com
www.acsp.co.im
The Royal Institution of Naval Architects Chartered Management Institute
Association of Licensed Banks
+ 44 (0)1624 833548 + 44 (0)1624 822575
www.alb.org.im
www.iom-manager.info
The Institute of Marine Engineering
Isle of Man Fund Management Association
Science and Technology The Securities Institute
+ 44 (0)1624 689689
+ 44 (0)1624 833548 + 44 (0)1624 812925
www.fma.org.im
www.securities-institute.org.uk
The Insurance Institute of the Isle of Man
Isle of Man Society of Chartered Accountants
+ 44 (0)1624 681681 Isle of Man Engineering Society
+ 44 (0)1624 662788
www.cii-iom.com + 44 (0)1624 614460
www.icaew.co.uk
Chartered Institute of Marketing Manx Actuarial Society
IOM Junior Chamber of Commerce
www.cim.co.im + 44 (0)1624 821240
+ 44 (0)1624 674941
www.actuaries.org.uk
www.iomjcc.com Chartered Institute of Management
Accountants Isle of Man Law Society
Manx Insurance Association
www.cimaglobal.com + 44 (0)1624 662910
www.mia.org.im
www.iomlawsociety.co.im
Manx Associations Victoria Minnesota
World Manx Association Ms Liz Newland, 5 Penola Place, Wheelers Ms Joan Gill,
Secretary - Mrs H Murphy, Purt Ny Shee, Hill, Victoria 3150, osimanx@bigpond.com nwjgill@earthlink.net
Quarterbridge Road, Douglas, IM2 2RQ,
Western Australia Nebraska
Isle of Man + 44 (0)1624 628595
Mrs Kath Craine, 11 Governors Drive, Falcon, Ms Vicky Gabber, 214 Barrington Drive,
hmurphywma@enterprise.net
WA 6210, 0061 08 95342770, Gretna, NE 68028 USA
British Isles Manx Societies dkcraine@iinet.au
North California
Barrow-in-Furness
New Zealand Manx Societies Mr Larry Faragher, 830 Kiely Boulevard 200,
Mr Eric Cain, 21 Monksvale Grove,
Auckland Santa Clara CA 9505 USA,
Barrow-in-Furness, Cumbria, LA13 9JT
Mrs Loraine Lapish, 84 Stamford Park Road, manxman@aol.com
+ 44 (0)1229 826479
Hillsborough, Auckland 4,
Ontario
London oxted@xtra.co.nz
Bob Watterson, 76 Dunlop Street, Appt 605
Ms Wendy Kneen, 54 Meads Court,
Canterbury Richmond Hill, ON L4C 2M5. Canada
Carnarvon Road, London, E15 4BL
Marion & Bill Quayle, 3 Pukeuri Lane,
+ 44 (0)956 537011 Rocky Mountain
Hillsborough, Christchurch 2
Sheila Kent, 5131 Jellison Court,
Wirral
United Arab Emirates, Dubai Arvada, CO 80002, USA
Mrs Irene Craine, 33 Parkhill Road,
Gill Costain-Salway, + 971 4 394 3185,
Birkenhead, CH42 9JB, San Diego
manxman@emirates.net.ae
+ 44 (0)151 604 3273 Mrs Ruth Smith, 4966 Rockford Drive,
South Africa San Diego, CA 92115, USA,
Australian Manx Societies
Mr Tom Cain, 81 Panorama Drive, Northcliff, HManxie@aol.com
New South Wales
JHB 2195, RSA, + 27 11 678996,
Mr John Stanhope, 13/24 Edensor Street, Southern
tom@fma.co.za
Epping NSW 2121, 0061 02 98682503 Dr Barry Vann, 134 Ridge Road,
stanhope@bigpond.com North America, Canada & USA Manx Societies Grenada, MS 38901
President – Mr Bradley Prendergast,
Queensland Utah
221 N.LaSalle St, Ste. 1800 Chicago, IL
Mrs Val Ashworth, 10 Firelight Street, Mr Russel Cannon, 348 East Winchester
60601, beeves@juno.com
Sunnybank Hills, Qld, 4109, Ave, 6400 South Suite 110,
tashworth@opusnet.com.au Chicago Salt Lake City UT84107, USA
Mrs F Abbinanti, 9330 South Richmond
Tasmania Vancouver
Avenue, Evergreen Park, IL 60805 USA
Mr Michael Crellin, 24 Fletcher Ave, Mrs Vera Henry, 3142 W 32nd Avenue,
Moonah, Hobart, Tasmania, 0061 03 Cleveland Vancouver, BC, V61 2CI, Canada,
62287274, tinacrellin755@aol.com Mrs Mona Haldeman, 191 Glenview Drive, terry-mccaffrey@telus.net
Avon Lake, OH 4401 USA
South Australia Wisconsin
Mrs Joy Denver, 12 Ti Tree Road, Galva Doris Alff, 5436 Village Drive,
Stirling, SA 5032 Shirley Kelly, 316 NE 6th Avenue, West Bend, WI 53905 USA
Galva, IL 61434 USA

Country Fact File > Business Overview
Business Overview
Financial Background (for insurance and pensions business). The Island’s regulators
have close contact with their international counterparts and
In recent years the Isle of Man has established itself as one of
participate in a wide range of international groupings. The Island
the most respected international financial centres in the world.
has adopted extensive regulatory measures to prevent money
It has enjoyed unprecedented growth over the last 20 years; the
laundering and the financing of terrorism in line with the best
period between 1997 and 2002 being particularly impressive
international standards.
with real growth averaging almost 10% pa. Its economy has
proved entrepreneurial in times of upturn and resilient in the Part of the success of the Isle of Man is its professional services
downturn and, although, like the rest of the world, the Island has industry. The Isle of Man legal profession is practicing law to the
suffered from the economic impacts of the last few years, it is highest standards. The Judiciary of the Isle of Man enjoys the
estimated that the growth rate is continuing to be around 5% pa highest international reputation and its judgements carry great
in real terms. weight internationally. The accountancy profession is well
established, with all the major international firms represented from
The Island’s Gross Domestic Product (GDP) outperformed
the Chartered, Certified and other branches of the profession. The
expectations for the 5 year period ending in 2002 at which time
Institute of Chartered Secretaries and Administrators is also
it also surpassed the United Kingdom equivalent. In the same
represented, as is the banking profession through a thriving centre
year the total GNP reached £1 billion for the first time.
of the Chartered Institute of Bankers.
The key sectors generating this performance have been financial
The other business sectors also have their own professional
services, which have grown by over 60% in the last years, and
organisations which maintain good working relationships with the
professional services which have grown by 50% in the same
Government and contribute towards the content of new
period. Banking generates typically around one quarter of the
legislation.
Island’s GDP, with the rest of the finance industry adding a further
15 to 20%. The emphasis in the Island is on providing quality financial
products and services in a properly regulated business
A driving factor in this growth has been the willingness of the Isle
environment which is confirmed by the fact that both Standard &
of Man Government to attract new business by swiftly and
Poor’s and Moody’s have allocated the Isle of Man AAA long-term
effectively implementing or amending legislation to reflect fast
credit rating.
changing developments and markets. The result is an
environment which is well regulated and sophisticated whilst Banking
being flexible and up-to-date.
The banking sector in the Isle of Man is a vital part of the
This desire to create a business friendly environment has been economy with deposits totalled £27.8 billion at the end of
supported by low taxation, political and economic independence, December 2002, and is dominated by branches and subsidiaries
and stability. Implementation of a new and dynamic tax strategy of the main United Kingdom clearing banks. There are also many
has begun which will introduce a corporate income tax strategy other United Kingdom and foreign banks present, together with
of zero standard rate for Isle of Man companies from January branches and subsidiaries of United Kingdom building societies.
2006 (see under Companies), a reduction in the standard and top
For more information see the section on Banking.
rate of tax for individuals, and a simplified approach to capital
allowances. Companies
In an economically active population of 40,000 the The Isle of Man has been legally and politically distinct for over a
unemployment rate has been maintained at below 1% for over 4 thousand years and has proactively enacted regulation to
years. Despite this full employment the increase in average encourage good quality organisations to consider the Isle of Man
earnings has increased by just an average of 5.4% pa over the for its business. The Island prides itself on some of the most
same period. This balance has been maintained because, sophisticated law relating to forms of business organisation of any
although the Island operates a work permit system, it aims to offshore centre and is among the leading jurisdictions in the
apply this sensibly to enable employers to recruit and transfer world in this respect.
personnel from off-island when necessary. In the last 3 years only
The Isle of Man has become one of the most sophisticated legal
100 permits have been refused out of the 13,000 applications.
frameworks in the world relating to business organisations,
With a high quality education system and a impressive level of
particularly for offshore work. As a result the Manx corporate
investment in IT within schools, the Island has also created a
structures have been widely used internationally.
good pool of capable employees.
Three structures available are
Over the last 11 years the annual retail price index inflation has
been maintained at below 4% pa. Although the growth of the ● Partnerships
Island into a financial centre has led to a change in lifestyle a ● Limited Liability Companies
MORI quality of life survey conducted in March 2002 found 93% ● Companies, either public or private
of residents satisfied with the Isle of Man as a place to live. This
Partnerships
equates to the highest result MORI recorded for any location in
the British Isles. The law relating to Partnerships is contained in the Partnership Act
1909 and provides for two types of partnership, namely General
Regulation of the finance sector is conducted by the Financial
Partnership and Limited Partnership.
Supervision Commission (for banking, investment, fund and
fiduciary businesses), and by the Insurance and Pensions Authority

The definition is ‘A Partnership is the relationship which subsists International Limited Partnerships
between persons carrying on a business in common, with a view
The International Business Act 1994 introduced provisions for the
to profit.’
taxation of certain Manx Partnerships enabling them to apply to
Under the definition the maximum number of partners is 20 apart be treated as International Limited Partnerships, which status
from the following exclusions, with certain restrictions: exempts limited partners resident outside the Isle of Man from
any liability to Manx income tax.
a) Firms of Advocates
b) Firms of Accountants Limited Liability Companies (LLCs)
c) Firms of Stockbrokers in a Stock Exchange
The Limited Liability Companies Act 1996 introduced a new form
d) Regulated Collective Investment Schemes
of business organisation into Manx law – the Limited Liability
e) Partnerships for ownership, management or charter
Company. This American concept, originally conceived in
of ships or aircraft.
Wyoming, USA, combines a partnership-like membership structure
A partnership is not a single legal entity in its own right, as is a and tax treatment with limited liability protection for its members.
company. As such, the assets of a partnership are owned in the It is a separate legal entity whose members’ liability is limited to
joint names of all the partners or, where this is inconvenient, the the amount of their capital contribution. The right to manage the
assets can be owned in the name of a Trustee who will hold the LLC is vested in the members themselves in proportion to their
assets in trust for the partners. contributions, although they do have the option of appointing a
manager.
General Partnerships
The Act provides for two types of LLC – a resident LLC which has
The partners of a General Partnership are each generally
members resident in the Isle of Man, and an International LLC,
responsible and personally liable, without limit, for the debts and
which has no members resident on the Isle of Man.
liabilities of the partnership. The acts of a partner in pursuance of
the normal business of the partnership are binding on the For Isle of Man income tax purposes, an LLC will be taxed in the
partnership. Even after retirement or death, the partner or his same way as a Partnership and, if owned by non-resident
estate continues to be liable. A corporation cannot be a partner. members and having no Isle of Man source of income, can be
exempt from all Isle of Man direct taxation.
The interests of the partnership assets, and the rights and duties
of the partners, are governed by the Partnership Agreement, if As there is no limitation to the number of members of an LLC the
there is one. In the absence of any agreement default rules are form lends itself readily as a vehicle for the issue of debt
specified under the Act. instruments in the raising of investment funds.
For the purpose of Manx income tax a Partnership is not a In many cases conventional companies are too complex and
taxable entity and so is not assessable in its own right in respect costly to administer. The requirement for the separation of
of the annual profits or gains that accrue from its business. ownership (shareholders) from management (directors), the need
However each partner is liable to pay income tax on his/her for AGMs, etc may be inappropriate for a small holding company,
share of profits from the Partnership. A non-resident partner or even a small trading business. It was the need for a simplified
would only be liable to non-resident income tax on income structure, while preventing its use as a mechanism for concealing
derived from Manx sources. ownership and activities, that led to the development of the
Limited Liability Company.
Limited Partnerships
Companies
A Limited Partnership may also not have more than 20 members
unless it falls within any of the exempted categories listed above. Several Companies Acts have been enacted since 1931. They set
out the types of companies which may be incorporated and the
It must consist of one or more ‘General Partners’ with unlimited
manner in which their affairs should be conducted. Isle of Man
liability, and one or more ‘Limited Partners’. Either type of partner
Company Law is largely based on that of Great Britain.
may be an individual or a corporate entity.
A company is a separate legal entity which is formed by one or
A limited partner shall, at the time of entering the partnership,
more subscribers signing the Memorandum and Articles of
contribute a defined amount of capital or property, and his liability
Association. The beneficial ownership of the company is not
for the debts of the partnership is limited to that amount. A
required to be disclosed and shares may be held by nominees.
Limited Partner may not take part in the management of the
All companies are required to have a Registered Office in the Isle
business otherwise he will become liable for all debts and
of Man.
obligations whilst taking part in such management.
Companies may be
Manx Partnerships
a) Limited by shares
In broad terms a partnership governed by Isle of Man law with
b) Limited by guarantee
Manx resident partners is referred to in general terms as a ‘Manx’
c) Limited by guarantee and having a share
Partnership, regardless of the location of the partnership’s property.
capital (hybrid company)
The Partnership Act of 1909 does not state that only partnerships
d) Having a share capital with unlimited liability
expressly governed by Isle of Man law fall within the boundaries
of the Act and the statutory provisions regarding limited Companies limited by shares are formed with authorised share
partnerships do not appear to prohibit partnerships governed by capital.
foreign law with foreign partners from registering in the island as
Companies limited by guarantee have no predetermined capital
limited partnerships.
and thus no shares. Members are elected and can resign.
Membership is not transferable.

As the name ‘hybrid’ implies these are companies which combine structure will cease to be available after 31st December 2005.
the features of companies limited by shares and companies However, with the island’s planned introduction of the zero
limited by guarantee. The original purposes of this structure are corporate tax strategy in 2006, there should be no adverse
no longer relevant. taxation consequences for exempt companies as a result of the
change.
However its flexibility has led to its increasing use as a
‘Foundation’; being an alternative form for a discretionary trust, International Companies
and also for proprietary clubs and resorts. It lends itself well to
The International Business Act 1994 introduced the concept of the
being structured as a foundation or quasi-trust where the
international company which was designed to attract new
shareholders act as trustees and the non-shareholding members
international business to the Isle of Man. An international
are discretionary beneficiaries. Such a structure compares
company is resident for Manx income tax purposes and the
favourably with a foundation in a civil law country being simpler,
status is available to Isle of Man incorporated companies, both
more flexible and less costly to establish and administer.
public and private, and companies incorporated outside the
Companies having a share capital with unlimited liability have a Island. The income and receipts must derive from outside the Isle
share capital in exactly the same way as a company limited by of Man or from dealings with other international organisations,
shares but there is not a limit to the liability of members. Such except for interest from approved financial institutions on the
companies are not dissimilar to civil law partnerships. Island.
A company may be either public or private. Private companies As for Tax Exempt Companies there are restrictions on the types,
are not permitted to offer their shares to the public. location and customers of business permitted and no person
resident on the Isle of Man can have a beneficial interest.
It is planned also to introduce Protected Cell Companies (PCCs).
Like exempt and non-resident companies, the international
Although the choice of which structure to operate in the Isle of
companies regime has received criticism because of their
Man is not restricted, the most common vehicle for trading and
favourable taxation treatment in comparison to resident trading
investment is the Isle of Man private company limited by shares.
companies. Therefore, it is planned that such companies will
Offshore or International Companies become part of the government’s new tax strategy from 1st
January 2006. However, the planned introduction of zero rate
The Companies Act 1931 requires the registration of companies
corporate tax should mean that any impact on International
incorporated outside the Isle of Man but which have an
Companies will be negligible.
established place of business on the Isle of Man or have an
interest in real estate on the Island. It is therefore important to Companies incorporated outside the Isle of Man
distinguish between the place of a company’s incorporation and
A company which is incorporated outside the Isle of Man may
the place of its residence.
establish a place of business in the Island and register as a
In determining whether a company is liable to Manx income tax foreign company under Part XI of the Companies Act 1931. Such
it is deemed resident in the Isle of Man if its central management a company would then become liable to Manx income tax on
and control is exercised in and from the island; for example if such of its profits that are derived from Isle of Man source
the majority of its board of directors are resident and/or the income. However, it has been possible for a registered foreign
company’s board meetings are held on the island. company to become a tax exempt company or an international
company under the terms of the relevant acts.
The company structures above relate to companies incorporated
and resident on the Isle of Man. There are other classes of Although the introduction of the new Manx income tax strategy
company which enjoy certain taxation advantages. These are as from 1st January 2006 will mean that exempt and international
follows: company structures will no longer be available, it is anticipated a
foreign company suitably registered will be charged income tax
Non-Resident Companies
on income from Manx sources at a zero rate.
A company which has been incorporated in the Isle of Man since
Exempt Insurance Companies
at least 5th April 1999, but which is managed and controlled
outside the Island, may be treated as non-resident for tax The use of the Isle of Man as a jurisdiction for international life
purposes. assurance and captive insurance companies has increased
significantly since the 1980s, largely because of the sound
Since 6th April 1999 all Manx incorporated companies have been
regulatory and competitive tax regimes. A company seeking
deemed resident for income tax purposes. Non-resident
exemption from all or part of its liability to tax on profits or
companies can no longer be formed and it is likely that the
income will need to satisfy the Assessor of Income Tax that its
remaining non-resident companies will be brought within the
underwriting profits or losses arise from risks outside the Island
mainstream tax system by 2006 when the zero rate corporate tax
and its other profits and income arise from outside the Island or
strategy is implemented.
from approved financial institutions on the Island.
Tax Exempt Companies
Licences for exempt insurance companies are issued by the
Tax Exempt Companies are exempted from liability to pay Manx Insurance Supervisor who is responsible for the general
taxes on their profits if the provisions of the Income Tax (Exempt administration of the Insurance Act 1986.
Companies) Act 1984 (as amended) are satisfied. However, there
Although under the proposed new tax strategy to be introduced
are considerable restrictions on the organisations that can apply
on 1st January 2006 exempt insurance companies will no longer
for exempt status. Also, as the treatment given to such
exist, companies formerly falling into the category will become
companies in the Island is perceived as ‘harmful’ under the EU
part of the mainstream zero rate tax system and should not suffer
Code of Conduct on Business Taxation, it is envisaged that this
adverse consequences from the change.

Redomiciliation of Companies Zero Rate Company Income Tax Strategy

The Companies (Transfer of Domicile) Act 1998 allows foreign In 2002 the Isle of Man revealed a radical new tax strategy of
companies listed on recognised stock exchanges and foreign standard zero rate income tax for Isle of Man companies,
subsidiaries of such companies to re-establish in the Isle of Man scheduled to be implemented in 2006. The measure is designed,
as if they were Manx companies. Such companies would then in part, to resolve the Island’s issue with the EU over its exempt
be in the same position as if they had been registered in the Isle companies legislation, which has allowed companies to claim tax
of Man. Under provisions in the Insurance (Amendment) Act 1995 exemption on income derived from outside the Isle of Man. This
captive insurers and some reinsurers are also permitted treatment is deemed harmful within the rules of the proposed EU
redomiciliation. Code of Conduct on Business Taxation.
Also, Isle of Man incorporated companies meeting the The aim of the new legislation is to achieve a uniform tax system
requirements are permitted to discontinue in the Isle of Man and for the whole business sector, with a new zero rate of corporate
emigrate to another jurisdiction. In cases of both immigration to tax for both resident and non-resident companies, but combined
and emigration from the Isle of Man, redomiciliation is dependent with a higher rate of 10% levied on some finance sector
on there being suitable legislation in the relevant other businesses, principally banks. The intention is for the new
jurisdiction. corporate tax regime to be introduced on 1st January 2006 which
will coincide with the deadline for removing ‘harmful’ tax practices.
Redomiciliation avoids some of the costs associated with winding
It is understood that the European Commission has confirmed
up and forming new companies, allows existing contracts to
that this zero rate is acceptable under the Code of Conduct.
continue, allows assets to remain within the company and
permits continuity during relocation. This class is likely to be Trusts
extended in the future.
Definition of a Trust
Company Formation
Isle of Man Trust Law has its origins in English Trust Law. There is
Individuals or bodies wishing to establish an Isle of Man business no complete definition of a trust in statute law, since trust law is
structure may wish to use the services of a CSP (Corporate Service derived from the rules of ‘Equity’ as evolved in English law, and
Provider). Under the Corporate Service Providers Act 2000, all not from any Statute of Code.
entities engaged in ‘regulated activities’ much be licensed.
In general, a trust is a fiduciary relationship whereby one person
Regulated activities include the formation, sale or transfer of
(the‘Trustee’) receives an asset from another person (the ‘Settlor’)
companies; the provision of registered offices; acting as directors
to hold for the use or benefit of a third person (the ‘Beneficiary’).
or company secretaries for others; or performing company
The legal ownership is vested in the trustee, but the beneficiary
administration tasks.
has an ‘equitable’ interest.
For further information see the section on Corporate Service
Providers.
There are many forms of trust, and many definitions but no single
The Company Registry
definition of a trust has yet been written which is comprehensive
The Isle of Man Companies Registry has been in existence since and precise.
1865. In addition to the regulation of Manx companies the The types of trust permitted may be classified as follows:
Registry has four core functions;
A) Express Trusts which are created voluntarily and intentionally
1) The incorporation and registration of companies, and are the most common forms of trust. They are created
business names, limited partnerships; when a settlor transfers assets to a trustee to hold for the
benefit of the beneficiary or, on death, where the will of the
2) The registration of statutory documents filed
testator directs that some or all of the assets are transferred
pursuant to relevant legislation;
into a trust.
3) Ensuring compliance with the appropriate
B) Non-express Trusts which are created without any express
requirements of the law and the striking off of
intention to do so by the settlor, often referred to as an
defunct companies;
‘implied’ trust. These can include
4) The provision of accurate and timely information to
a) Resulting trusts where the purpose of a transaction
the public.
fails and the property reverts back to the settlor;
Corporate Income Tax
b) Constructive trusts which arise by operation of law
At present an Isle of Man resident trading company is liable to and which may be imposed by a court in
Manx income tax. There is no corporation tax or stamp duty circumstances where it would be inequitable for a
payable in the Isle of Man. person holding property to keep it, as such a
person would have been unjustly enriched.
All companies incorporated in the Island are deemed to be
resident there. There are provisions for companies to become C) Private, Public or Purpose Trusts
exempt from the requirements to pay income tax (see above). A
a) Private trusts are made for the benefit of specific
company incorporated outside the Island may be held to reside
private individuals
on the Isle of Man if its management and control is exercised
from the Island. A company is normally considered to reside at b) Public Trusts are made for the benefit of the public
the place where ‘central management and control’ is exercised, at large, or a section of it – for example a
which will normally be the place where the board of directors charitable trust established to advance education,
meet. promote a religion or provide for the homeless.

c) Purpose Trusts. The Purpose Trust Act 1996 permits G) Unit Trusts
the establishment of non-charitable purpose trusts
Within a unit trust the interests of beneficiaries are defined by
not exceeding 80 years in duration.
reference to ‘units’. Such vehicles can be open-ended with
The difference between a public and a private trust the number of units ‘created’ and ‘redeemed’ as required.
exists purely in relation to its purpose. As with
Unit trusts make excellent vehicles for extended families to
public trusts, purpose trusts do not require an
use as a private trust, since they provide for participation by
ascertainable human beneficiary. A public trust in
family members separated from management, with an
the Isle of Man must be registered, must file
independent trustee to hold the assets.
annual audited accounts, and is subject to
supervision by Her Majesty’s Attorney General in A unit trust will generally be a collective investment scheme
the Isle of Man. A public trust is always an within the meaning of the Financial Supervision Act 1988.
express trust. The Isle of Man has a thriving collective investment/mutual
fund industry. Any unit trust with more than 50 named
D) Bare Trusts are where the trustee holds the property on trust
beneficiaries, and which does not contain a prohibition about
for a single beneficiary absolutely. He has no power or
promoting itself to the general public, is required to be
discretion to do anything other than hold the property and
licensed by the Financial Supervision Commission. (See also
deliver it when requested to the beneficiary. A ‘nominee’
details below on Funds)
relationship is often a bare trust.
Public unit trusts usually also have a custodian, in addition to
E) Fixed Interest and Discretionary Trusts
the trustee, who actually holds title to the assets. This
Most trusts created in the Isle of Man are express private
provides an additional layer of protection for the unit holders.
trusts. They may be fixed interest whereby the trust deed
specifically identifies the beneficiaries and stipulates how and Elements of a Trust
when they are to enjoy the trust property, or discretionary
As described above a trust is not formed as such, but comes into
where the settlor gives the trustees power to determine how
being as a result of the express or implied wishes or actions of
much (if any) each beneficiary should receive and when.
the settlor. In any trust there must be:
Fixed interest trusts include:
a) A Settlor, sometimes also called the ‘Grantor’,
a) life interest trusts where the life tenant beneficiary ‘Trustor’, ‘Creator’ or, in the case of a trust set up
has the right to enjoy the income of the trust fund upon death, a ‘Testator’. This is the individual
for life and the beneficiary of the remainder has whose assets are placed into the trust or
the successive interest, usually the right to the ‘settlement’.
capital of the trust on the death of the life tenant
b) A trustee, who is the recipient of the assets given
beneficiary
by the settlor
b) contingent interest trusts where a contingent gift is
held in trust pending a satisfactory specific c) A beneficiary
condition whereupon the beneficiary is entitled to
d) Trust property. The nature of the property is
the gift
irrelevant.
c) protective trusts – a statutory form of trust which
Trust Service Providers
shares the characteristics of a life interest trust and
a discretionary trust. Under these the life interest Trustee services may be provided by individuals and companies
ends if the principal beneficiary does, or attempts alike and these services may include creation of trusts; acting as
to do anything, which would deprive him of the trustee; providing trust administration services such as record
right to receive income from the trust fund, and is keeping and the preparation of accounts; and providing
replaced with a discretionary trust under which the administration in relation to trust assets.
principal beneficiary is a potential beneficiary. In
the US these are known as spendthrift trusts.
Having specifically regulated corporate services in the Isle of Man
In a discretionary trust the trustee shall have such discretion
under the provisions of the Corporate Service Providers Act 2000,
to a greater or lesser extent as the trust deed may determine.
the Financial Supervision Commission is now in the process of
In a non-discretionary trust the trustee has no discretion as to
creating legislation to regulate trust service providers. The
which of a class of beneficiaries shall receive benefits, nor
expectation of this regulation is that the provision of trustee
the amounts or timing of such benefits.
services will become a licensable activity so as to ensure that
F) Trading Trusts those offering such services are fit and proper so to act. The ‘fit
and proper’ criteria are likely to be based on the three tests of
Within Trading Trusts specific powers are given to the trustees
integrity, solvency and competence.
to carry on trading activities. Although the trustees have
immense exposure to litigation for breach of trust should they
incur any losses, this type of trust is sometimes appropriate,
See also the section on Wealth Management.
generally to carry on a trading activity where the taxable
events are attributed directly to the beneficiaries, thereby
omitting a level of corporation tax.

Funds Exempt International Schemes

The fund management industry has grown steadily on the Isle of Exempt International Schemes are unregulated private funds
Man since the late 1980s and has recently been given a boost by which cannot be marketed to the public and are restricted to
the introduction of a new initiative, the Experienced Investor Fund having no more than 49 participants. Their suitability, generally,
(EIF), and changes in the Isle of Man budget 2003 which is for use by small groups of investors where wide promotion and
introduced a number of key taxation and regulatory changes. extensive regulation are not required.
These changes combine to raise the competitive position of the
Professional Investor Funds
Island in the fund industry.
Professional Investor Funds are a special category of fund
As a mature financial centre the Isle of Man has a number of
designed for the exclusive use of institutional and High Net Worth
international accounting firms present who, along with many of
professional investors. As unregulated funds they can be
the local advocates (lawyers) can provide specialist advice in
established quickly and inexpensively, and are not subject to any
connection with fund management and international fund
regulation or restriction on the number of investors. However,
offerings.
these funds must have a minimum subscription level of
Custodian and trustee services are provided by subsidiaries of UK US$100,000 and can only be sold to defined ‘professional
and international banks on the Island where these are required. investors’. The Professional Investor Fund, along with the
In addition, there are a number of well known financial Experienced Investor Fund (see below) is a particularly suitable
institutions providing third party administration for fund managers vehicle for alternative investment products, for example hedge
and promoters who do not wish to establish a physical presence funds.
on the Island, and these can administer either Isle of Man or
Experienced Investor Funds
overseas incorporated funds.
The Experienced Investor Fund, has been designed to provide a
The fund structures available are:
simple, inexpensive and flexible solution to the more complex
Mutual Funds needs of sophisticated individuals, market professionals and
global asset managers, while seeking to provide an adequate
In the Isle of Man mutual funds can take a number of forms:
level of comfort to investors by ensuring proper disclosure and
● Companies (open or closed-ended) administration. It has no mandatory minimum subscription or
limit on the number of investors. The fund is only available to
● Unit trusts
experienced investors, defined as ‘persons who, in relation to any
● Limited partnerships (more than 20 partners are experienced investor funds, are sufficiently experienced to
allowed) understand the risks associated with an investment fund.’
● Pure contractual arrangements Experienced Investor Funds, which may take the form of unit
trusts, open-ended investment companies or limited partnerships,
are the Isle of Man’s fund management vehicle of choice.
Investors can participate through the holding of shares, debt
Closed-ended Funds (or Investment Trusts)
securities, units or basic contractual rights.
Strictly speaking, these are not classified as mutual funds under
Which structure is most appropriate will depend upon factors such
the Isle of Man’s Financial Services legislation. However, they are
as the type of investments being made, the jurisdiction(s) where
another vehicle for collective investment and, because of the
they will be made and the taxation treatment of the investors at
restrictions relating to the withdrawal of capital before a set date,
which the structure is targeted. In addition, funds administered in
are particularly suitable for venture capital, unlisted securities or
the Island have the choice of incorporation in the Island or other
property investment, all of which are illiquid and require longer
domiciles.
term investment commitment. Normal (open-ended) funds are
Authorised Schemes not suited for these types of investment as investors usually have
the right to withdraw their capital at short notice and at frequent
Authorised Schemes are funds that are subject to detailed and
intervals.
prescriptive regulation and which are capable of promotion to the
general public in the Isle of Man, the United Kingdom and 2003 Tax Changes
elsewhere. Investors in authorised schemes are covered by a
The move towards zero tax on company profits was brought
compensation scheme so these funds are suitable for companies
forward by 3 years for fund administrators in a bid to attract new
wanting to offer a retail investment product with a high degree of
licence holders looking to manage or administer funds on a third
investor protection.
party basis on the Isle of Man. The changes made were:
International Schemes
● Zero rate tax on fund manager’s profits for all third
International schemes can be used as both retail and institutional party fund administrators and managers
funds and are flexible as there are few regulatory investment
● VAT exemption on services to Isle of Man funds.
restrictions which apply. They are subject to limited regulation
Imposition of VAT on Isle of Man funds had long
and are capable of promotion outside the Isle of Man.
been a bone of contention
● Overseas funds exemption from ‘dual regulation’.
This will ensure that funds incorporated in
recognised jurisdictions can be in future be
administered in the Isle of Man without being
subject to further Manx regulation.

Insurance Life Assurance

The Isle of Man is home to a large number of insurance related The Isle of Man has probably the largest offshore life assurance
companies ranging from independent consultants and brokers sector in the world and has repeatedly been voted the ‘best
through to large international companies specialising in life offshore jurisdiction’ by Independent Financial Advisers operating
assurance and captive insurance.All insurance business is in the international market. Since the mid 1980s it has become
regulated by the Insurance and Pensions Authority (the IPA). home to the international subsidiaries of highly respected life
assurance companies, which attract business from all around the
On its web site the IPA states:
world. The success of this sector can be seen from the fact that,
‘The aim of the Insurance and Pensions Legislation and regulatory at the end of 2002 the funds under management for the life
process is to deter the unscrupulous without hindering forward assurance sector on the Isle of Man were £14.4 billion.
thinking dynamic companies. Supervision is achieved in an
With such a long history in the international life assurance market
environment of trust and co-operation between the IPA and the
the Island can boast a wealth of experience within its highly
marketplace.
trained workforce who are responsive to the needs of the
The result is that the Island protects its history, and its future, as demanding market and demonstrate high levels of customer
an international insurance and pensions centre of high repute, service. The companies on the Island have led the field in the
whilst at the same time encouraging new business and helping development and distribution of some of the most innovative
those businesses already here to expand. It is the organic growth products on the international market.
which has contributed greatly to the flourishing success of the
Early in the growth of the life assurance sector the Isle of Man
island’s Finance Industry.
introduced its Policyholder Protection Scheme to ensure that, in
The ultimate goal is to ensure that companies based on the the event of a life assurance company being unable to meet its
Island, and their clients, have the confidence that they are liabilities, there is protection for the policyholder. Unlike many
transacting business in a high quality, secure and well regulated other policyholder protection schemes, the Island’s scheme
centre, which has the expertise and capacity to cater for their operates globally, providing protection to policyholders no matter
needs both now and in the future.’ where they reside.
Captive Insurance General Insurance
A captive insurance company is a subsidiary company formed to The Island is also home to branch offices of some major United
insure or reinsure the risks of the parent company, generally to Kingdom general insurers who service the requirements of local
provide alternative risk management solutions to those of the residents and businesses.
conventional insurance market. The administration is usually,
See also section on Insurance
though not always, outsourced to a specialist captive insurance
manager. Pensions
By creation of its own captive, the principal organisation can The Insurance and Pensions Authority has recently completed a
generally achieve substantial savings by accommodating its own revision of the Island’s Pension Legislation. The objective has
risks, reducing brokerage commission and having greater control been to create a regulatory framework which
over timing on its own cash flows of premium income,
a) encompasses domestic pension arrangements to
reinsurance and claims payment. An important additional benefit
Isle of Man residents,
is that premiums are based on its own loss record and not on
claims falling on the wider insurance industry. b) creates an environment which enables multi
national and global businesses to use the Isle of
For over a quarter of a century the Island has been a recognised
Man as a centre from which to manage retirement
as a captive domicile and the sector has remained dominant over
benefit schemes for their employees who may
recent years. It is now in a strong position to attractive
reside anywhere in the world.
alternatives of risk management against a backdrop a roller
coaster commercial market which still has to learn the importance Domestic Pensions
of continuity of pricing and breadth of coverage to its clients.
The domestic pension legislation operating in the Isle of Man is
The Isle of Man was one of the first domiciles to introduce similar to that in the UK. Individuals who take up residence on
legislation allowing captive insurance companies from other the Isle of Man are able to transfer their UK occupational or
territories to re-domicile to the Island without being liquidated in personal pension rights into equivalent Isle of Man based
the original territory. This has considerable savings for the arrangements. Furthermore, similar restrictions on the payment of
company concerned both in time and cost. contributions, and the payment of benefits at retirement apply.
In March 2004, the Island’s Government introduced legislation to As with the UK, those who do not have provision within an
allow the setting up of Protected Cell companies (PCC) to carry on occupational scheme through their employer, are able to establish
insurance business. PCCs can provide a means of entry into the a personal pension arrangement.
captive insurance market to entities for which it was previously
International Schemes
uneconomic. The structure also makes it ideal for companies
seeking to set up captive insurance cover for joint venture The Retirement Benefits Schemes Act and International Benefits
undertakings, and for the setting up of special purpose vehicles. Schemes Regulations, which came into operation on 1st January
2002, create a strong infrastructure for the management of
The Isle of Man also has legislation that allows captives to be
international pension schemes.
formed as Limited Liability Partnerships.

The aim is to create an environment which provides security for circulate alongside the United Kingdom’s.
multi-national or global businesses wishing to establish retirement
There are currently no exchange controls that apply to the
benefits schemes in the Island to provide retirement benefits for
movement of funds in and out of the island, whether capital or
their global workforces.
income, nor is there any legislation in place whereby such
The legislation has introduced rules which oversee the controls may be imposed.
management of the schemes and protect the interests of
Secrecy and Disclosure
members. At the same time, individual companies or their
advisers are afforded a large degree of flexibility to tailor scheme The Companies Register maintains details of a company, its name,
rules in line with varying corporate or market objectives. directors, secretary, shareholders, registered office, annual accounts
fro public companies, and the annual returns. The Registry is
The legislation aims to ensure that retirement benefits schemes
open to the public and company information may be inspected.
based on the Island, and their members, gain from the
reassurance that their retirement benefits are secured in an There are no general requirements for the details as to the
appropriate manner and that their retirement needs are being beneficial ownership of issued shares of the company to be
catered for by skilled and professional businesses. disclosed to the Registrar of Companies, the Assessor of Income
Tax or the Collector of Customs and Excise. However Corporate
The instruments which have been introduced to regulate the
Service Providers need to know the beneficial owners of
pensions industry build around the core attractions of political
companies they administer.
stability, strong investor protection, a stable currency base and a
strong banking sector, and use them to add considerable value to Save for those partnerships and companies exempt from income
the business case for using the Isle of Man as a jurisdiction for tax, the accounts of sole traders, partnerships and companies
pension scheme structuring. must be submitted every year to the Assessor of Income Tax to
confirm the income tax returns already submitted. Annual
Supporting Infrastructure
accounts may also be inspected by the Collector of Customs and
e-Business
Excise.
The Isle of Man offers many advantages as a location for
The EU Savings Tax Directive expects member countries,
businesses, particularly in the areas of e-business and tele-
dependencies and ‘third countries’ outside the EU to introduce
communications. They provide a strong environment on which
automatic exchange of information or a withholding tax on
companies can build and grow thriving businesses. These include:
interest paid to individual EU investors. Given the varying
● A telecommunications infrastructure with resilient standards of information exchange the Isle of Man, in line with
on and off-island connectivity and the capacity to Jersey and Guernsey, has opted to introduce a withholding tax
grow. The Island has near universal broadband when the directive is due to take effect in 2005. The move does
coverage and is at the forefront of technology not affect individuals living outside the EU and is still subject to all
developments with its launch of 3rd generation relevant countries adopting similar measures.
(3G) mobile telephone network.
The Island’s regulatory bodies (the FSC and IPA) require the
● Through appropriate regulation and judicious disclosure of beneficial ownership of banks, investment
introduction of competition, the businesses, insurance companies, corporate and (soon) trust
telecommunications costs are highly competitive, service providers which are licensed or authorised in the Island.
whilst ensuring there is an incentive for investment
Data Protection
in quality and for the long term.
Data Protection on the Isle of Man is governed by the Data
● A highly IT-literate workforce. Heavy investment in
Protection Act 2002 which came into force on 1st April 2003,
ICT education has resulted in over 90% of school
replacing the Data Protection Act 1986. It reflects the contents of
leavers in 2003 having a recognised IT
the UK Data Protection Act.
qualification.
Anti Money Laundering Controls
● A strong IT services industry providing software
design, development and support, web Money laundering is the process by which criminals attempt to
development, IT hosting, security management, conceal the true origin and ownership of the proceeds of their
business continuity systems management and criminal activities. If undertaken successfully it also enables them
outsourcing, all delivered locally. to maintain control over the proceeds and, ultimately, provides
legitimate cover for their source of income.
Government Incentives
Since the late 1990s specific international legislative initiatives
The Department of Trade and Industry (DTI) has many year’s
have taken place aimed at combating the prevalence of drug
experience in attracting inward investment and can claim a
trafficking, terrorism and associated money laundering activities.
number of commercial successes from its investment programme,
The Isle of Man has introduced a number of its own laws aimed
that has seen in excess of US$100 million invested in commercial
at preventing such activities and has introduced the Anti Money
projects over the past 10 years. There are also a number of
Laundering Code. The code sets out ‘Know your Customer (KYC)’
financial assistance schemes available to qualifying companies.
procedures and details the mechanisms for reporting suspicious
See also see the section on the Department of Trade & Industry.
transactions.
Currency/exchange controls
FATF recently acknowledged the comprehensive steps taken by
The Isle of Man is in the currency union with the United Kingdom the Isle of Man to combat money laundering, which is in keeping
although it issues its own currency, which is legal tender only in with the Island’s role and reputation as a responsible and well-
the Isle of Man. Within the Island the Manx notes and coins controlled international centre.

36 Mull Circle, background Port Erin
Country Fact File > Old Mann, New Mann
Old Mann, > Ancient remains of circular stone hut, Chasms
New Mann
The formation of the land dates back to about 500 million years The Vikings that settled turned to Christianity and mixed with
ago, the Palaeozoic era, with rocks from the Cambrian and Silurian the Celts. The Manx identity was now firmly established with
period found in existence today over most of the Island. The language, belief and culture. Anglo Saxon and Viking coin hoards
types of rocks are varied with granite, limestone, sandstone, have been unearthed. Castle Rushen built in the Middle Ages was
quartz, slate and aggregate being the most common and minerals in use until the early 20th century, and the town of Peel has its
such as zinc and iron ore. Copper, lead, silver and even gold have own cathedral.
been found and mined through history.
Politics and Social history
The black carboniferous rocks found at Poolvash in the south of
The Island People arrived from mainly Scotland and Ireland in
the Island have been quarried and polished and used as head
the first instances, followed by the Welsh, the Norsemen and the
stones but more famously as the steps of St. Paul’s Cathedral in
Danes by the 8th century, producing some very turbulent times.
London. It is known as ‘black marble’. Fossils from the Cenozoic
The possession of the Island continued to be fought and ruled
era have been found and cover the period of the last 10,000
intermittently by the Scots, the Irish, the Welsh, the Britons and
years revealing animal and plant relics.
the Scandinavians. By the 14th century, the English under Edward
The Calf is a small island of about 800 acres, off the South III, had managed to secure the Kingdom of Man through marriage
coast of the Isle of Man separated by a small break of seawater of the last Manx sovereign descendant to Sir William de
The Sound. It is a natural wildlife sanctuary, although visitors are Montecute (later to become Earl of Salisbury). This expelled the
allowed on the Calf at appropriate times of the year. It remains Scots and safeguarded the land from further attack. The Island
largely unoccupied except for a team of researchers. was sold on first to the Earl of Wiltshire in 1393 then passed on
to the Earl of Northumberland in 1397, and in 1406 to Sir John
Island Civilisation - The Manx Identity
Stanley (of Lancashire), the Earl of Derby. The Island remained
Studies, discoveries and excavations of the Island show that with the Stanley family until 1651 when the seventh Earl was
there were inhabitants as early as the 5th century AD although executed. The English Parliament retained the Island and was only
the island was known to exist in 54 BC by the early Romans who returned to the Stanley family after the Restoration. In 1735,
named it ‘Mona’. These inhabitants were considered to be following the tenth Earl of Derby’s death, the ownership went to
Christian Celts. Parts of their language are still in use today. Stone one of the descendants of the Stanley family, James Murray, the
circles and standing stones or quoits and stone crosses are to be second Duke of Atholl. In 1765, the British Government made
found all over the Island. There are ancient stone graves, barrows demands for the purchase of the Isle of Man. By 1774, the third
and cairns of which Orrey's Grave is the best known. Roman Duke of Atholl surrendered payment of revenues and finally sold
artefacts are extremely rare and show that at the time of the his remaining interest to the British Crown in 1825. Since that
Romans invading the British Isles, the Isle of Man was largely date, a Lieutenant Governor has been appointed by the Crown
forgotten allowing Celtic beliefs and culture to flourish. and the Sovereign is now Lord of Mann.
> Fort Island, with 12th Century Norse-Celtic chapel (St. Michael) and fort built in 1645 by 7th Earl of Derby, viewed from Derbyhaven

38 Rushen Castle, Castletown
Country Fact File > Old Mann, New Mann
> Isle of Mann TT races > One of many milestones found throughout the Isle of Man
Mists shroud the Isle of Man; in physical terms this veil known as the Customs and Excise Agreement 1979 or ‘The
protected the Islanders from marauders; socially, the stories of Common Purse’ and is fundamentally a revenue-sharing system. It
great kings and heroes, fairies and witches, spirits and druids are enables the Isle of Man to have its own independent Customs
still told today. There is much literature to be found about the and Excise administration and to be responsible for the collection
people of Man. The life of the people of Man was simple and of any duties and taxes arising in the Island.
straight-forward. Farming and fishing were the mainstays. Learning
Millennium Mann
the ways of the land and the sea was the education of the day;
the spoken language was simple with no need to write. Community The Isle of Man has been seen as a tax haven, primarily as a
was close and caring. Its people were poor in monetary terms but result of its relativity to the United Kingdom providing financial
rich in spirit and creativity. By the time the British Crown took over arrangements and facilities not available in non-tax haven
the Island, the Manx had learnt new skills; developed old skills, jurisdictions. Some countries in the European Union are
literature, art and music came to the fore, with traditional Manx concerned about huge outflows of capital into certain European
styles and integrated with European styles. Diversity had truly begun. tax havens and are pushing for EU directives to bring all European
tax havens into line. The Isle of Man remains globally strictly
The Victorians of Britain began to see the Isle of Man as a
compliant and continues to view the European directives with a
special place for holidays. This further increased the skills of the
broad mind. The area currently under scrutiny is the relationship
Manx people to create a demand for tourism and improve the
between the United Kingdom and the European Union. As this
financial aspect of the Island. With good governance, this boosted
develops so shall the Isle of Man.
the economy up until the 1960s when the availability of holidays
further afield took the regular tourists to Spain. The time was a
big factor, flying instead of sailing and guaranteed warm weather
throughout the summer season.
The Island economy suffered to some extent but concentrated
on its strengths, the TT races (Tourist Trophy) providing excitement Act of Settlement 1703/4 or Manx Magna Charta
and adventure and an attractive element of danger. It had become
a lifesaver to the Island’s tourism industry. But this has not been the Act of Tynwald that was passed to allow the
enough to sustain the people of the Island. The Manx government tenants to buy their own land or to pass it to
encouraged British expats to take advantage of living in the Isle of another as a gift or inheritance. Act of Revestment
Man due to its attractive taxation rates and property market. Due 1765 or Mischief Act – the English Crown bought
to the United Kingdom government’s agreements with Europe in back the regalities of the Island from the Athol
the 1970s, the trade and travel arrangements that came into force
encouraged interaction not only with the Commonwealth but also family thus gaining control over the land and
with all European member states. The Isle of Man government bringing it in line with the United Kingdom
identified certain benefits and an agreement was set up with the customs and excise, thereby effectively preventing
United Kingdom, the European Union and the Manx government. the Island being used for the smuggling trade.
The agreement between the Manx and British Governments is
> Hango Hill - Ancient place of execution, athough the ruins are of a late 17th century summerhouse known as Mount Strange

40 Laxey Wheel, ‘Lady Isabella’
Country Fact File > Tynwald and Government
Tynwald Parliament
Legislative Buildings
Tynwald Douglas, Isle of Man IM1 3PW

Tel: + 44 (0)1624 685500
Fax: + 44 (0)1624 685504
Email: enquiries@tynwald.org.im
Parliament and www.tynwald.org.im

President of Tynwald
The Hon Noel Q Cringle MLC
the Government
Tel: + 44 (0)1624 685500
Legislative Council
Tel: + 44 (0)1624 685500
House of Keys
of the Isle of Man Tel: + 44 (0)1624 685500

Office of the Clerk of Tynwald
Tel: + 44 (0)1624 685500
Official Report
Tynwald was sculpted over 1,000 years ago as a hill for remembering Tel: + 44 (0)1624 685512
ancestors and airing grievances to the chief or king. Today, Tynwald is Library
known for being the world’s oldest continuous parliament. The formal
Tel: + 44 (0)1624 685520
sitting of Parliament still meets at the hill once a year on the ancient
midsummer’s day - 5th July. To mark the event the day is a public holiday Parliamentary Administration Office
on the Island. The people still air their grievances before whoever is Tel: + 44 (0)1624 685500
presiding. Members' Office
The Manx Constitution Tel: + 44 (0)1624 685505
Historically, the system was more judicial than legislative. The King Security Officers
would consult with his noblemen and declared to the ‘freemen’ or Tel: + 44 (0)1624 685500
ministers. The judge or deemster's word would stand as law to confirm
the outcome of the final acceptance of the declarations. Manx traditional
law originates from this early period.
The Queen, Lord of Mann Fact File > Contact Information
In 1765 the third Duke of Athol surrendered the regality and customs
duties to the British Crown for £70,000 plus an annuity of £2,000. As a Isle of Man Government
result, the British Crown purchased the Isle of Man and today Her Majesty Government Office,
The Queen is Lord Proprietor of the Island and is formally referred to on Bucks Road, Douglas,
the Island as The Queen, Lord of Mann. Isle of Man IM1 3PN
The Lieutenant Governor Central Switchboard
The fourth Duke of Athol was made Governor General of the Island in Tel: + 44 (0)1624 685685
1793, and held the post for over 30 years. He and his nephew, who was Chief Secretary’s Office
the Bishop of Sodor and Mann, became very unpopular by making Tel: + 44 (0)1624 685711
claims to manorial rights and tithes and by contesting the earlier
compensation accepted by his predecessors.
In 1829, the British Government removed the last of the Duke’s
privileges by paying out a final sum of £417,114. The British Government
ultimately gained from the surplus revenues of the Island before 1866
more than they paid to the Duke. Since that date a Lieutenant Governor
has been appointed by the Crown. Today, the Lieutenant Governor is the
personal representative of the Queen on the Island and presides at the
annual ceremony at St John's unless the Sovereign or Royal Family

> View of Tynwald hill with St John's church in the background > The ceremonial red case containing Parliament's agenda
members are present. The Lieutenant Governor is appointed by the The Legislative Council
Sovereign, on the advice of the United Kingdom Home Secretary
The Legislative Council is the Upper Branch of Tynwald. It consists
and the Government of the Isle of Man, serving for a five-year term.
of three ex officio members, the President of Tynwald, the Lord
The Lieutenant Governor used to be the executive head of the Bishop of Sodor and Man and Her Majesty's Attorney General and
Government on the Island but now the role has become more eight members elected by the House of Keys.
vice-regal. The Lieutenant Governor has the power to dissolve the
The House of Keys elects the remaining eight members of the
House of Keys and since 1981 has also been able to grant Royal
Legislative Council for terms which expire in the February following
Assent on behalf of the Queen to designate Bills passed by
the fourth anniversary of the date of election. Although elected by
Tynwald.
the Keys, not infrequently from among its own members, the
The President of Tynwald elected members of the Legislative Council are not controlled by, or
delegates of, the House of Keys.
This is a fairly recent addition to the Tynwald office. The President
of Tynwald is the presiding officer responsible for order and the The House of Keys
conduct of business at the sittings in Douglas. The members of
The House of Keys is the lower branch of Tynwald and is directly
Tynwald elect him from amongst their own number. Before 1990,
elected by the people of the Isle of Man; a General Election is held
the Lieutenant Governor presided over Tynwald and prior to 1980
every five years although, exceptionally, the House could be
over the Legislative Council. The president remains impartial but has
dissolved and a General Election held within that period.
a casting vote in the case of a tied vote in the Legislative Council.
For many centuries it has had twenty four members, although
The Lord Bishop of Sodor and Man
when the Kingdom of Mann and the Isles existed it had
This is a historical title and can be traced back to medieval times. representatives from the Hebrides and numbered thirty-two. The
‘Sodor’, relates to the south and refers to the Southern Isles which twenty-four members represent single-member and multi-member
used to include the Hebrides as a diocese. ‘Nordreys’ were the constituencies.
Northern Isles of the Orkneys and Shetland. The Bishop was
The Speaker of the House of Keys
originally a Baron and also a Lord Spiritual, therefore was entitled
to be a senior member of Tynwald. He sits on the Legislative The Speaker of the House of Keys is elected by the House from
Council. amongst its own members immediately the House assembles after
a General Election. He presides in the House and is responsible
HM Attorney General for Isle of Man
for order and its conduct of business. In Tynwald he is the
The Attorney General is one of the three Crown Officers who sits spokesman of the House, although he attends Tynwald as an
on the Parliament Council and is the legal adviser to both the elected member and has there the same rights and duties as other
Crown and the Manx government. elected members.
> Tynwald in session

> Tynwald Day is a public holiday for the Islanders
The Officers of the Court

The Clerk of Tynwald, Secretary of the House of Keys and Counsel to the
Speaker assists the President and the Speaker in organising the business of
Tynwald and the House of Keys, and advises on procedure. He is
responsible for maintaining a record of the proceedings and, as counsel to
the Speaker, he advises members on bills coming before the branches.
The Clerk of the Legislative Council and Clerk Assistant of Tynwald assists
the President in the Legislative Council in organising the business of the
Council, advises on procedure and is responsible for maintaining a record of
the proceedings of that Branch.
The Chaplain of the House of Keys
The Chaplain leads the House in prayers at the beginning of their sittings.
Yn Lhaihder (‘The Reader’) fences the Court in the Manx language and,
when required, promulgates the Acts in Manx.
The Deemsters
The First Deemster and Clerk of the Rolls is the Chief Judge of the Island's
High Court of Justice and, in the absence of the Governor, acts as Deputy
Governor. There is also a Second Deemster.
The office of Deemster is of very ancient origin and held considerable
power in Celtic times. The title is now only used in the Isle of Man and
means ‘the pronouncer of doom or judgment’ and is of Gaelic Scottish
origin. The Deemster held a hereditary law position passing down through Tynwald translates from the Scandinavian
the generations the ‘Brehon’ or ‘Breast Law’ that which had been learnt by or Norse, ‘thing-völlr' meaning ‘assembly field’
heart.
Tynwald Day occurs on 24th June in the Julian
At the Tynwald Ceremony it still remains the duty of the Deemsters to calendar but on 5th July in the Gregorian
promulgate Acts of Tynwald by reading the title of each Act and a calendar. Tynwald chose to keep the ancient
memorandum containing a brief statement of its object and purport in Midsummer Court hence the date now reflects
Manx and English from Tynwald Hill.
midsummer’s day as 5th July.
The Chief Minister and the Council of Ministers
The true origin of the term ‘Keys’ when
The Chief Minister is the political head of the Isle of Man Government. The referring to the House of Keys is unknown, but
office, in its present form, came into being in December 1986. The Council may be derived from the Welsh name “cais”
of Ministers consists of the Chief Minister and nine Ministers and is primarily meaning “catch”, or an English mishearing of
responsible for the formulation and implementation of Government policy.
the Norse word 'Kjosa' meaning 'chosen'. The
The Governor on the nomination of Tynwald appoints the Chief Minister.
Ministers are appointed by the Governor on the nomination of the Chief most likely explanation is that it is from the
Minister. The Chief Minister and the Ministers are all members of Tynwald. Manx words Yn Chiare-as-Feed meaning 'the
four and twenty', i.e. 24 members. There is
The Coroners also a Latin documentation written by an
The Coroners are officers of Tynwald and the Courts, who serve English scholar dating to 1417 referring to
summonses and other processes and enforce their execution. 'Claves Mann' or The Keys of Mann'. Members
The Sword of State of the House of Keys are known as MHKs.
The sword has been dated to the 12th century at its earliest and was The phrase, ‘Traa-dy-liooar’ is often uttered by
known to belong to King Olaf II of the Sudreys back in 1226. At each the Manx and means ’Time enough’. It refers
annual meeting of Tynwald at St. John's, this ancient sword is ceremoniously to leaving something to be done to another
carried before the Sovereign or the Governor by the Sword Bearer. The time. Some would term this as procrastination.
sword signifies the duty of the Sovereign, acting through Tynwald, to protect However, some things do get done.
and defend the people from their enemies.


The chart is sufficiently accurate at the time of going to press. (The publisher is aware that Tynwald and the Government are currently undergoing organisational reviews).
Sourced from Tynwald library.

Country Fact File > 2004 - Annual Report
2004 -
the annual report
Towards the end of 2004, the Isle of Man Government's Chief principles into action. He said the move to business planning had
Minister Richard Corkill presented the first annual report to been a major transition for the government.
members of the Manx parliament since corporate style
The past 18 months has been remarkable for the number of
governance was introduced.
major capital projects that have been completed, including the
The aim of the new system is to set targets for each department new Noble's Hospital, Pulrose power station, sewage treatment
and division of government and report annually on the progress works, and incinerator.
achieved. Richard Corkill said the production of the annual report
One issue that remains a priority for the government is providing
represented another step forward in the continuing development
council houses and affordable homes for first time buyers.
of 'an effective, accountable system of government for the benefit
Attention will be focused on this area over the coming months.
of the people of the Isle of Man' and said the 2004 report is the
first to measure a full year's activity under a business planning The Council of Ministers has identified four strategic aims for the
process 'introduced to give a clearer focus and sense of direction next planning period. The first is economic progress and this
to the work of Government'. should be achieved by diversification and inward investment by
maximising the potential of existing wealth-creating sectors. The
There is no political party structure in the Isle of Man and most
second, social wellbeing, highlights the government's commitment
candidates stand as independents at election time. The next
to health promotion measures and NHS primary healthcare
General Election is in the autumn of 2006. The Chief Minister is
provision for all. The third, identified as good government, involves
appointed by his political colleagues and then appoints the
a review of the scope and structure of central government and
Council of Ministers. Each of the government's nine departments
local authorities.
is led by a minister with support from one or more members of
the House of Keys and Legislative Council. Positive national identity is the fourth aim and, says the
government, will be achieved via the development of improved
The six central policy goals laid down by the government are
management of the Island's relationships with the UK and EU and
identified as economic progress, social well-being, quality
of wider international issues.
environment, sound infrastructure, good government and positive
national identity. A coordinated programme to support the Council of Ministers in
the evaluation and management of the Island's profile in the
The Chief Minister has made much of the issue of openness or
wider world is being set up.
transparency, and the importance of the public seeing the extent
of the government's success or failure in translating policy

Country Fact File > Government Departments > Trade and Industry
Department of Trade and Industry,

Hamilton House, Peel Road,
Douglas, Isle of Man IM1 5EP
Department of Tel: + 44 (0)1624 682354

Fax: + 44 (0)1624 682355
email: dti@gov.im
www.gov.im/dti
Trade & Industry Chief Executive:

Chris Corlett
Tel: + 44 (0)1624 682394
Chief Executive’s Office
Diversification and development - how the Isle of Man attracts new Policy, Strategy, Financial Management,
business Business Planning and Performance Management,
It may be apocryphal but the story goes that when the United Kingdom Information Support and Development
placed restrictions on private investment in the film industry and it looked Employment Legislation
like the plug would be pulled on the latest Johnny Depp vehicle, Tel: + 44 (0)1624 682371
representatives from the Manx film industry happened to be in
Hollywood, secured the project and landed one of the world's biggest
Properties, Mines and Minerals
movie stars onto Island shores. Tel: + 44 (0)1624 682369
Economic Development
Generally, there is a perception that luck has played a part in the Isle of
Man's uncanny success across such diverse areas as the film industry, e- Film and Media, Manx Multimedia Centre,
gaming and marine administration but of course there is more to it than Manufacturing, E-business and E-gaming,
simply being in the right place at the right time. Isle of Man Film Commission
Tel: + 44 (0)1624 687173
The Department of Trade and Industry recognised long ago that
E-Business Division
diversification was vital to the Island's economic strength.
Tel: + 44 (0)1624 687170
DTI chief executive Chris Corlett says: 'The government has been E-Gaming Division
successful in its policy of diversification into global areas. Standing still is Tel: + 44 (0)1624 682307
not an option. Some people have misinterpreted it as good luck. What
it's really about is understanding the needs of a sector and working Grants and Financial Assistance
closely with it. Tel: + 44 (0)1624 687179
Financial Assistance Scheme,
'The private sector would say that one of the big strengths of the Isle of
Business Support Service,
Man is that the government is very willing to listen and to act - and has
proved itself on a number of occasions to be willing to do so. We are Small Business Start-Up Scheme
using our size as an advantage. We can be the speedboat zipping Training and Employment
between the supertankers.' Employment services,
Farming and tourism, areas that still contribute to the economy, were in Recruitment, Man power planning,
decline by the 1970s when the government decided to develop a Tynwald approved vocational training schemes,
finance sector that is now one of the world's leading offshore Work Permits / Associated Inspectorate and
jurisdictions. In the early eighties, the Financial Supervision Commission Overseas Labour Office
was established to help regulate the industry and raise its profile. Tel: + 44 (0)1624 682393
Manufacturing was boosted by the introduction of the industrial financial Job Centre
assistance scheme; the Island established a shipping register that is now Tel: + 44 (0)1624 687014
internationally highly regarded and generates more than 50 jobs, with Investors in People (IIP)
plenty of potential for future growth.
Tel: + 44 (0)1624 682383
And in the 1990s, the Island recognised the opportunities presented by Shell Technology & Enterprise Programme (STEP)
the film industry and has hosted more than sixty feature films, Tel: + 44 (0)1624 682383
establishing an industry in less than ten years that has generated a local
spend of more than £13 million over the past year and has brought high Marine Administration
profile stars, and the publicity that attends them, to the Island. Tel: + 44 (0)1624 688500
Ship Survey, Registry,
In more recent times, the government has recognised the potential from Quality Assurance, Marine Legislation
e-business when combined with local tax advantages.

> Ronaldsway Airport
Chris Corlett says: 'There are clear opportunities here when the valuable services, they are thriving. There is a general consensus
transaction is where the server resides. E-gaming is a niche inside that offshore centres will shrink in number with only a handful
e-business and we have brought six sports betting businesses to having the depth and breadth to survive. It is important for the Isle
the Isle of Man in the past year alone. Another advantage we enjoy of Man to be one of the winners.'
is that we can be fleet of foot with legislation.'
Looking ahead
The government prides itself on establishing firm infrastructures to
To meet the future challenges facing the Isle of Man, the DTI has
support industry; it is not a case of following trends and playing
identified and is acting upon some key aims. These include:
catch up but of identifying growth areas ahead of competing
jurisdictions. The DTI now has international distribution and aircraft ● Promoting diversification by encouraging new high value and
registration in its sights. sustainable businesses supporting existing commercially viable
enterprises broadening the range and quality of employment
Chris explains: 'UK container ports are full and we enjoy the
opportunities and providing a workforce with appropriate skills.
advantage of being outside the EU for customs and excise,
employment and tax. Aircraft fleet management is another new and ● Measures being taken by the DTI include offering financial
interesting avenue for us and a detailed feasibility study is now assistance under the Small Business Start Up Scheme to new
being carried out by specialist consultants.' businesses that are deemed to stand a good chance of succeeding.
The target is to help at least 25 new businesses each year.
He is confident the Isle of Man has the skills base to adapt to
diversification, and says: 'The Manx workforce showed itself to be ● The department is building relationships with businesses that
very adaptable and flexible with the birth of the finance sector. Our are connected to target areas such as e-gaming, shipping and the
educational standards are very high. The financial services sector is film industry. Meanwhile, the advantages of e-business are being
very important to the Island and will remain so but we should not pressed home, with the DTI making presentations to businesses
have all our eggs in one basket. The public and private sectors and individuals, as well as encouraging more use of the internet by
need to work closely together to identify our target markets.' funding broadband connection costs.
The Isle of Man will succeed where other international finance ● Being a member of the DTI has its perks. Another stated aim of
centres might fail because of that policy of identifying new markets the department is 'to maintain an effective presence at the Cannes
and the willingness to put the necessary infrastructure in place. The Film Festival'. Cannes is the shop window for the global film
days of the Isle of Man being perceived as a dubious tax haven are industry and has already resulted in some lucrative leads.
over.
● Future support for the shipping industry includes the
Says Chris Corlett: 'We are more than able to cope with any introduction during 2005 of a new Merchant Shipping Bill, designed
scrutiny. We requested the IMF to investigate all our structures and to modernise seafarers' social and employment protection and comply
their report was very complimentary. We have a very well run with the latest requirements of the International Labour Organisation.
government. 'Offshore centres that are just about tax avoidance will
● Looking further ahead, the DTI hopes to have completed the
increasingly come under pressure. Where they are providing
development of a new training centre by the end of March 2006.

> Television drama ‘Island at War’ scenes set in Castletown
Economic development Meanwhile, the government's advisory service, established in

1992, has helped more than 150 companies since that time. It can
Unspoilt and free from pollution, the Isle of Man is the ideal
provide expert consultancy in Quality Standards such as BS5750
location for movie-making.
and business disciplines such as planning, marketing, financial
The DTI is committed to maintaining a long term investment management, training and development.
programme in film and TV productions through Isle of Man Film, a
The newly revised Business Support Scheme introduced in May
new company wholly owned by the government that enables it to
last year expands and improves on the advisory service to cover
interact effectively with private sector production companies.
ten key disciplines covering all aspects of business.
Exciting new ventures for the Island also include e-business and,
These are:
within that, e-gaming. The DTI is helping businesses to exploit e-
business opportunities by using technology to compete ● Marketing
internationally. Isle of Man businesses are being actively
● Design
encouraged to remain competitive in a global marketplace through
initiatives like the Business Support Scheme, and DTI courses ● E-Business
delivered by independent training specialists. Larger businesses that
● Environmental Efficiency
tend to implement large scale, more complex e-business solutions
are catered for with high level talks and seminars on the strategic ● Human Resources Development
management implications of implementing large e-business
● Quality
solutions.
● Operations Management
The DTI says this combination of assistance works at all levels to
enable businesses to understand the technical, logistical and ● Business and Strategic Planning
business problems and challenges inherent in implementing e-
● Information Communication Technology/ Information Systems
business solutions effectively.
● Business & Financial Management Controls
E-business opens up a variety of possibilities. The government is
committed to developing an e-gambling business environment and Training and employment
to making this environment competitive internationally. The DTI is
A highly skilled workforce is central to the success of the local
responsible for the promotion and development of e-gambling and
economy and the DTI has established a number of services
has identified future expansion in online casinos, sportsbetting and
designed to encourage people to acquire, update and upgrade their
associated e-services.
skills and knowledge on an ongoing basis.
The department says the Island's highly advanced technical and
Overseeing this work is the Training and Employment Group,
telecommunications infrastructure, low duty, and the abolishment of
which is responsible for employment and training services and
corporation tax by 2006 provide compelling reasons for choosing
employment legislation. The group also provides advice on the DTI's
the Isle of Man as an e-gaming location.
remit in relation to the construction industry.
Grants and financial assistance
A sound framework of employment legislation meets international
The Isle of Man comes armed with a range of incentives to attract obligations and recognises the needs of local employers and
new business. The Department of Trade and Industry can offer up employees alike, and is an important element in the work of the
to 40 per cent of the cost of new plant and machinery, new group, which also administrates the work permit system and
buildings, operating costs such as research and development, Overseas Labour Scheme.
relocation, consultancy and marketing; and can meet up to 50 per
The operation of the JobCentre is a key element in encouraging
cent of training costs.
an efficient labour market. It retains application forms for most of
The DTI's Financial Assistance Scheme has been operating for many the Island's major employers and updates the job vacancy list daily.
years and is aimed at encouraging diversification of the economy. This can be viewed online. The JobCentre provides interview
Eligible businesses must meet the commercial and environmental facilities and offers a comprehensive CV word processing service.
criteria laid down under the scheme, which is seen as a key tool to
The Investors in People (IIP) programme is promoted and
encourage existing businesses to adopt new technologies and
managed by the group. This is viewed as a key element in the
practices and for new businesses to develop on the Island.
development of a high quality skills base. It is the national standard
The opportunity exists not only to encourage new projects but that sets a level of good practice for improving an organisation's
also to develop projects in conjunction with private sector performance through its people by providing a clear benchmark of
partnerships and contacts. good practice in training and development.

> Large yachts in dock > Douglas Ferry terminal
The DTI was the first government department to be awarded IIP protecting employment opportunities for local workers. They are not
accreditation. intended to act as a restraint of trade.
The DTI operates a number of schemes designed to promote Marine Administration
business, including the small business start up scheme.
The Isle of Man has nailed its colours to the mast with the
This awareness programme helps people to decide whether self development of shipping business. The Island's long maritime
employment is right for them, investigates the viability of business tradition and culture created a firm base from which to develop a
ideas, and helps with the preparation of a business plan and cash shipping register that is now one of the most respected in the world.
flow forecast. The scheme offers a training course, with financial
The Marine Administration division of the DTI has built an
assistance available on a discretionary basis.
international reputation for quality and service and is now attracting
STEP (Shell Technology and Enterprise Programme) is a highly high profile multi-million dollar superyachts (see Pelagos Yachts)
respected scheme that places undergraduates with employers on such as the Mirabella 5, the world's largest single masted yacht.
specific projects for eight weeks during the summer. A local Also registered in the Isle of Man is the most technically-advanced
competition is held, with the winner proceeding to a UK regional yacht afloat, the 64 metre Italian-built Felicita west.
competition and national final. For students, it can lead to
Marine Administration has been able to secure these high quality
recruitment or improved potential for employment, while companies
vessels thanks to new legislation that enables the registration of
benefit from fresh ideas and new skills.
yachts of over 24 metres.
Disabled people can take advantage of the department's Disability
The responsibilities of Marine Administration are separated into
Employment Service, which works closely with employers in
two core areas - the promotion of the Isle of Man to maintain and
supporting and encouraging good employment practices and
expand the registered fleet, and the duty to ensure the safety of
attitudes in the recruitment and the retention of disabled people, as
everyone serving in, or travelling on, a Manx registered ship, by
well as with external organisations to improve mutual referral
enforcing national and international law governing the construction,
arrangements and employment related provision.
equipment and operation of ships.
Almost everybody who comes to the Isle of Man to work will
The Island is now a 'centre of excellence' in the Irish Sea, with
require a work permit whether they are from within the EU or the
locally based expertise in ship management, ship finance, marine
rest of the world. The Work Permit Office is responsible for
insurance, maritime law, and trust and company formation.
processing applications.
A modern flag registry, the Island puts strong emphasis on quality,
Work permits were introduced some 40 years ago and at first
high standards and efficient service. It is the flag of choice for the
applied to only to manual workers. The present system is governed
most prestigious of the world's super-yachts.
by the Control of Employment Act 1975 as amended and the
Control of Employment Regulations 1993 and applies to almost Because the Isle of Man is a crown dependency within the British
everyone who comes to the Island to take up employment, Isles, Manx registered ships are entitled to fly the prestigious Red
including self employment. Work permits are seen as a means of Ensign, a symbol of shipping excellence that is recognised

> Freeport at Ronaldsway Airport > Residential development in Douglas
throughout the world. But Manx registered vessels come under the benefits as merchant ships and commercial yachts, including the
auspices of Marine Administration which benefits owners and favourable tax regime, minimal costs and no annual tonnage dues,
operators in terms of favourable tax treatment, no annual tonnage the right to fly the Red Ensign - not to mention association with a
tax, security of mortgages registered in the Island, and an respected and reputable jurisdiction.
administration that will assist with safety and environmental matters
All merchant ships must comply with enhanced international
as well as manning and officer certification requirements.
security measures that were introduced as a result of 9/11. Marine
The Isle of Man offers a fast and efficient registration process and Administration inspects each of the 300-plus ships on the register
thanks to its Customs and Excise agreement with the UK is part of to verify they have security plans in place before the new
the European Union for the purpose of collecting VAT. International Ship Security Certificate can be issued. The Isle of Man
is the only offshore jurisdiction to train its own surveyors and the
Marine Administration makes the process of registry as simple
course is so effective that inspectors from Bermuda, Cayman and
and straightforward as possible. The register is highly regarded by
Gibraltar have enrolled.
banks and finance institutions all over the world and the Merchant
Shipping (Registration) Act in the Isle of Man sets out clear priorities Merchant ships of virtually all types are accepted for registry and
for mortgages following established English law so that lenders can the Manx fleet includes bulk carriers, tankers, gas and chemical
be assured that their charge is properly recorded and secure. carriers, offshore support vessels, FPSOs, container ships, cargo
ships and Ro-Ro ferries. However, some ships are not accepted for
Staff are available to complete registry transactions at any time of
registry, including single hull oil tankers, ships older than 15 years,
the day or night in order to match with local time at the place of
floating dry docks, and ships carrying irradiated nuclear fuel.
completion.
Marine Administration takes pride in the fact that it takes care to
Manx registered ships are British ships but under the separate
ensure all merchant ships flying the Manx flag are a credit to the
jurisdiction of the Isle of Man Marine Administration. As British ships,
Island. Following registry, a surveyor will visit the ship at two and a
the Merchant Shipping Act requires that the owner must be a
half year intervals to complete a thorough inspection, including
'Qualified Owner'. To qualify, the majority interest in the ship must
crew accommodation, welfare and working conditions in
be held by one of the following:
accordance with ILO178. Commercial yachts are visited by an Isle of
● A company incorporated in the Isle of Man and having its Man surveyor at 30 month intervals.
principal place of business in the Isle of Man (there are no
Freeport
nationality requirements for ownership of such companies).
Europe's only offshore freeport is based at Ronaldsway on a 20
● A company incorporated in the United Kingdom, the Channel
acre site next to the airport. It is touted by the DTI as the only
Islands, or any British Dependent Territory and having its principal
freeport in the world which combines easy accessibility to European
place of business in any such territory.
markets with the extra financial advantages of location in an
● A company incorporated in a member state of the European international finance centre. Direct imports and exports may take
Union or in a European Economic Area Country and having its place using trans-shipment arrangements through the UK.
principal place of business in any such country (the company may Movements via the UK and other EC States would need mandatory
be incorporated in any of the above territories or member states community transit guarantees or guarantee waivers.
and have its principal place of business in any other of the above
Security is maintained by restricting access to the defined area;
territories or member states).
control of goods is based on the normal commercial records kept
● A Limited Partnership established and registered in the Isle of by traders.
Man in accordance with the Partnership Act 1909 and the
A wide range of activities takes place at the freeport including the
International Business Act 1994, and in certain prescribed countries
assembly of components for export, public warehousing, loading
as detailed in Manx Shipping Notice No.194.
and unloading, storage, and the processing of goods from inside
● A British citizen, a British Dependent Territories citizen, a British and outside the EC.
overseas citizen, a British subject under the British Nationality Act
The special position of the freeport as an enclave outside the
1981, or a British National (Overseas).
normal customs procedures of the Isle of Man provides traders with
● A citizen of a member state of the European Union and a wide range of benefits. Free movement of goods between the
European Economic Area Countries. Island and the EC is possible through its special relationship with the
EC, subject to the normal requirements for security of duty and tax.
The remaining minority interest (not more than 31 out of 64
No Customs duties are payable on goods due for import into the
shares) may be held by any other person.
Isle of Man or member states of the EC until the goods enter the
Pleasure yachts registered in the Isle of Man enjoy all the same country of final destination. No Customs duties are payable on

> Views of Douglas from Douglas Head
imported goods due for export to a country outside the EC area. A Construction Bill was prepared to provide a more effective
means of resolving contractual disputes. It is based on the UK
The relative absence of customs formalities and the reliance upon
Housing Grants, Construction and Regeneration Act 1996, which is
commercial documents for control, simplifies procedures for
well established, and there are qualified and experienced arbitrators
companies involved in international trade.
familiar with the UK Act. The introduction of the Construction Design
The Isle of Man Customs and Excise Service is completely and Management Regulations by the Department of Local
independent and is readily accessible to the local community Government and the Environment will be supported by the DTI
providing an efficient and responsive service. Traders can store through the provision of training and awareness raising sessions in
goods duty-free for indefinite periods until they decide to enter the conjunction with the industry.
goods into the market when trading conditions are most favourable.
Manufacturing
The zone is secure, patrolled and fully serviced.
The manufacturing sector on the Isle of Man has a significant role
Construction
to play in supporting the continual growth and diversification of the
The DTI is responsible for government policy in relation to the Island's economy. The DTI recognises this and is dedicated to
local construction industry. The government's extensive capital working closely with the sector to encourage existing businesses to
programme together with private sector work is generating high develop and grow and new ones to establish on the Isle of Man.
levels of activity within this sector. The DTI is particularly keen to encourage high-tech high-value
manufacturing opportunities and believes the Island has a well
The DTI administrates the list of approved contractors and the
established infrastructure to support this type of activity.
scheme for certification of craftsmen, and has an established
relationship with the Employers' Federation. The department is also There are a number of schemes specifically designed to support
represented on the Isle of Man Construction Forum, which is a manufacturing businesses through the provision of financial
multi-disciplinary organisation established to discuss a wide range assistance towards capital investment, productivity improvements,
of construction issues and promote training and good practice efficiency savings and start-up assistance. There are more than 200
within the local industry. manufacturing enterprises in the Isle of Man, ranging from optical
instrumentation (see CV Optics) to automotive components.
The DTI works closely with the sector to help to address current
Manufacturing accounts for 8.2 per cent of full time employment in
issues such as escalating employer liability insurance premiums,
the Isle of Man and is second only to the finance sector in terms of
health and safety training issues, the increasing use of off-Island
growth and contribution to the economy.
contractors and the introduction of relevant legislation.

Country Fact File > Government Departments > Isle of Man Treasury
Isle of Man Treasury,

Central Government Offices,
Bucks Road, Douglas,
Isle of Man Isle of Man IM1 3PX

Tel: + 44 (0)1624 685586
Fax: + 44 (0)1624 685662
email: treasuryadmin@gov.im
Treasury www.gov.im/treasury
Chief Financial Officer:
Mr PM Shimmin
Tel: + 44 (0)1624 685586
The Isle of Man's low personal tax regime makes it a very attractive Finance
fiscal environment in which to live. Anybody who is entitled to live in the Tel: + 44 (0)1624 687037
UK or the EU can live in the Isle of Man; there are no fiscal requirements Government Financial Accounts, Investments,
before tax residence can be achieved. Borrowings, Insurance, Issue of Manx Currency
Because the Isle of Man operates its own tax system, with Tynwald Economic Affairs
responsible for enacting all tax law, Island residents are able to enjoy Tel: + 44 (0)1624 685741
high personal allowances and low tax, and there is no capital taxation, Statistics and Analysis
so individuals and companies pay no wealth taxes, inheritance, gift or
capital gains tax. Customs and Excise
Tel: + 44 (0)1624 648156
Meanwhile, corporate tax will be down to zero by 2006.
Indirect Taxes and Duties, Control on Imported
The Isle of Man operates a VAT system similar to the UK's. The standard
rule is 17.5 per cent with a lower rate of five per cent and a zero rate.
Drugs, Anti Money Laundering
The current turnover registration requirement is £56,000 per annum. The Financial Services
VAT rate for hotel accommodation in the Isle of Man is only five per cent Tel: + 44 (0)1624 686400
compared to 17.5 per cent in the UK. Support for Finance businesses, Development,
There are more than 7,200 traders registered for VAT in the Isle of Man Media Relations
and this figure, says the Treasury, is steadily growing, reflecting the interest Financial Supervision Commission (FSC)
shown in the Island as a business centre. On average, more than a Tel: + 44 (0)1624 689300
hundred new applications to register are received each month. The E-Commerce
Island's Customs and Excise aims to register new traders within seven
Tel: + 44 (0)1624 686395
days of application.
Income Tax
From investigating the bootlegging of alcohol and tobacco to Tel: + 44 (0)1624 685400
international money laundering, the remit of Customs and Excise is wide.
Income Tax, Corporate Tax, Taxation Strategy,
The division operates the Island's two law enforcement patrol vehicles, a
15 metre purpose built patrol craft 'Panther' and a 7.5 metre trailer based Personal Allowance credits
RHIB purchased using the seized proceeds of illegal activities. These craft Information Systems
are operated on a 24/7 basis 365 days a year and are an effective Tel: + 44 (0)1624 685523
deterrent to drug smugglers. Information Technology Services,
Another important division of the Treasury is bringing business to Development and Strategy
the Isle of Man. Internal Audit
The e-business division promotes electronic business and is continually Tel: + 44 (0)1624 685543
developing the legal and technological infrastructure to meet increasing Internal Controls, Data Protection,
demand for technological solutions. The Isle of Man's location, excellent Forensic Accountancy Services to Financial
telecommunications structure and low tax environment enables it to Crimes Unit
attract e-business from around the world.
Administration
The Island offers secure servers with comprehensive support services Tel: + 44 (0)1624 685584
including complete website design, software and hardware suppliers, Secretariat, Inter-division Co-ordination
internet payment gateway facilities and international tax and legal advice
and company administration services.

Country Fact File > Government Departments > Isle of Man Treasury
> Manx Currency
The e-business division boasts that the Island can offer the space Tax rates 2004/2005
for businesses to set up their own operations on a small or large
For individuals
scale. Key personnel can be relocated to the Island if required but
Personal allowances
businesses can also access a pool of well eduated and computer
Single person £8,225
aware individuals. There has been massive growth in the ICT sector
Married couple (combined) £16,450
and the Isle of Man boasts high bandwidth self-healing fibre ring
Single parent addition £5,630
connectivity, was the first jurisdiction to offer third generation mobile
Blind person £2,530
phones outside Japan, and was quick to introduce legislation in the
Disabled person £2,530
form of the Electronic Transaction Act 2000 to provide the necessary
Income tax rates
legal framework for e-business to grow.
Standard rate 10%
Isle of Man Finance is another division of the Treasury with a Higher rate 18%
mission to facilitate the ongoing development of the Island as a Non-resident rate 18%
leading international finance centre. The regulation of the sector is Standard rate tax thresholds
carried out by the Financial Supervision Commission (FSC) and the Single person £10,000
Insurance and Pensions Authority (IPA). Married couple (combined) £20,000
Balance taxable at 18%
The economic affairs division of the Treasury provides a statistical
information and economic advisory service to the government, and Tax rates for companies
a statistical information service to the public.
Thresholds
Reporting on the way ahead, the Treasury states: 'The Island has
Limit £100 m
set out its stall to become the model of a small finance centre for
Lower rate 10%
the 21st century, combining legitimacy with probity, a social
Higher rate 15%
conscience and a willingness to work within international
Income tax rates
standards.
Lower rate for resident trading companies 10%
'The Island's constitutional position and economic wellbeing Higher rate for resident trading companies 15%
depend crucially on its exsiting levels of autonomy, in particular its
ability to legislate on fiscal and other domestic matters.
'The development of a move towards a standard zero rate of
income tax for trading companies by 2006 represents the most
radical change to our taxation system for 40 years and should
enable the Island to avoid punitive sanctions being applied against
us by the EU and UK authorities.’

Illiam Dhone House, Circular Road, Douglas 55
56 Government Buildings, Prospect Hill, Douglas
Country Fact File > Government Departments > Tourism & Leisure
Department of Tourism and Leisure,

Sea Terminal Building,
Douglas, Isle of Man IM1 2RG

Fax: + 44 (0)1624 686800
email: tourism@gov.im
www.gov.im/tourism
Tourism & Leisure Chief Executive:

Carol Glover
Tel: + 44 (0)1624 686801
Leisure
The 'bucket and spade' days might be over but the Department of Administration
Tourism and Leisure has adapted to changing times and continues to Tel: + 44 (0)1624 686801
make a vital contribution to the quality of life of Island residents, as well
Villa Marina Reception
as market its attractions to the rest of the world.
Tel: + 44 (0)1624 694500
The unspoilt, natural environment and different pace of life makes the General Enquiries
Isle of Man the perfect destination for high quality domestic short breaks Tel: + 44 (0)1624 694566
and, says the DTL, the Island is well positioned to capitalise on this trend.
In a tourism strategy that takes departmental planning up to the year Gaiety Theatre
2008, recommendations are made that are designed to widen the Box Office
tourism remit. The DTI says: 'In order for the tourism industry to succeed Tel: + 44 (0)1624 694555
and flourish, a large-scale change in thinking about tourism is required, Curraghs Wildlife Park
plus a recognition of the role that everyone has to play.' Tel: + 44 (0)1624 897323
The department is committed to creating a modern definition of tourism NEC (National Sports Centre)
that embraces diversification, including improving online services and Tel: + 44 (0)1624 688588
revitalising conference marketing, ensuring accommodation and facilities
are available year-round. In its strategy for the future, the DTL says the Sports and Development Council
Island needs to recognise the changing behaviour of tourists and the Tel: + 44 (0)1624 688555
increasing sophistication of the market. Tourism
In 2002, there were 326,760 tourist visitors to the Isle of Man (see table Tel: + 44 (0)1624 686801
for breakdown). More recently, the department has reported that visitors Special Events Unit
spent a total of £102.5 million in the Isle of Man during 2003 - an Marketing Development
increase of 3.9 per cent in real terms on the year 2000, and a quicker Marketing Services
recovery than expected following the impact of the foot and mouth crisis Public Relations
three years ago. Registration and Grading Commission
Measures were taken in 2001 which prevented the disease reaching Tel: + 44 (0)1624 664552
the Isle of Man but the tourism sector was badly hit, particularly by the Public Transport
cancellation the revenue-generating TT motorcycle races. The DTL says it Tel: + 44 (0)1624 663366
has achieved a full recovery more quickly than was expected. This has
been partly thanks to a marketing campaign aimed at higher spend Administration
visitors. Tel: + 44 (0)1624 686801 extension 6705
Corporate Services
Under its tourism responsibilities, the DTL operates the special events
unit. Based at the TT Grandstand, it was set up to organise and support Policy Planning and Administration
any event on the Island that contributes to tourism, including the TT that Finance
brings around 40,000 competitors and fans to the Island each June.
Committed to developing the Island as a conference venue, the DTL can
assist with accommodation, communications and entertainment on any
scale for businesses, institutions and organisations. It actively markets to
Europe and offers reciprocal arrangements in terms of foreign language
brochures, trade and consumer advertising and internet links. The Isle of
Man currently has offices in Germany and France and is a member of the
North West Country Marketing Consortium, benefiting through the British
Tourist Authority's worldwide offices.

> National Sports Centre > Electric railway: Snaefell mountain train
The DTL has been developing its website, which receives more than 'The tourism industry is made up of large numbers of small
40,000 visits each month, to cover local events and festivals, and operators who struggle to recognise this reality and often lack the
places of interest and beauty. resources to enable them to deliver it. There are a number of key
issues such as bedstock, staff recruitment and quality standards
Hoteliers have a large role to play in promoting the Isle of Man as
that need to be addressed and we need to ensure that public
an attractive destination. The DTL operates the Registration and
money is spent wisely against the areas of greatest return.'
Grading Commission that is responsible for all tourist premises.
Ratings are denoted by stars, diamonds and keys and complement Tourist visitors in 2002
those set by the British Tourism Council, the AA and RAC motoring Period visitors in paid accommodation (PVPA) 113,978
organisations. Period visitors visiting friends and relatives (PVVFR) 117,165
Business 87,536
Another division of the DTL is leisure, incorporating leisure
Day trippers 8,081
administration, the Villa Marina and Gaiety Theatre complex and the
Method of travel by tourist visitors:
National Sports Centre (NSC). The Villa reopened in 2004 after a
Sea 176,373 (54 per cent)
major refurbishment costing £15 million and heralded the start of a
Air 150,387 (46 per cent)
modern approach to entertainment in the Island, providing first
PVPAs
class facilities for the performing arts, conferences, meetings,
exhibitions and functions. Period visitors staying in paid accommodation are defined as
people visiting the Isle of Man and staying in paid accommodation
The NSC is run by Manx Sport & Recreation, part of the DTL, and
for at least one night (excluding business people). These people are
has played host to the Island Games. MSR is responsible for sports
regarded as the main tourist category
development throughout the Island. The Isle of Man has produced
Olympic and Commonwealth sports stars and offers a range of PVPAs accounted for 34.88 per cent of total visitors in 2002.
activities as well as being the road racing capital of the world. Social Class breakdown of PVPAs in 2002
Annual events include International Cycling Week, the Student ABC1 65 per cent
Festival of Sport, professional football tournaments (the Isle of Man C2DE 35 per cent
has no fewer than 27 football clubs), and basketball camps. The Total number of PVPA bed nights was 596,228 in 2002 and average
DTL can facilitate travel and accommodation packages for sporting stay was 5.2 nights.
organisations.
The department also supports a wide range of local arts,
including the Mananan International Festival, the Isle of Music
Festival and the Isle of Man Literature Festival. The DTL is also
responsible for the Curraghs Wildlife Park, museums and other
attractions that overall tell the Story of Mann, and tourist trans-
portation including the steam train to the south of the Island and
electric trams to the north and to the summit of Snaefell Mountain.
The DTL operates the Isle of Man's public transport system.
But the focus for the department over the coming years is attracting
the new market of visitors. The DTL recognises that long term
development is being hindered by a lack of bed spaces and the
quality now required to service the customer base. Support for
those who operate within the industry is required from the
department and cooperation is essential.
A number of key performance indicators and targets have been
identified; these include increasing visitor spend by 15 per cent by
2008, increasing bed spaces by more than a thousand to 8,000 by
2008, and introducing a Manx Welcome training programme to
improve customer services. The DTL strategy for 2004-2008
concludes: 'The challenge facing the Island is to ensure that all
the weapons in the armoury are working together, to deliver an
internationally competitive product. This will not happen by
accident. It will require a determined, focused and coordinated
approach.

> Ramsey golf course > Groudle Station
Area of residence of PVPAs in 2002. Income amounted to £72,451,000

Tourism division statistics 2002/03 Income generated from tourism - £953.49 per heard of population
Net expenditure - £5,429,015 Sources
Net cost of the division per visitor - £16.61 Based on 326,760 visitors to the Isle of Man in 2002 - Economic
Net cost per head of population - £71.45 Affairs Division
Net expenditure for TT - £1,583,259 (£20.84 per head Population figure of 75,985 - IOM Govt Policy review 2001.
of population) Isle of Man National Income Report 2001/02 - Economic Affairs
Tourism contributed five per cent of GDP Division.

60 Douglas Harbour
Country Fact File > Government Departments > Transport
Department Of Transport,
Sea Terminal,
Douglas, Isle of Man IM1 2RF

Chief Executive:
Mr AJ Bell
Transport Tel: + 44 (0)1624 686650

Management Division
Tel: + 44 (0)1624 686936
Financial Management,
Corporate Service, Legislation
The Island's essential air and sea gateways come under the remit of
the Department of Transport. Works Division
Tel: + 44 (0)1624 686655
Flights to and from the Isle of Man are operated by a number of airlines
Engineering, Building Works,
and demand increases year on year. As Fact File went to press, proposals
to extend one of the Ronaldsway Airport runways over the sea were Transport and Plant, Quarries, Support Services
being discussed. Design Services Division
The DoT is responsible for the provision, operation and maintenance of Tel: + 44 (0)1624 686667
the airport, air traffic control and air navigation regulation. The department Highway, Structural Design,
also prepares civil aviation regulations and promotes air routes and Surveying, Administration
services for the Island. Highways Division
The DoT remit is to provide and promote a safe and efficient Tel: + 44 (0)1624 686676
infrastructure for travel, transport and navigation, covering harbours, Network Operations and Planning,
airports and highways. Proposals to introduce a speed limit in an Island Vehicle Test Centre, Road Safety, Administration
regarded, thanks to the TT, as the road racing capital of the world have Harbours Division
caused controversy. They are part of an initiative by the DoT to cut the
Tel: + 44 (0)1624 686626
number of serious road traffic accident on the 500 miles of Island roads.
Harbour Operations, Coastguard
Road safety training, the registration and licensing of vehicles and Territorial Seas Management, Administration
drivers, road closures and the maintenance of highways, car parks and
public paths are all administered by the department. Airport Division
Tel: + 44 (0)1624 821600
The Isle of Man is a seafaring nation and its harbours, foreshores and Air Traffic Services, Rescue & Fire-fighting,
shipping services are a vital part of Island life. The DoT is responsible for Technical Services, Customer Services,
the provision, operation and maintenance of the eight statutory harbours,
Meteorological Office, Administration
the local Coastguard service, and marine oil pollution contingency
planning. Drainage Division
Tel: + 44 (0)1624 693501
Manx waters extend 12 miles out to sea and the department
coordinates territorial sea management and monitors coastal erosion,
Land Drainage and Operations,
which has affected the Island's north west coastline. Updating the IRIS, Administration
Island's antiquated sewerage system gave the Department of Transport its Properties Division
biggest project to date. Tel: + 44 (0)1624 660431
The IRIS scheme (Integration and Recycling of the Island's Sewage) is a Estate Management and Maintenance
£100 million-plus improvement to the treatment of sewage that has Animal Waste Management, Off Street Parking
resulted in the replacement of a Victorian system with one to suit 21st
century needs and meet EU cleanliness requirements.

Country Fact File > Government Departments > Transport
> Douglas railway station > Douglas promenade
Source: Treasury, Economics Affairs Division
Source: Department of Transport
Source: Department of Transport

Country Fact File > Government Departments > Local Government
Department of Local Government

and the Environment,
Murray House,
Mount Havelock,
Department of Douglas, Isle of Man IM1 2SF
Tel: + 44 (0)1624 685954
Fax: + 44 (0)1624 685873
Local Government & email: ceo@dlge.gov.im

www.gov.im/dlge
Chief Executive:
Environment Mr RA Hamilton
Tel: + 44 (0)1624 685859
Estates and Housing
Tel: + 44 (0)1624 686304
Providing affordable homes for first time buyers in a property market Housing Office
where prices have rocketed over the past ten years has given the Estates Office
Department of Local Government and the Environment one of its biggest Office of Architecture
challenges. Corporate Services
The average house price broke the £200,000 barrier in 2003 (see table) Tel: + 44 (0)1624 685954
and the Isle of Man remains largely immune to the fluctuations in the UK Corporate Support Section
market, so finding affordable homes has been an issue for many people. Finance Office
The department established a first time buyer housing waiting list and Local Government Unit
has committed to building a certain number of affordable homes each Legislation and Policy Unit
year, working in conjunction with local developers.
Environment Safety and Health
The DoLGE has probably one of the most diverse portfolios of all nine Tel: + 44 (0)1624 685882
central government departments; responsibilities range from housing
Health and Safety Inspectorate
policy to the supervision of local authorities, waste management and the
sometimes controversial issues involved in town and country planning.
Tel: + 44 (0)1624 685879
The work of the department touches the lives of everyone who lives in Environmental/Public Health Unit
the Island. Food Safety Unit
Environmental Protection Unit
A major project for the department that came to fruition last year was
the creation of the all-Island incinerator, a new facility to replace landfill Waste Operations Management Unit
as a means of disposal of the Island's rubbish. The department is Tel: + 44 (0)1624 685941
responsible for a wide range of services designed to safeguard the health Planning and Building Control
and physical safety of the public and the environment. Tel: + 44 (0)1624 685903
The planning committee, chaired by a member of Tynwald, controls Planning Section
development across the Island and also determines which parts of the Building Control Section
Island and buildings are of special architectural or historic interest, and Mapping Section
ensuring they are safeguarded. DoLGE is also responsible for estates Conservation Section
management, including the government landbank.
Government Analyst
Environmental responsibilities include providing a specialised, scientific Tel: + 44 (0)1624 675151
service through the Government Analyst's Laboratory which monitors Microbiology Section
earth, water and air quality and keeps a watching brief on radioactive Chemistry Section
substances. Historically, the Manx Government has a firm policy of
Radioactivity Section
opposition to the operation of Sellafield on the Cumbria coast, England.
Freshwater Biology Section
Planning legislation and processes differ from other jurisdictions within
the UK. Many members of the public never have cause to use the
services of the planning office and have little or no experience of how
the system works, although planning issues are naturally of concern to
local residents who may be affected by decisions.

Country Fact File > Government Departments > Local Government
> Newly built incinerator > Building development, Douglas
One of the main differences between the Isle of Man and the UK
is that permitted development rights are not as extensive in the
Island. There are works that can be carried out without planning
approval. The existing legislation is currently under review. If
planning permission is required it should be sought and obtained
before any development gets under way.
The Isle of Man is divided into seventeen parishes and the DoLGE
directorate has five development control officers, each covering a
specific area. The present system of building control operating
throughout the Isle of Man is based on the Building Control Act
1991. Regulations apply to the construction of new buildings and
alterations and extensions.
The regulations are in place to secure reasonable standards in
areas such as health and safety, energy conservation, access and
facilities for disabled people, and preventing waste and
contamination of water supplies. Building control officers work
closely with other DoLGE services such as planning and
environmental health, and other government departments.

Country Fact File > Government Departments > Health and Social Security
Department of Health and Social Security,

Markwell House,
Market Street, Douglas,
Department of Isle of Man IM1 2RZ

Tel: + 44 (0)1624 685028
Fax: + 44 (0)1624 685130
email: dhss@gov.im
Health and Chief Executive:

Mr David Killip
Health Services Division
Social Security
Head of Division:
Mr John Wilson
Crookall House, Demesne Road,
Douglas, Isle of Man IM1 3QA
Tel: + 44 (0)1624 642608
Fax: + 44 (0)1624 642617
The creation of a £112 million new general hospital, the Isle of Man's
Social Services Division
biggest government capital project to date, has been the focus of DHSS
health division activities for several years. The result is a facility fit for the
Director:
21st century on a greenfield site on the outskirts of Douglas, replacing the Mr David Cooke
old hospital on a cramped site in the centre of the Island's capital. Hillary House, Prospect Hill,
Douglas, Isle of Man IM1 1EQ
There are 20 ward areas and 314 beds; most wards consist of four bed Tel: + 44 (0)1624 686179
bays plus single en-suite rooms and spacious day rooms, all offering Fax: + 44 (0)1624 686198
greater comfort and privacy than the old hospital. The new building has
retained the Noble's name in honour of the original benefactor. There are Social Security Division
more specialised outpatient departments and modern methods such as Director:
filmless x-rays are now in use. Helicopter landing pads enable the rapid Mr Ken Crellin
transfer of critically ill patients. Markwell House, Market Street,
Douglas, Isle of Man IM1 2RZ
The Department of Health and Social Security was created in 1986 Tel: + 44 (0)1624 685021
through the amalgamation of the Health Services Board and the Board of
Fax: + 44 (0)1624 685030
Social Security. The department is divided into three service divisions -
health, social security and social services - with a central executive core. Appropriate Personal Pensions 685069
Benefit Fraud Freephone 0808 1624043
Under the NHS Act of 2001, the DHSS is tasked with providing a Bereavement Benefits 685176
comprehensive health service. As well as Noble's Hospital and Ramsey Child Benefit 685107
Cottage Hospital, the department is responsible for GPs, dentists, opticians
Disability Benefits 685104
and pharmaceutical services, mainly through service contracts between
Disability Working Allowance 685092
the DHSS and appropriately qualified self-employed practitioners. The
Family Income Supplement 685092
DHSS also oversees community services including school medical
Funeral Payments 685106
services, health visiting and immunisation programmes. Within the health
division, the Public Health Directorate has a research and advisory role as General Benefit Payments 685108
well as statutory responsibilities under the public health legislation. Incapacity Benefit 685105
Income Support (Working Age) 685094
The social services division of the DHSS is responsible for the social Income Support (Pensioners) 685084
care needs of the people of the Isle of Man and works with other agencies Jobseeker’s Allowance 685126
to deliver as comprehensive a range of services as possible. Social Liable Relatives 685089
services provides help and support for children under 16 and their families,
National Insurance - Account Transfers 685077
people with physical and learning disabilities, people over 65 with
National Insurance Contribution 685177
physical, mental, health or social care problems and care in the community.
National Insurance Number Registration 685078
The Isle of Man has an enviable benefits system that is administered Occupational Pension 685124
by the social security division of the DHSS. Benefits are provided for Retirement Pension 685176
bereavement, families and children, illness and disability, people in work, Retirement Pension Forecasts 685070
people on a low income, retirement and unemployment. Happily, the Isle TV Licence Refunds 685040
of Man has enjoyed an effectively zero unemployment rate for several
years.

Country Fact File > Government Departments > Health and Social Security
> Thie-Lheihys Noble is Manx Gaelic for Noble's Hospital > Noble’s hospital helipad
The central executive core - the Chief Executive's Office - provides employment for non-civil service staff. Meanwhile, the finance
a range of support services across the department. It operates in directorate is responsible for the full range of financial services
five areas; corporate affairs, human resources, finance, information including payroll management, creditor and debtor services, gift and
systems development and estate services. The corporate affairs trust fund management and audit reporting.
directorate is responsible for the department's business plan and
Development of the DHSS website as well as computer systems
annual report, monitoring and reporting upon performance in the
and telecommunication services across the department falls under
delivery of the plan. It also provides private office functions for the
the remit of the information support and development directorate.
DHSS minister.
And, bringing us full circle, the new Noble's Hospital along with all
There are staff of the human resources directorate in each of the capital projects, property portfolio and maintenance and
three divisions of the DHSS to provide hands on advice and development of property, and the vehicle fleet, is handled by the
support, and the negotiation of terms and conditions of estate services directorate of the DHSS.

Country Fact File > Government Departments > Home Affairs
Department of Home Affairs,

Homefield,
88 Woodbourne Road,
Department of Douglas, Isle of Man IM2 3AP

Tel: + 44 (0)1624 623355
Fax: + 44 (0)1624 621298
email: julie.cross@dha.gov.im
Home Affairs www.gov.im/

Chief Executive:
Mr W Greenhow
Tel: + 44 (0)1624 623355
Policing the Island Central Services
Responsible for the police and fire services as well as the Island's Tel: + 44 (0)1624 623355
prison, the Department of Home Affairs' principal purpose is to protect the Finance and Research
local community. Tel: + 44 (0)1624 623355
Putting bobbies back on the beat and enhancing community safety has Administration
been a key feature of police force policy during Mike Culverhouse's time Tel: + 44 (0)1624 623355
as Chief Constable. He presides over a force of some 250 officers and
Police
says high visibility policing is paramount to the community policing
philosophy.
Chief Constable
Tel: + 44 (0)1624 631212
Compared to similar regions in the UK, crime in the Isle of Man is
relatively low and it has long been perceived as a safe environment in
Fire & Rescue Service
which to raise a family. However, the drugs culture has reached local Chief Fire Officer
shores and the Manx Constabulary is supporting the government's five Tel: + 44 (0)1624 647300
year drug and alcohol strategy to provide drug enforcement and Emergency Planning & Civil Defence
education. Tel: + 44 (0)1624 685798
The force is a supporter of the Department of Transport's campaign to Prison Service
reduce road traffic accidents and supports an all-Island speed limit, the Governor
focus of much recent controversy. Traditionally, the Isle of Man has been Tel: + 44 (0)1624 621306
free of speed limits outside built up areas - a natural attraction for fans of
the TT motorcycle races. The force also supports the hard line taken by Probation Service
the courts on drink-driving offences. Chief Probation Officer
Tel: + 44 (0)1624 687323
In his latest annual report, laid before Tynwald in October 2004, Chief
Constable Mike Culverhouse says: 'Optimistically there is a reduction in Communications Division
the percentage of people arrested who were under the influence of Technical Director
alcohol than experienced in previous years. Much of this improvement Tel: + 44 (0)1624 620199
can be directly linked to the work carried out by our alcohol unit.'
Community safety is one of the Chief Constable's primary goals. 'Project
Centurion, launched to combat disproportionate levels of crime and anti-
social behaviour principally on Douglas promenade, has been an
outstanding success and hopefully will be the incentive for similar
partnership approaches to other, albeit much more minor, social issues
impacting on community safety,' said Mr Culverhouse. 'Satisfaction levels
and confidence in our service from the local community is at an all time
high. By focusing on quality of life issues the Constabulary plays a
significant part in satisfying the ambition of the Isle of Man Government.'
According to the annual police report, 97 per cent of residents
feel safe living in the Island, 93 per cent feel the Constabulary
does a good job, 87 per cent have confidence in the police and
76 per cent say the relationship between the police and the public is
good.

Country Fact File > Government Departments > Home Affairs
> Castletown Police Station > Isle of Man Courts of Justice, Douglas
Mike Culverhouse says: 'These results are extraordinary and will The Isle of Man now has no fewer than three radio stations -
be the envy of every Chief Constable in the British Isles.' The Manx Radio, which is government-supported, Energy FM and 3FM -
financial crime unit has a vital role to play in dealing with serious and the DHA advises other departments and agencies on radio
fraud, money laundering, drug trafficking and the financing of communications matters through its communications division.
terrorism - global issues that can threaten and potentially harm the
The division provides, maintains and operates the emergency
Island's economy.
services joint control room.
The Chief Constable wants to see the unit become a dedicated
Emergency planning and civil defence falls under the remit of the
intelligence agency, and says: 'A new financial intelligence unit
emergency planning unit. The unit provides a corp of volunteers,
should not fall under the management of the Constabulary or the
trained in a range of skills, to assist the emergency services when
Customs division of the Treasury but should be legally constituted
required and provides a link with other voluntary agencies, as well
by an Act of Tynwald and be an autonomous agency with its own
as providing over coordinated support from the government to
statutory powers and its own line of accountability to Government.
services. The unit develops business continuity plans in the event
'Under the leadership of a Director General, direct recruiting from the
of a crisis. Other divisions within the DHA include central services,
financial market place could take place to supplement existing
which supports the work of the operational divisions in achieving
investigative knowledge and experience.'
their aims and aids the chief executive in driving policy and
The DHA is also ultimately responsible for the Fire and Rescue strategic matters; central services is also responsible for areas such
Service. Many of the Island's fire fighters work on a retained basis. as online gambling, control of casinos, and granting and renewing
In addition to fighting fires, the service provides the community with bookmakers' permits.
fire safety education and awareness as well as specific fire safety
training to industry and commerce.
The Department of Home Affairs is responsible for the prison
service and it's been a busy time for the department, with work
now under way on a new prison for the Isle of Man at Jurby in the
north of the Island. This will replace the much-criticised Victorian-
built facilities in the centre of Douglas which are overcramped.
The DHA also runs the Island's probation service, assessing and
managing offenders to reduce the risk of re-offending and protect
the public. The probation service must ensure that community
based punishments are effective and credible. Probation also
provides a report writing and advisory service to the Family Courts.

Country Fact File > Government Departments > Agriculture, Fisheries and Forestry
Department of Agriculture, Fisheries and Forestry,

Rose House,
Department of
51-59 Circular Road,
Douglas, Isle of Man IM1 1AZ
Tel: + 44 (0)1624 685839
Fax: + 44 (0)1624 685851
email: daff@gov.im
Agriculture, www.gov.im/daff
Chief Executive:
Mr TA Warren
Fisheries and
Tel: + 44 (0)1624 685839
Administration and Finance
Schemes
Tel: + 44 (0)1624 685835
Forestry
Finance
Tel: + 44 (0)1624 685855
Agriculture
Agricultural Advisory Service
Tel: + 44 (0)1624 842335
Preserving the Island's traditional industries and the environment Fisheries
Farming and fishing may no longer account for a significant proportion Sea Fisheries
of the Isle of Man's income but these industries remain a major Tel: + 44 (0)1624 686045
contributor to the Manx identity. Fish Hatchery
The Department of Agriculture, Fisheries and Forestry is responsible for Tel: + 44 (0)1624 812224
supporting and developing these traditional industries to ensure they Forestry and Amenity
remain viable. This also naturally involves the maintenance and Tel: + 44 (0)1624 801263
enhancement of the Island's environment that central to the high quality
of life enjoyed by residents. Animal Health
Tel: + 44 (0)1624 685844
The sector accounts for less than one per cent of income to the local Cattle Passport Centre
economy - compared to more than 40 per cent from the finance industry
Tel: + 44 (0)1624 685616
- but has a large role to play in the conservation of the rural and
maritime landscape. DAFF's stated policy is to encourage the effective
Wool Control
utilisation of land and sea resources by the most efficient means, while Tel: + 44 (0)1624 621723
having due regard to wildlife conservation and maintenance of the Wildlife and Conservation
physical and social environment of the rural areas. Tel: + 44 (0)1624 842335
Consequently, the Isle of Man has signed several international Tel: + 44 (0)1624 843109 (24 hour line)
conventions. These include the Bonne Convention on the Conservation of
Migratory Species of Wild Animals (CMS) that requires the conservation of
habitats, the Berne Convention that requires the conservation of wild flora
and fauna and their natural habitats, with emphasis on endangered or
vulnerable species and the Ramsar Convention on wetlands, especially as
a waterfowl habitat.
The Island has also signed up to CITES, the Washington Convention on
the International Trade in Endangered Species of Flora and Fauna, and
OSPAR, the Oslo-Paris Convention for the Protection of the Marine
Environment of the North East Atlantic, which requires that all possible
steps be taken to prevent and eliminate pollution of the seas.
It also includes measures to safeguard human health and conserve
marine ecosystems.
The Isle of Man is renowned for its basking sharks, rare birds and rare
wildflowers that add to the beauty of the countryside. Some sites require

Country Fact File > Government Departments > Agriculture, Fisheries and Forestry
> Lobster pots, Port Erin > Loaghtan Sheep
extra protection and have been designated areas of Special division also monitors the welfare of horses, particularly in riding
Scientific Interest (SSI). Organisations such as Manx National establishments.
Heritage and the Manx Wildlife Trust assist DAFF in protecting sites.
DAFF's administration and finance division is responsible for the
Landowners with an SSI must consult the department before taking
development of agricultural and sea fisheries policy and the
action that could affect the area.
administration of related support schemes. The key services of this
DAFF can also declare an area to be a National Nature Reserve division are the drafting of legislation, management of freshwater
and create by-laws to protect it. The department has four divisions: fisheries and planning processes for a viable long-term fishing
agriculture and wildlife, forestry, amenity and lands, animal health industry.
and administration and finance.
Those interested in developing agricultural skills can do an NVQ at
The agriculture and wildlife division supports farmers, conserves the Isle of Man College, supported by DAFF and with financial
marine and rural habitats and encourages Island residents to have assistance from employers, in mixed farming, livestock production,
a better understanding of the wildlife habitat and conservation. crop management and environmental conservation. Other courses
Management of commercial forestry plantations and the hugely are organised by DAFF when it is felt there is a need for farmers to
popular national glens is the responsibility of the forestry, amenity be better informed in some matters, and advice concerning land-
and lands division. based careers is available to school leavers.
Animal health is another important aspect for DAFF, particularly in Farming has seen its glory days in the Isle of Man but the level of
the wake of the BSE crisis. Thanks to the Island's high standards of support for those within the industry remains high among the
animal health and welfare in modern husbandry and the general population. The Island's two annual agricultural shows -
prevention and control of animal diseases, BSE did not reach local one held in the south and one in the north - are always extremely
shores when the UK was hit. Meanwhile, exports in meat, livestock well supported and a clear indication that this most traditional of
and other products are carefully monitored. The animal health industries continues to play a vital role in Island life.

Country Fact File > Government Departments > Education
Department of Education,
St. George's Court,
Upper Church Street,
Department of Douglas, Isle of Man IM1 2SG

Tel: + 44 (0)1624 685820
Fax: + 44 (0)1624 685834
email: doe@gov.im
Education www.gov.im/education
Director of Education:
Mr J Cain
Tel: + 44 (0)1624 685800
An enviable education system is one reason why the Isle of Man is Deputy Director:
attractive to potential new residents wishing to raise a family here. Tel: + 44 (0)1624 685803
'A great place for the kids' is often given as a reason for moving to the
Finance
Island, thanks to the safe environment, small class sizes, consistently high
exam pass rates and a vast range of extra-curricular opportunities. Finance Division,
The Department of Education's commitment to meeting the ever Student Grants and Lettings Division
changing nature of modern society is demonstrated in many ways. The Tel: + 44 (0)1624 685804
Isle of Man was the first education authority in Europe to provide every Human Resources
teacher with a laptop - a move that has since been imitated in many Tel: + 44 (0)1624 685805
other jurisdictions. Legal and Administration Support Unit
The education system produces confident young people more than Tel: + 44 (0)1624 685828
able to meet the challenges of the workplace; over the past few decades Schools
school leavers have proved themselves more than up to the challenge of
Coordinating Advisor Primary Education
staffing a booming finance sector. The Education Minister is the political
head of the department and is supported by two Tynwald colleagues,
Tel: + 44 (0)1624 685353
determining the policies of the service as a whole. Many of the Coordinating Advisor Secondary Education
department's functions are delegated to members of the Board of Tel: + 44 (0)1624 685353
Education who include school governors, managers and those involved Isle of Man College
in further education. Overall policy is clearly set out. Tel: + 44 (0)1624 685820
The Department of Education is committed to maintaining the Island's Estates
reputation as a centre for educational excellence, ensuring the highest Tel: + 44 (0)1624 686428
standards of teaching and learning as well as encouraging individuals to School Meals Organiser and Service
reach the highest levels of personal attainment, to maintain services and Tel: + 44 (0)1624 685798
partnerships that support anyone delivering education in schools, clubs,
Youth & Community Advisor
the Isle of Man College, higher education and the workplace, and to
monitor future demands for staff and premises. Tel: + 44 (0)1624 685810
Senior Adviser
The department's stated overall aim is 'to provide high quality lifelong
learning opportunities for all the people of the Isle of Man so that they Tel: + 44 (0)1624 685796
can develop to their own potential and are able to contribute fully to Information & Communications Technology
society'. The department is not a local education authority but carries out Tel: + 44 (0)1624 686081
the same functions, as well as those of a government department. Assistant Education Officer (special needs)
Simply, it has the roles of both central and local government in England, Tel: + 44 (0)1624 686058
but is accountable solely to the Manx Treasury and is independent of
England's powers for education.
Education in the Isle of Man is entirely funded by the Isle of Man
Government but there are strong links with UK. The National Curriculum
is largely followed, though the Isle of Man curriculum has variations, and
public examinations, the use of external inspectors and training and
conditions of service for teachers follows the UK. So, while children's
experience of education is similar to the UK, the Isle of Man has been
able to implement its own improvements. All pupils receive life education,
along with the opportunity to study the Manx language from the age of

> Department of Education, St. George's Court, Douglas > Innovative culinary classes, IHMES, International Hotel School
seven and the provision of French language teaching in primary undergraduate and postgraduate courses in business and banking,
school. The pupil/teacher ratios are better than the UK, there is a as well as part time and evening courses in management.
higher level of integration of pupils with special educational needs,
There are several other learning opportunities. Pre-registration
the Island's five comprehensive secondary schools have what the
nurse education returned to the Island in 2000. The programme is
department believes is a true and balance social mix, and the
half theory and half practice-based and covers all areas of
Island's culture and heritage are highly valued.
healthcare provision on the Island. The Island also has a Centre for
The quality and level of skills of the Island's workforce is of critical Manx Studies that provides a focal point for research in a range of
importance and the government recognises that education has a areas and is run by Manx National Heritage, Liverpool University
key role to play in developing each individual. The schools' and the Department of Education. The post graduate medical centre
admission policy is that all children can start school in the school links with academic centres including the Liverpool Deanery for
year in which they become five. The Department of Education medical teaching. Grant aid for further education can be provided
operates four nurseries catering for children from three years of age by the department. More than a thousand undergraduates and
but the majority of pre-school provision is through private agencies around a hundred postgraduate students are supported each year
and individuals. The department works with private providers to at a total cost of some £17.5 million.
produce quality pre-school education and has a pre-school
Teachers are recruited locally wherever possible and priority given
curriculum for nurseries to use.
to newly qualified teachers who have been supported as students
The department also operates a pre-school assessment centre for by the Department of Education. Only when places cannot be filled
children with learning and/or behavioural difficulties. Most of the in this way are posts advertised outside the Island. International
children attending the centre move into mainstream education but teacher exchanges are available to local teachers and are
a small percentage are placed in special units attached to primary organised by the Central Bureau in London. Job exchanges for
schools. There are almost 40 primary schools in the Island and 22 teachers on the Isle of Man is a principle which the Department of
youth clubs run by the Department of Education, which also supports Education supports. The mechanism for such exchanges is that
voluntary projects to help widen the range of youth provision. The each pair of teachers must seek approval from the appropriate
Island's five secondary schools cater for students up to the age of governing or managing body. The Department of Education employs
18 and there is one independent school, King William's College. The more than fourteen hundred people all committed to providing a
Isle of Man College provides further education study for students, combination of the best in traditional and modern approaches to
with a wide range of NVQs, vocational A levels and other teaching. The education service describes itself a 'dynamic, people
professional qualifications. The International Business School offers centred business which is at an exciting stage of evolution'.

>IFS seminar, Isle of Man Business School > The Old Grammar School, Castletown, now a museum
Notes: (v) From 1999 onwards the City & Guild and Construction Industry Training
(i) GCSE passes relate to Grades A*- C only. The above figures Board Individual units have been converted to NVQ subject passes.
include 'Short Courses', equivalent to half of a GCSE, from 1998 (vi) Academic Courses include GCSE and GNVQ at Level 2, AS, A2 and
onwards and intermediate GNVQ's. AVCE at Level 3, HNC/D and Undergraduates at Level 4.
(ii) City & Guilds qualifications may have a number of units attached Academic Courses include GCSE and GNVQ at Level 2, AS, A2 and
to them. Above figures relate to the number of individual units passed. AVCE at Level 3, HNC/D and Undergraduates at Level 4.
(iii) Although exams are not run by the Department of Education, (vii) ‘Vocational Courses’ relates to all vocationally specific programmes
results are notified to the Department. EXCEPT NVQ (which are recorded separately).
(iv) The above table only reflects achievements in those examinations (viii) From 2003 achievements are being grouped by category rather
where there were ten or more subject passes in 1998. than specific qualifications. Source: Department of Education

Country Fact File > Government Departments > Statutory Boards and Government Offices
Statutory Boards and other Government Offices Isle of Man Post Office
Postal Headquarters,
Communications Commission
Spring Valley Industrial Estate,
Salisbury House,
Victoria Street,
IM2 1AA
Tel: + 44 (0)1624 69800
IM1 2LW
Tel: + 44 (0)1624 677022 The Isle of Man Post is constituted under the Post Office Act 1993
and its business is to function as the public postal operator of the
Responsible for the licensing and regulation of telecommunications,
Island. By focusing on the needs of its customers and the market, it
broadcasting and radio communications on the Isle of Man, the
is able to provide an efficient and effective service.
Communications Commission works in close association with the
United Kingdom Office of Communications – Ofcom. Ofcom works
The Isle of Man Water Authority
on behalf of the Isle of Man Communications Commission where
Tromode Road,
international matters are of concern.
IM2 5PA
Financial Supervision Commission
Tel: + 44 (0)1624 695949
PO Box 58,
Finch Hill House, The Isle of Man Water Authority is responsible for ensuring the
Bucks Road, economic, efficient and effective provision of the services and
Douglas, Isle of Man infrastructure necessary to meet the Island’s needs in terms of a
IM99 1DT wholesome supply of drinking water. The principal objective is to
Tel: + 44 (0)1624 689300 provide a safe, reliable and high quality water supply to customers'
homes backed up by an equally efficient customer service.
Established in 1983, the Financial Supervision Commission (FSC) is
responsible for the licensing and supervision of banks, building
The Isle of Man Office of Fair Trading
societies, investment business, collective investment schemes and
Government Buildings,
corporate service providers in the Isle of Man. The Commission is
Lord Street,
also responsible for the Companies Registry which incorporates
companies and registers documents required to be filed under the
IM1 1LE
Companies Acts and related legislation.
Tel: + 44 (0)1624 686520
Insurance and Pensions Authority In 1998 the Board of Consumer Affairs was renamed the Isle of
4th Floor, Man Office of Fair Trading following the operation of the Fair Trading
HSBC House, Act in 1996. The Office of Fair Trading provides the appropriate
Ridgeway Street, legislation, advice, and compliance services to benefit and protect
Douglas, Isle of Man the Island's consumers and businesses from unfair trading practices.
IM1 1ER The Financial Services Ombudsman Scheme also operates out of
Tel: + 44 (0)1624 646000 the Isle of Man Office of Fair Trading.
The Insurance and Pensions Authority (IPA) is committed to ensuring
Financial Services Ombudsman Scheme
that all authorised insurers are properly managed, technically
Government Buildings,
competent and adequately financed. Through the Insurance Act
Lord Street,
1986, the IPA has kept in line with international standards and is
responsible for regulation of the Island’s insurance industry,
IM1 1LE
developing a regulatory framework for international and domestic
Tel: + 44 (0)1624 686500
pension business.
The Financial Services Ombudsman Scheme is set up in the
Manx Electricity Authority Financial Supervision Act 1988 and operates out of the Isle of Man
P.O. Box 177, Office of Fair Trading. In January 2002, the Financial Services
Douglas, Isle of Man Ombudsman Scheme became fully operational and is a free,
IM99 1PS independent dispute resolution service for private customers of an
Tel: + 44 (0)1624 687687 Isle of Man financial firm with a complaint against that firm.
Companies are not eligible to use the scheme. The Scheme can
The Manx Electricity Authority (MEA) is charged in the 1996
direct the firm to correct any wrong-doing, including paying up to
Electricity Act with providing a safe, secure and economic electricity
£100,000.
supply to the Isle of Man. The Authority has responsibility for the
generation, transmission and distribution of electricity and for the
billing and collection of revenue from these activities. The MEA also
provides retail service centres throughout the island.

Country Fact File > Government Departments > Statutory Boards and Government Offices
Statutory Boards and other Government Offices Attorney General’s Chamber

2nd Floor New Wing,
The Personnel Office,
Victory House,
Goldie House, 1-4 Goldie Terrace,
Prospect Hill,
Upper Church Street, Douglas,
Isle of Man IM1 1EB
IM1 3PP
Tel: + 44 (0)1624 685000
Tel: + 44 (0)1624 685452
The Personnel Office acts as an agent for the Civil Service
HM Attorney General for the Isle of Man is the legal adviser to the
Commission and the Whitley Council in relation to terms and
Crown in the Isle of Man. The Attorney General is appointed by the
conditions. It offers advice and support to individuals, departments
Queen and is ex officio a member of the Legislative Council.
and the government as a corporate entity on business and people
solutions. Improving public relations, monitoring recruitment, and The function of the Chamber is primarily to provide a high quality of
advice on compliance of health and safety legislation are some of legal advice to all levels of the Isle of Man government, advice to
the functions the Office provides to the government. the constabulary, prosecution of offences in the Court of General
Gaol Delivery and occasionally in the summary courts, legal services
The civil service represents the majority of the administrative,
to the statutory boards and departments, legal advice of
managerial and professional side of the government workforce,
government financial schemes, commercial leases and
comprising over 1,800 employees in 20 different departments,
conveyances, liaison with the United Kingdom, European Union and
boards and offices. It provides a wide range of opportunities for
other international jurisdictions in the prevention and investigation
capable individuals in most areas of Island life such as agriculture,
of serious crime and fraud, consideration and advice on
education, health, the environment, the economy, manufacturing
international agreements and relevance of European Union law to
industry, information technology and tourism.
the Isle of Man.
Manual workers are not part of the Civil Service, neither are Police
Officers, Teachers, Firemen, Nurses and members of the Judiciary. Chief Secretary’s Office
The Whitley Council represents public service workers. Government Office,
Bucks Road, Douglas, Isle of Man
Manx National Heritage IM1 3PN
Douglas, Isle of Man IM1 3LY Tel: + 44 (0)1624 685711
Tel: + 44 (0)1624 648000
The Chief Secretary’s Office was formed in 1989. The Chief Secretary
Manx National Heritage operates under the authority of the Manx along with the support of the Corporate Planning and Operations
Museum and National Trust Acts 1959 –1986. It is independent by Manager operates four divisions: Government House, Council of
statute on behalf of the Manx community and aims to protect and Ministers Division, Crown and External Relations, Drug and Alcohol
preserve the Island’s natural and cultural heritage. Although not a Co-ordinator.
department or statutory board, Manx National Heritage is subject to
the same regulations and controls as those that are. The financial Office of Data Protection Supervisor (ODPS)
control is by an independent body of trustees. The trustee body is PO Box 69,
also a public registered charity in the Isle of Man (No. 603) Douglas, Isle of Man
IM99 1EQ
Isle of Man Gambling Control Commission Tel: + 44 (0)1624 661030
Homefield, Woodbourne Road,
The Office of Data Protection Supervisor is responsible for the
protection of all data in the Isle of Man. The Isle of Man Data
IMI 2RF
Protection Act 2002 was drafted in order to meet the standards set
Tel: + 44 (0)1624 623355
out in the European Data Protection Directive 95/46/EC and is
The Gambling Control Commission is responsible for the lawful similar to the UK’s Data Protection Act 1998. The Act also repeals
conduct of online gambling, gaming, betting and lotteries, to and replaces the Data Protection Act 1986 and extends data
provide licences to operate in the Isle of Man according to the On- protection principles to include personal data held in any form
line Gambling Regulation Act 2001 and Gaming, Betting and including manual records.
Lotteries Act 1988. The Gambling Control Commission works closely
Although the Isle of Man is not a member of the European Union
with the e-gaming division that is part of the Department of Trade
(EU) and is therefore not required to implement this Directive, it has
and Industry; it also works with the Department of Home Affairs
done so in order to be able to apply for an adequacy finding by
and the Treasury’s Customs and Excise Office.
the European Commission. If this is granted, this will enable EU
countries to transfer data without undue administrative burdens, to
The General Registry
the Isle of Man. Without this, the Island would be deemed by the
Isle of Man Courts of Justice,
EU not to have an appropriate regime for data protection and this
Deemsters Walk, Bucks Road,
impacts on the smooth provision of financial and other services in
the Island.
IM1 3AR
Tel: + 44 (0)1624 685481 The Act provides that all data controllers are under a duty to comply
with the data protection principles in relation to personal data for
The General Registry is responsible for the administration of justice,
which they are the data controller, subject to exemptions. The Act
registration of legal documents, the registration of births deaths and
provides for a system of notification and sets out the rights of an
marriages and the safekeeping of public records. The General
individual under the Act.
Registry is made up of service divisions. These are the Courts, Legal
Aid, Registries and the Public Records Office.

Finance Sectors and Professional Services > Contents
Finance Sectors
and Professional Services
Banking 77
> The Royal Bank of Scotland International Group
> Lloyds TSB Offshore Limited
> Singer & Friedlander
> Fairbairn Private Bank (IOM) Limited
> Conister Trust PLC
Corporate Service Providers 87
> Scarlett Corporate Services Limited
> Louis Group International Trustees
Insurance and Pensions 93
> Royal Skandia
Investment Services 97
> Capital International
Legal Services 101
> MannBenham Limited
Wealth Management 105
> BW Group Limited

Finance Sectors and Professional Services > Banking
Banking
The services of the banks often extend both in the Isle of Man and elsewhere in already licensed in jurisdictions which the
beyond deposit and money transmission the world. Such a licence holder must FSC believes exercise proper licensing and
services to include investment demonstrate a real presence in terms of supervision and which subscribe to the
management, administering trusts and the its own premises, management, staff, International Concordat on banking
management of the underlying assets of systems and resources on the Island. All supervision. Applicants must also have a
the trusts, services they provide for licence holders conducting retail banking track record of at least 5 years’ profitable
expatriates around the world. Some must be members of the Depositors operation, and the ownership and
banks also act as custodians and trustees Compensation Scheme, which was management must be acceptable to the
to collective investment schemes, while introduced in 1991; the Isle of Man was FSC.
others conduct trade finance and treasury the first offshore centre to introduce such
The trade association on the Isle of Man
operations. The growth in other areas of a scheme. Unlike the United Kingdom
for the Banking industry is the Association
the Island’s finance sector means that scheme protection is extended to foreign
of Licensed Bankers. The Association has
there may be large sums of money to lay currency as well as sterling deposits.
regular forums for consultation with
off in the money markets.
A Managed Bank employs the services of Government, the Financial Supervision
All banks are subject to a licensing and another licensed bank in the Isle of Man, Commission, the Institute of Financial
supervision system administered by the the ‘approved manager’, to provide the Services and the Banking Associations of
Financial Supervision Commission (FSC). day to day management and Jersey and Guernsey, as well as dialogue
Banking licences may be issued to both administrative functions. It may not with other professional organisation on
banks with a full presence on the Island employ any staff without the consent of the Island in order to represent the
in terms of staff and management, and to the FSC and it must operate from the interests of its members. It also provides
those who have no such presence and premises of the approved manager. a forum for its members to debate issues
therefore need to be managed by an Managed Bank licence holders may elect affecting the industry with a view to
approved bank (a Managed Bank). A whether or not to join the Depositors creating a consensus of opinion to enable
licence can be issued with or without Compensation Scheme. the Association to provide constructive
restrictions on its operation and the types input to the various regulatory bodies.
The FSC’s licensing policy is based on the
of business it can conduct. Membership is open to and encouraged
fact that the Island is too small to
for all licensed banking institutions on the
A banking licence issued without shoulder high risk or start up operations.
Island.
restriction permits a bank to conduct a full Therefore it will only grant licences to
range of banking business with customers branches or subsidiaries of existing banks

(FSC)
Tel: +44 (0)1624 689300
Association of Licensed Bankers
www.alb.org.im
Institute of Financial Services
www.ifslearning.com

Finance Sectors and Professional Services > Banking > The Royal Bank of Scotland International Ltd (RBSI)
The Royal Bank of Scotland International Limited (RBSI)

is part of The Royal Bank of Scotland Group (the Group),
which is one of the UK's oldest financial institutions -
its ancestry dates back to a Royal Charter granted in 1727.
The Royal Bank of Scotland

International Ltd (RBSI)
As one of the leading players in the UK ‘What distinguishes us is that we are
offshore market, The Royal Bank of one of the largest offshore banks in the
Scotland International Group (the RBSI world,’ he says, ‘and one of the reasons
group) offers a full range of services to for our success is that we continually
international clients, from personal strive for innovation. We like to find
banking through to corporate finance solutions for our clients. We appreciate
under the three brands; RBSI, Isle of Man that everybody is different and has their
Bank Limited and NatWest. It operates in own needs and we provide a bespoke
four offshore jurisdictions, namely the Isle service.’
of Man, Jersey, Guernsey, and Gibraltar.
eQ, RBSI’s electronic banking system is
Having had a presence in the Isle of an example of how one of the UK's
Man for 25 years, the Group’s oldest banks is continually developing
commitment to the Isle of Man is services to meet the needs of today's
reflected in its corporate headquarters - a customer. Specifically designed for the
striking glass building that sits at the offshore finance sector eQ enables
seaport gateway to the Island and is customers to consolidate related accounts
designed to reflect its proud maritime in different currencies under a single
history. account number via the internet, which
can make even the most complex of cash
Well versed in every size and shape of
portfolios simple to manage.
corporate lending, the RBSI group is able
to tailor financing to a company’s exact The RBSI group offers a comprehensive
requirements. Everything from relatively service to corporate and commercial
straightforward loans to complex customers, including global cash
structured finance deals are available to management, lending services, securities
local, offshore and international services, private banking and employee
customers. RBSI Island Director, CIB John banking services. Property developers and
MacGregor has overseen local growth in investors can take advantage of the
line with the Group's expansion around flexible solutions it can offer and there are
the globe to make it one of the world's specialist services for the offshore funds
leading financial service providers. > Helen Edwards and John MacGregor industry, investment and fund managers,

Finance Sectors and Professional Services > Banking > The Royal Bank of Scotland International Ltd (RBSI)
including global custody, hedging products

and cash management, and new products
for the captive industry.
As John is keen to emphasise, the RBSI
group can deliver the required services
thanks to products that can be tailored to
meet individual needs, competitive pricing
and quick decision making and
implementation.
Taking a typically proactive approach in
the offshore financial markets arena Helen
Edwards, Director, Financial Markets, RBSI
(FM, RBSI) manages a team of six highly
qualified individuals who provide a
> Financial markets, RBSI dealing room
complete treasury risk management
service.
all Royal Bank’s dealing rooms globally quality jurisdiction with a strong regulatory
Helen explains: ‘Our treasury managers
furnishes the local team with up to the environment. The government is proactive
work with John's team and our customers
minute market information and pricing in changing legislation to meet industry
to understand what treasury risk they are
from the trading floors in all time zones. needs, mostly recently by introducing the
exposed to. A customer's interaction with
This consolidates its position as one of zero corporate tax rate by 2006.’ explains
the treasury manager is complimentary to
the Island’s leading providers of Treasury John.
the relationship with their account
Risk Management solutions and is
manager and ensures a group approach.’ By the end of 2002, and following the
working evidence of the FM, RBSI
acquisition of NatWest, the Group was the
Customers with foreign exchange business strap line ‘Local knowledge,
second largest bank in Europe and the
requirements in excess of £500,000 per Global Reach’.
fifth largest in the world and from its
annum can enjoy a direct relationship
The RBSI group has nailed its colours imposing seafront headquarters, the RBSI
with Helen’s team enabling them to
very firmly to the mast of Isle of Man plc. group is fully prepared for any challenges
benefit from a range of bespoke hedging
‘We consider the Island to be a top that lie over the horizon.
solutions. Interest rate risk management
for core debt requirements can be tailored
to meet individual needs. Investment
solutions include money market deposits Fact File > The Royal Bank of Scotland International Group
and a variety of structured investment
solutions along with money market funds Company Name: The Royal Bank of Scotland International Group
in sterling, US dollars and euros. Office Address: 2 Victoria Street, Douglas, Isle of Man IM99 1NJ
Helen joined FM, RBSI in March 2003 Website: www.rbsint.com
from the Group’s Financial Markets
Email: johnmacgregor@rbsint.com or iomdealers@rbsint.com
operation in Leeds. With 17 years
experience, she has been involved Phone: + 44 (0)1624 646603 (Corporate & Institutional Banking)
predominantly in the international + 44 (0)1624 656500 (Financial Markets, RBSI)
operations within NatWest and The Royal
Fax: + 44 (0)1624 646453 (Corporate & Institutional Banking)
Bank of Scotland (the Royal Bank) moving
into the Financial Markets arena in 1995. + 44 (0)1624 646439 (Financial Markets, RBSI)
‘We are the customer facing arm of the Ownership The Royal Bank of Scotland (Holdings) Limited
FM, RBSI business and provide a local & Management: Directors: Jim Paton, Alex Rodger, James Morris, Jerry Linehan
point of contact for our customers dealing
Date Incorporated: 1996
in FX, money markets, interest rate risk
management and bespoke investment Registered Office: Royal Bank House, 71 Bath Street, St Helier, Jersey JE4 8PJ
structures. Our aim is to work in Directors: Gordon Pell, Brian Crowe, Jim Paton, Alex Rodger,
partnership with our customers to provide Kathryn Winup, Miller McClean
solutions to their financing, risk
Employees (2004): Approximately 1,800 (RBSI Group)
management and investment needs,’ she
explains. Affiliated Companies: The Royal Bank of Scotland International Limited, NatWest,
IoM Bank plc, RBSI Securities Services Group, Coutts Offshore
Significant investment has been made
recently in refurbishing the dealing room, Main Business: Offshore Bank
implementing new technology and Licences: Licensed by the IOM FSC for banking and investment business
systems to enhance the overall service Auditors: Deloitte & Touche
provided to its client base. Open lines to

Finance Sectors and Professional Services > Banking > Lloyds TSB Offshore Limited
Lloyds TSB began operating in the Isle of Man more than a

century ago and has subsequently developed into one of
the largest local employers, providing retail banking back
office operations for the bank in the Channel Islands and the
Isle of Man. The bank also offers the full range of personal
and business banking services on the Island.
> Tony Wild, Island Director
Lloyds TSB Offshore Limited
> Peveril Buildings, Douglas, Isle of Man

Finance Sectors and Professional Services > Banking > Lloyds TSB Offshore Limited
> Peveril Buildings (centre) occupy a prominent position at Douglas Bay
One of the major differences between 'As an international bank we have to staff supporting these services, rather than
the Isle of Man operation and those in take care that in addition to complying in terms of tax breaks or the exploitation
the UK is that Lloyds TSB has an with the rules within the Island we also of anomalies within the laws of other
expatriate centre in addition to traditional keep abreast of the rules of all the countries.' Lloyds TSB is well placed to
high street banking. It was established in countries within which we do business,' continue to build on a century of banking
1989 to serve the needs of the British says Tony Wild. 'Competition in the in the Island and maintains a confident
expatriate community worldwide but is industry is strong but that is good outlook. Says Tony Wild: 'The Isle of Man,
now in demand by nationals from other because it keeps us all on our toes. With with a strong financial services and
countries as well. ever-increasing globalisation, we will soon insurance industry, together with talented
reach a stage where an international legal, accounting and supporting services,
Island director Tony Wild says the Island
centre succeeds or fails purely on the is very well placed to take advantage of
offers a good base from which to do
quality of the services it provides and the future opportunities.'
business: 'The Isle of Man has good
facilities and transport links, up-to-date
telecommunications and a reputation as a
highly professional international centre.
There is also the added bonus that it is a Fact File > Lloyds TSB Offshore Limited
wonderful place to live and work, with a
real quality of life.' Company Name: Lloyds TSB Offshore Limited
Customers, who are based in more Office Address: PO Box 12, Peveril Buildings, Peveril Square, Douglas,
than 130 countries around the world, Isle of Man IM99 1SS
can take comfort from the stability and Website: www.lloydstsb-offshore.com
reputation of the Island as well as the Email: iomoffc@lloydstsb-offshore.com
experience of well trained and highly
proficient staff. The Island director Phone: + 44 (0)1624 638130
welcomes the positive relationship the Fax: + 44 (0)1624 663824
government and regulators have with
Ownership & Management: Wholly owned subsidiary of Lloyds TSB Bank plc
the finance industry.
Date Incorporated: 7 January 2004
He said: 'We are very fortunate here in
that the authorities are approachable and Registered Office: PO Box 160, 25 New Street, St Helier, Jersey, JE4 8RG
realistic. They seek to both enhance and Directors: D J S Oldfield, M F Fricker, W J McLaughlin, R T McGinnigle,
protect the reputation of the Island and A P White, T P Wild, R D Willcox, R J Musty, C Sutton
to encourage the best participants in Employees (2004): IOM 460 Overall 1400
the industry.'
Main Business: Banking
Lloyds TSB has enjoyed a decade of
Other Business: Financial Services and Wealth Management
significant growth but is not complacent.
The Bank is aware of the need to respond Licences: Banking and Investment Business
positively to the ongoing challenges of Auditors: PricewaterhouseCoopers
changing legislation.

Finance Sectors and Professional Services > Banking > Singer & Friedlander
A private bank that has built up a solid reputation in the

Isle of Man over the past 30 years, Singer & Friedlander
offers tailored wealth management services for expatriates,
overseas residents and international investors.
> Friendly and professional team members
Singer & Friedlander

Managing Director of the bank, Aidan Aidan continues: 'At Singer & Friedlander want to take more control over their
Doherty says: 'Singer & Friedlander is a we pride ourselves on the personal banking we offer a fully transactional
prestigious bank, with a pedigree second service given to clients; each client has Online Banking facility, allowing clients
to none. We offer banking, fiduciary and their own client manager who can be access to their account wherever they live,
investment services to high net worth contacted during our normal working work or have retired to.
individuals worldwide, providing flexible hours.
‘The Trust operation initially grew from
solutions to meet the needs of a highly
‘It is the personal touch that distinguishes our banking and investment business in
demanding market.
us; we do not have a call centre, preferring keeping with Singer & Friedlander’s ethos
‘Given this demanding international that our clients have a rewarding, one-to- of providing innovative solutions tailored
client profile we offer the unique Money one relationship with us. For those who to meet each client's needs.’
Market Currency Account (MMCA) which
meets many clients’ needs by providing
multi-currency banking facilities.
‘With our MMCA clients may hold
accounts in a choice of currencies, with
access to these accounts through our
Singer & Friedlander International VISA
debit card. An additional benefit with this
account is that clients can switch funds
between currencies at any time – free of
commission charges.
‘Our comprehensive range of banking
services also includes highly rated notice
accounts. Our Base Rate Tracker Account
offers interest rates that follow
movements in Bank of England Base Rate.
This offers clients the security that their
yield will always remain competitive. The
Platinum Notice Account offers a similar
competitive advantage, with interest paid
annually. Both accounts offer terms of 32,
60, 90 and 180 days.
‘Multi-currency lending facilities,
including mortgage finance for residential
properties in the UK, are also available.' > A local, experienced staff of some 90 people administer international private banking and financial services

Finance Sectors and Professional Services > Banking > Singer & Friedlander
> Anne Couper Woods, Robin James & Aidan Doherty
In 2000, Singers acquired the fiduciary great effect. Anne concluded: 'We aim to accountancy, company secretarial and
service business from KPMG and 23 of meet each client’s needs, rather than trustee services, and we believe these
their staff moved with the business. making everybody fit into the same diverse skills, coupled with an abundance
Senior Manager, Anne Couper Woods said: mould. Our management are of experience, set us apart from other
'Our clients are generally high net worth professionally qualified to provide providers.'
individuals with international interests, and
they are becoming increasingly sophisticated
in their needs and expectations. Fact File > Singer & Friedlander
‘We are accustomed to dealing with
Company Name: Singer & Friedlander (Isle of Man) Limited
tailored structures, which are generally
Singer & Friedlander Trust Company (Isle of Man) Limited
designed by professional advisers.
Office Address: PO Box 197, Samuel Harris House, 5-11 St. Georges Street,
‘Our traditional markets are the UK and Douglas, Isle of Man, IM99 1SN
Ireland but we have seen growth further
afield into new markets, including Central Website: www.singers-iom.co.im
and Eastern Europe. Email: info@iom.singer-friedlander.com
‘Most of these countries have Phone: + 44 (0)1624 699222
undergone rapid change in recent years, Fax: + 44 (0)1624 699200
transforming from socialism to thriving
Ownership Singer & Friedlander (Isle of Man) Holdings Ltd
market economies and the accession of
& Management: A wholly owned subsidiary of Singer & Friedlander Group PLC
these CEE countries to the EU will result in
tax harmonization and free movement of IOM Co Registration No: 098432C
goods. Date Incorporated: 24 December 1999
‘These markets have recently opened up Registered Office: PO Box 197, Samuel Harris House, 5-11 St. Georges Street,
and as attitudes and perceptions change Douglas, Isle of Man, IM99 1SN
we will be able to provide the tools with Directors: R James, A Doherty, L F Doherty, RC Rawcliffe,
which the professional advisers can create A J Davies, S Coop, B Hatton, J E Haslett
efficient tax planning structures.'
Employees (2004): Approx 90
Singer & Friedlander’s breadth of Affiliated Companies: Singer & Friedlander Investment Management (IOM) Ltd
experience includes the provision of
companies registered in various Main Business: Banking, Fiduciary and Investment Management Services
jurisdictions, along with discretionary, Licences: Singer & Friedlander (Isle of Man) Limited is licensed by the
express, employee benefit, and purpose Isle of Man Financial Supervision Commission for Banking &
trusts. Investment Business. Singer & Friedlander (Isle of Man)
Limited is Authorised and Regulated by the Financial Services
Companies limited by shares and by
Authority for UK Mortgage Business. Singer & Friedlander
guarantee (often referred to as hybrid Trust Company (Isle of Man) Limited is licensed by the Isle of
companies) are also a useful tool, which Man Supervision Commission as a Corporate Service Provider
provide flexibility and have been used to

Finance Sectors and Professional Services > Banking > Fairbairn Private Bank (IOM) Limited
Established in the Isle of Man in 1987, Fairbairn

Private Bank (formerly Gerrard Private Bank)
operates a successful and comprehensive
private and personal banking operation
on behalf of a wide range of clients.
> Managing Director Greg Horton
Fairbairn Private Bank (IOM) Ltd

Fairbairn Private Bank is unashamedly This award-winning service provides a service providers. Managing and
driven by its clients’ needs and has won cost effective consolidated account that interacting within this environment can
numerous awards and international saves clients or professional advisers time, not only be time-consuming, but also
recognition for not only innovative effort and money when managing their costly and often complicated. Integrating
products and services, but investments. Whatever a client’s needs, a your banking and investments within our
also for the quality of its client service single combined report will give a clear award-winning Focus service can provide
and employee commitment. In recognition and concise monthly snapshot of their the solution.
of these achievements, the bank was total net worth with Fairbairn Private Bank.
Focus offers a simple, seamless package,
the first British offshore island based
Managing Director Greg Horton explains, which will save time and simplify
bank to hold an independent credit
‘Today’s sophisticated investor or administration. The ability to transact over
rating (Moody's).
professional adviser is increasingly faced the phone makes banking and investment
Fairbairn Private Bank offers a wide with a complex chain of product and dealing an effortless process.’
range of wealth management services
encompassing both banking and
investment. The extensive range of multi-
currency banking services includes cheque
accounts, fixed term and structured
deposits, loan arrangements, deferred
debit Gold Visa cards and foreign
exchange. On the investment side there
is a comprehensive offering, ranging from
full execution only services, for those
who wish to take control of their own
portfolio management, through to
discretionary managed investment
portfolios where either Fairbairn Private
Bank, or a chosen professional adviser,
manages the clients’ wealth.
In addition, Fairbairn Private Bank can
combine banking and investment
requirements within its unique, fully
integrated Focus service. > The private banking team

Finance Sectors and Professional Services > Banking > Fairbairn Private Bank (IOM) Limited
> St Mary’s Court by night
Fairbairn Private Bank’s commitment to steady increase in staff numbers and the of products and services offered through
quality products and services has not move to St Mary’s Court, a prestigious the group. Old Mutual, a FTSE 100 listed
gone unnoticed. For an unprecedented new office development on Hill Street in company with over £130 billion of funds
three years on the run, it has won the Douglas. under management, is the bank’s ultimate
highly coveted award for Best Offshore parent company and was formed as a
‘We have set ourselves very high
Bank at the International Investment Mutual in 1845 by John Fairbairn.
standards both for innovative products
Offshore Fund and Product Awards. The
and the quality of our client services. Our Following the sale of its sister company,
bank has also received highly
recent change of name to Fairbairn Private Gerrard Limited, Fairbairn Private Bank, so
commended awards in the other two
Bank provides us with a renewed impetus named after the founder, was re-branded
banking categories, Best Offshore Banking
to build on our success,’ says Greg. in November 2004.
Product Range and Best Offshore Banking
Product for Focus. Part of the multinational Old Mutual Fairbairn Private Bank has offices in the
group of companies, the bank benefits Isle of Man and Jersey, and representative
This is the fourth year in succession that
from the financial strength and wide range offices in South Africa and Hong Kong.
the Focus service has either won the
award outright or been highly
commended. With six outright wins and
nine highly commended awards in a four Fact File > Fairbairn Private Bank (IOM) Limited
year period, Fairbairn Private Bank has
amassed more awards than any other Company Name: Fairbairn Private Bank (IOM) Limited
offshore bank at this highly coveted (formerly Gerrard Private Bank (IOM) Ltd)
financial service industry event. Office Address: St Mary’s Court, 20 Hill Street, Douglas, Isle of Man IM1 1EU
The International Investment Offshore Website: www.fairbairnpb.com
Fund and Product Awards continue to be Email: iom@fairbairnpb.com
the only awards devoted to
acknowledging and bringing the major Phone: + 44 (0)1624 645000
sectors of the offshore financial services Fax: + 44 (0)1624 627218
industry together at one event. The
Ownership
awards are in honour and recognition of & Management: Ultimate parent company is Old Mutual plc
groups who distribute financial products
on an international basis and, IOM Co Registration No: 32816
consequently, remain the most sought Date Incorporated: 23 January 1987
after in the industry. Registered Office: St Mary’s Court, 20 Hill Street, Douglas, Isle of Man IM1 1EU
Despite the well-documented problems Directors: Greg Horton, Nick James
facing the offshore market, Fairbairn
Employees (2004): 72
Private Bank does not see its business
growth abating and has structures and Affiliated Companies: Fairbairn Private Bank (Jersey) Ltd. Fairbairn Trust (Jersey) Ltd.
plans in place to deal with the imminent Main Business: Private Banking and Investment
issues arising in the marketplace. The
continuous development of new products Licences: Fairbairn Private Bank (IOM) Limited is licensed by the Isle of
Man Financial Services Commission to conduct Banking and
and services to meet the ever changing
Investment Business
needs of a dynamic market has led to a

Finance Sectors and Professional Services > Banking > Conister Trust PLC
1935-2005
The Isle of Man's only independent publicly owned bank

continues to operate successfully alongside the giants of the
local finance industry.
> Conister House
Conister Trust PLC

Conister Trust began life in 1935 as the We have been able to build up lifelong meet the changing needs of the market.'
first major provider of credit finance and, working relationships.' Conister's strong The majority of Conister's shareholders
proving right the group of local relationship with the motor trade is re- and directors are resident in the Isle of Man,
businessmen who believed there was a flected in the annual Conister motor show which can speed up decision making and
need for a locally based hire purchase the bank organises in conjunction with ensures Conister retains the personal
company, is now a household name. the industry. This year will see the eighth service that clients appreciate. 'There's a
Diversification into deposit taking and, annual show, which gets bigger each year. lot to be said for being able to speak to
most recently, litigation funding has also Litigation funding is a new development for somebody face to face and to know that
paid off. Licensed by the Financial Conister. It provides finance for individuals person as well,' says Mr Lees. 'Being smaller
Supervision Commission to conduct pursuing personal injury claims. than other banks has worked to our
banking business, Conister offers some of advantage. Personal service attracts customers.
Michael Lees says: 'We have provided
the highest interest rates on deposits to
litigation funding for personal injury cases 'While litigation is very much a growing
be found in the British Isles. At the end of
in the UK since 2002 and we are market, we must not forget our deposit
June 2004 the bank deposits exceeded
committed to supporting the legal taking side. We are a fully licensed
£50 million.
profession through building experience in deposit taker and that is important to us
Conister's comprehensive lending this field. We are building relationships as it is how we fund our business. We
services range from personal motor with reputable partners and constantly enjoy a strong relationship with the FSC
finance to loans and business lending developing procedures and systems to and with the government.'
covering everything from company
vehicles to computer systems. The bank
now owns and operates two leasing Fact File > Conister Trust PLC
businesses in the UK, complementing the Company Name: Conister Trust PLC
broker business that enables Conister to
break into the UK market. Conister has Office Address: Conister House, 16-18 Finch Road, Douglas, Isle of Man, IM1 2PT
fended off fierce competition to retain a Website: www.conistertrust.com
significant share of the market for Email: Info@conistertrust.com
consumer credit in the Isle of Man. Head
of group marketing Michael Lees has been Phone: + 44 (0)1624 694694
with Conister since 1967 and is the bank's Fax: + 44 (0)1624 624278
longest serving employee. This year,
Ownership
Conister celebrates its 70th anniversary. & Management: Public Isle of Man company
Said Mr Lees: 'The biggest changes in IOM Co Registration No: 0738C
working practice have come with
Date Incorporated: 5 December 1935
computerisation. I was not around when
they were using quills, as some suggest, Registered Office: Conister House, 16-18 Finch Road, Douglas, Isle of Man, IM1 2PT
but our records were all paper. Now you Directors: Executive Chairman: Peter J S Hammonds, Executive Director:
simply press a button and you are able to Gareth A Jones, Non Executive Directors: Alan Clarke, Jennifer
access any document you require, as can E Haigh, T Neil Kennedy, Simon P G Lee, John J Webster
all 34 people in the building all at the
Employees (2004): 34 Manx, 9 UK
same time. 'As far as lending is concerned,
this has always been our core business Affiliated Companies: Conister Trust Limited, Conister Finance & Leasing Limited,
and one of the gratifying things for me Commercial Finance Limited, Conister Legal Management
personally is to have worked with some Services Limited, Waltons Finance Limited
of the garage personnel who started out Main Business: Banking
when I did in 1967 and have gone on to
Licences: Banking and Consumer Credit
become garage proprietors.

Finance Sectors and Professional Services > Corporate Service Providers
Corporate Service Providers

In the 1980s a substantial industry grew ● Provision of premises for use as a There is also in place the Corporate
in the Isle of Man based on the provision registered office or accommodation Service Providers (General Requirements)
and administration of offshore companies address for a company. Regulatory Code, which subjects all CSPs
and trusts. to universal standards in respect of their
● Acting (or arranging for others to act)
conduct of business and the handling of
This industry was quite diverse in its as a director or secretary of a
clients’ money.
make up and the services provided, from company
the large organisations with teams of The Association of Corporate Service
● Acting as, or arranging for others, to
professionals capable of handling large Providers (ACSP) was formed in June 1999
act as a nominee member or
contracts, to the smaller operations to create a representative body for the
shareholder of a company.
displaying less formality and structure. providers of fiduciary and corporate
● Provision of company administration management and administration services
In the 1990s the Isle of Man, as with
services. in the Isle of Man. As the majority of
other jurisdictions, came under the
eligible members joined the Association it
microscope with organisations such as Prior to the new regulations there had
has effectively become the professional
the Organisation for Economic Co- been approximately 250 companies or
body of the industry in the Island.
operation and Development (OECD), the individuals providing services ranging from
Financial Action Task Force (FATF) and the the simple to the extremely complex. The Association had significant influence
Financial Stability Forum (FSF). In addition There was recognition amongst the in the shaping and final content of the
the UK carried out its own review of the majority of the companies in the sector regulations and continues to play its part
Offshore British jurisdictions (now known that a licensing regime was necessary. in representing the industry in continuing
as ‘the Edwards Report’). This period saw the rationalisation of the discussions with the Government. It also
industry with a reduction in the number of represents the industry in other matters
The Isle of Man Government responded
CSPs and, at the end of September 2003, affecting its business environment and
with the introduction of the Corporate
161 licenses had been granted, including addresses external forums, representing
Service Bill which became law towards
20 to new start up businesses. the industry to a wider audience.
the end of 2000.
Under the legislation a licence holder and
The services of a Corporate Service
its key staff are required to be ‘fit and
Provider (CSP) are described as including:
proper’, and Clients’ money must be held
● Formation of companies on trust for the client, or the client’s
company, and must be segregated from
● Sale, transfer or disposal of
the CSP’s own moneys.
companies

(FSC)
Tel: + 44 (0)1624 689300
Association of Corporate Service
Providers (ACSP)
Tel: + 44 (0)1624 628131
www.acsp.co.im

Finance Sectors and Professional Services > Corporate Service Providers > Scarlett Corporate Services Ltd
For the professional intermediary who is continuously

striving to minimise the tax liability of his or her high net
worth client, the use of companies and trusts incorporated
in favourable tax jurisdictions is often involved.
> Richard Ellis, Managing Director
Scarlett Corporate Services

This is where corporate service Thanks to our excellent communications in the financial services industry. In 1999,
providers, or CSPs, come in. One such CSP infrastructure, our clients and professional the Association of Corporate Service
that identifies a need in today's global associates have virtually instant contact Providers (ACSP) was created to provide a
market for appropriate management with Scarlett from any location across the forum for CSPs.
structures, backed up by comprehensive world.' Richard Ellis has been resident in
The take up from the industry was
administration services, is Scarlett the Island for almost two decades. Tony
overwhelming and the ACSP has
Corporate Services, based in the Island's Thompson was born and bred in the
effectively become the professional body
capital since 1997. Island and has been involved in this
for CSPs in the Isle of Man.
business, amongst others, for over thirty
As well as the structures involved in
years. Both are keen for the industry as a 'We have a very substantial industry,'
international trading, Scarlett manages
whole to maintain and improve its profile says Richard Ellis, 'and the government
patents and copyrights and the affairs of
locally and for the Manx Government to has gone to great lengths to implement
individuals, sports personalities,
promote CSP services as a vital component prudent legislation for CSPs.
entertainers and consultants who provide
their services away from their main
country of residence. Scarlett also provides
trust services, where an individual places
assets under the control of a trustee for
the benefit of a beneficiary or for a
specified purpose.
This could be to ensure anonymity of
ownership, simplify the administration of
foreign assets or reduce exposure to local
inheritance laws. Scarlett is a boutique
operation, providing a tailored service,
backed by a highly experienced team.
Managing director Richard Ellis says:
'Since we started seven years ago we
have trebled the number of employees
and provide a very personal, bespoke
service to our clients. Setting up Scarlett
was a risk but one I am happy to say
was worth taking.
'We act on our clients' behalf by freeing
them from the burden of managing and
administering their affairs in a jurisdiction > Scarlett's Team: back row L-R Linda Hughes, Maxine Lace, Ross Byrne, Iain Laing & Steven Clague
with which they may not be familiar. front row L-R Lorraine Martin, Jo Giles, Richard Ellis, Mary Crooks & Lesley Homer

Finance Sectors and Professional Services > Corporate Service Providers > Scarlett Corporate Services Ltd
> Scarlett’s offices at Viking House, Nelson Street, Douglas
The Association has established strong European Union includes the Savings Tax investor, not least because of the zero tax
links between the industry and the Directive under which member states and for businesses, and I would like to see
government and maintains a close their dependencies are expected to the government actively promoting the
dialogue with the Financial Supervision introduce automatic exchange of Island’s corporate service providers' industry
Commission and other government information or a withholding tax in and helping to put this to the forefront
bodies. CSPs are the biggest licence relation to interest paid to individuals when the use of the structures provided by
holders in the Isle of Man and a resident in a EU country. The Isle of Man CSPs is being considered by professional
significant percentage of the Island's is expected to opt for the introduction of IFAs in jurisdictions around the world.
financial services workforce is involved in a withholding tax, rather than disclosure,
'Here at Scarlett, we look forward to the
the industry. I'm pleased to say the ACSP when the directive takes effect.
challenges ahead and hope to continue
is a very proactive organisation.'
'The Isle of Man should be considered the same rate of growth that we have
Corporate service providers have an attractive proposition for any potential enjoyed over the past seven years.'
witnessed increasing regulation on a global
scale with intense scrutiny from
organisations including the OECD and FATF.
Fact File > Scarlett Corporate Services Ltd
Locally, the Edwards Report, commissioned
by the UK Government, was a review of Company Name: Scarlett Corporate Services Limited
British dependent jurisdictions which the Office Address: PO Box 277, 2nd Floor, Viking House, Nelson Street, Douglas,
Island responded to with the introduction Isle of Man, IM99 2LJ
of the Corporate Services Bill as well as a
Website: www.scarlettcorp.com
continuing review and update of the
Company Law. It is also expected that the Email: scarlett@mcb.net
Fiduciary Services Bill will be implemented Phone: + 44 (0)1624 612892
in early 2005, which will require both
Fax: + 44 (0)1624 613622
Corporate Service and Trust Service
Providers to be licensed.’ Ownership
& Management: Mr Richard Ellis & Mr Tony Thompson
The CSP industry has benefited from the
scrutiny the Island has faced in recent IOM Co Registration No: 084757C
years as this has largely served to Date Incorporated: April 1997
enhance the Island's reputation as a high Registered Office: 2nd Floor, Viking House, Nelson Street, Douglas,
quality jurisdiction. So what does Scarlett Isle of Man IM1 2AH
believe are the challenges to be faced?
Directors: Chairman G. A Thompson, Managing Director R. D. Ellis,
'The major issue is going to be the Secretary & General Manager R. K Byrne
effect direct EU taxation has,' says Richard
Ellis, 'and how the Isle of Man reacts to
the pressures this will bring in terms of Main Business: Corporate Service Provider
competing with other jurisdictions. Licences: Licensed by the Isle of Man Financial Supervision
‘The tax approach now adopted by the Commission as a Corporate Service Provider

Finance Sectors and Professional Services > Corporate Service Providers > Louis Group International Trustees
Louis Group International is currently

celebrating its 90th year in business and
has since its inception in 1914 enjoyed
the entrepreneurial leadership
excellence of three generations of Louis
family members.
> Chairman Colia Louis and CEO Alan Louis
Louis Group International Trustees

An examination of the reputations of equities and bonds to hedge funds and jurisdictions and were particularly
several offshore jurisdictions led an unit trusts. LGI Trustees was created from impressed by the Isle of Man. The AAA
international firm to the Isle of Man. the acquisition of two established Isle of ratings from Moody's and Standard and
Man corporate services firms and retained Poors, together with exemplary financial
Louis Group International (LGI) is
the services of David McPhee, a UK and regulations, make the Island an
celebrating 90 years in business, first as
IoM registered auditor and chartered appropriate setting for our operations.
wholesale merchants, then property
accountant with more than 39 years'
entrepreneurs and present day venture 'The Group's growth strategy is usually
experience in the field. LGI Trustees
capitalists. Leadership has come from three through acquisition and in the Island this
operates from the Louis Building in Goldie
generations of the Louis family and today strategy has already been evident. We
Terrace, Douglas.
LGI is rated as one of the top South African acquire then consolidate by placing
companies with significant global interests Managing Director of LGI Trustees, Lukas significant and varied resources behind a
in the Isle of Man, UK and Switzerland. Nakos, said: 'We studied the complexities venture and then seek to grow the
and reputations of a number of offshore business slowly but steadily.'
LGI operates in a diverse range of
industries, including property, financial
services, IT, travel and leisure, media, hotel
and vineyards. International growth and
achievements were confirmed by the
group's listing in publications such as
South Africa's Top 300 Companies, both
2003 and 2004 editions, South Africa's
Leading Managers 2004, and the 2005
edition of Best Companies to Work for in
South Africa.
Group CEO Alan Louis says: 'We take a
long term view when investing significant
resources and our strategy is not about
short term gain and cost cutting, but
rather one of steady long term growth in
robust environments. We would like to
see Louis Group International becoming a
major player in the Isle of Man.'
LGI offers most worldwide investment
instruments as registered asset managers
in Switzerland, the Isle of Man and South
Africa, ranging from guaranteed products, > LGIT Team - Douglas, Isle of Man

Finance Sectors and Professional Services > Corporate Service Providers > Louis Group International Trustees
> 3-5 The Bridge, Walsall, UK > Abbey International House, Douglas, Isle of Man
> 80 Strand Street, Cape Town, South Africa > Louis Building, Century City, Cape Town, South Africa
Alan Louis says what makes LGI unique

is its ability to offer secure investments, Fact File > Louis Group International Trustees
consistently returning more than 11 per
Company Name: Louis Group International Trustees
cent compounded per annum in Sterling
and 20 per cent in Rand. Office Address: Louis Building, 6 Goldie Terrace, Douglas, Isle of Man IM1 1EB
He says: 'Let me stress that these Website: www.louisgroupint.com www.lgtrustees.com

property investments are giving truly Email: info@louisgroupint.com
excellent returns compared to any other Phone: + 44 (0)1624 649200
investment class with similar risk profile.
Considering the current interest rate Fax: + 44 (0)1624 625712
environment where bank deposits are Ownership & Management: Private Ownership
offering in the region of two per cent US Date Incorporated: 2002
dollars and 4.5 per cent Sterling, our
returns are to be noted.' Registered Office: Louis Building, 6 Goldie Terrace, Douglas, Isle of Man IM1 1EB
Directors: Alan Louis, Lukas Nakos, David McPhee
LGI says it is committed to learning at
every level. Alan Louis recently received a Employees (2004): 487
lifetime achievement award for Affiliated Companies: Louis Group International (SA), Louis Group International (UK),
entrepreneurial excellence from the Louis Group International (Europe), Louis Group International
International Biographical Centre at (Switzerland), Seeff Commercial Properties (Cape), LGI
Cambridge, which recognised his Residential Properties, LGI Property Services, iCat, iWeb, iPro,
commitment to entrepreneurship and SmartSurvWireless, The AV Alliance, LGI Securities, LGI
commerce and for creating a professional Property Associations, LGI Property Holdings, Insurance
learning environment at LGI. Management Group, LGI Hotels & Vineyards, Komsberg
Farming, Blue Planet Travel, Primary News, Louis Media, etc
LGI annually mentors and educates
students in South Africa in all areas of Main Business: Investments and Corporate Services
business entrepreneurship. The business Licences: Licensed by the Isle of Man Financial Supervision Commission
academy is wholly sponsored by LGI. In to conduct Investment Business and as a Corporate Service
ten years' time LGI will celebrate its Provider.
centenary, a significant milestone and an Licensed in South Africa by the Financial Services Board, the
achievement recognised by most business Estate Agents Board, and the Insurance Brokers Board.
schools as an important criterion for a Auditors: Grant Thornton
world class company.

92 View from Lord Street, Douglas, with ferry terminal in the background
Finance Sectors and Professional Services > Insurance and Pensions
Insurance and Pensions

Companies carrying out insurance or All life assurance companies resident on The Manx Insurance Managers
pensions business in or from the Isle of the Island are members of the Manx Association (MIMA) was set up to
Man are regulated by the Insurance and Insurance Association (MIA) which was represent the interests of insurance
Pensions Authority (IPA). The relevant formed in 1986 to represent their interests. managers; to develop the business of
regulations seek to ensure that senior The Association’s aims are to provide a insurance on a sound basis; to create a
management and controlling parties are fit forum for discussion and exchange of better understanding of the business by
and proper and that the companies are views; to work closely with the the public; and to work with Government
financially sound. The reporting Government, in particular the IPA, to on legislation and other matters affecting
requirements have been developed to promote change which will benefit the its members.
satisfy the IPA’s strict supervisory needs industry; to increase understanding and
Changes are being made to the Pensions
without placing unnecessary demands on raise the profile of the industry; and the
legislation to both domestic pensions and
the market place. development of the Isle of Man as a
group schemes. In the latter case the
centre for life assurance companies.
Many well-known names in the life changes aim to encourage multi-national
assurance industry in the UK and Most members of the MIA are also and international companies to consider
elsewhere have chosen the Isle of Man members of the Association of the Isle of Man as a good place to set up
as the centre for their international International Life Offices (AILO), where they group schemes for their employees
business. Having existed since the early are joined by international offices from worldwide.
1980s the Manx life assurance industry is other jurisdictions, to create an
The IPA say that their ultimate goal is to
probably the best developed of any organisation which is borderless. AILO
ensure that companies based on the
offshore centre. At the end of 2003 there promotes and encourages professionalism
Island, and their clients, have the
were 18 life assurance companies within the international life assurance
confidence that they are transacting
represented, with funds in excess of £14 industry, upholds consumer projection,
business in a high quality, secure and well
billion under management. and lobbies on legislative development.
regulated centre, which has the expertise
Their original market was the retired or The Isle of Man has been recognised as a and capacity to cater for their needs now
working British expatriate but the captive domicile for over 25 years, with and in the future.
companies now deal with expatriates and the market leaders in captive
local nationals of other countries management represented. The Island has
throughout the world. Clients are considerable experience in this field. At
generally high net worth or high earning the end of 2003, there were 146
individuals who are attracted by tax authorised captive insurers on the Island.
efficiency, security and confidentiality, and
the protection offered by the Policyholders
Protection Scheme. Fact File > Contact Information
Insurance and Pensions Authority (IPA)

Tel: + 44 (0)1624 646000
Manx Insurance Association
www.mia.org.im
Manx Insurance Managers Association
Tel: + 44 (0)1624 625431
www.mima.org.im
Isle of Man Insurance Brokers
Association
Tel: + 44 (0)1624 611227
The Insurance Institute of the Isle
of Man
Tel: + 44 (0)1624 681681

Finance Sectors and Professional Services > Insurance Services > Royal Skandia
An insurance company that employs more

than 7,500 people worldwide paid homage
to its Viking roots when it established an
operation in the Isle of Man.
> Iain Messenger, General Manager Royal Skandia

Skandia Insurance company started 150
years ago in Stockholm, Sweden and is
proud to have a substantial presence on
the Isle of Man which has a strong Viking
heritage of its own.
Royal Skandia is one of the largest
insurance companies in the Island with
assets in excess of $8 billion. In 1984 the
firm had 10 staff and today Royal Skandia
employs 350 people in its purpose-built
headquarters on Onchan Head which was
completed in December 2002.
The company provides savings and
investment plans from a tax-efficient base.
Royal Skandia is part of an important
business sector in an island where all life
assurance companies are closely
regulated by the IPA (Insurance and
Pensions Authority).
General manager of the Manx operation
Iain Messenger has worked for the Group
for 12 years, most recently in Japan. He
says: 'The government does have very
good regulation in place and the
perception from those outside is that the
Island is an appropriately regulated
international finance sector that is ripe for
inward investment.'
Like many local financial services
institutions, Skandia has welcomed the
government's decision to introduce zero
tax for companies by 2006.
Iain Messenger believes strongly that to
attract new business the government
should continue to present a business
friendly outward looking face through its > Skandia House, Onchan

Finance Sectors and Professional Services > Insurance Services > Royal Skandia
> Royal Skandia's Board of Directors
key division of the Treasury, Isle of Man 'We are committed to our Isle of Man The message has to be that we need
Finance, which is committed and focused operation and loyal local workforce. more of the same.
on the development of the financial
The Isle of Man has given us the The insurance industry must maintain
services sector in the Isle of Man.
opportunity to grow and the opportunity close links with the government, which in
He said: 'The government does think to have our voice heard, which we turn needs to keep listening and keep
internationally. It's very easy to sit and have taken. communicating with us.’
dwell on the UK. That is still the main
source of business, obviously, but Europe
is becoming an issue now. It's a market Fact File > Royal Skandia
of over 420 million people. Where should
we focus? Company Name: Royal Skandia
'The Channel Islands are traditionally Office Address: Skandia House, King Edward Road, Onchan,
viewed as a major competitor, but I Isle of Man IM99 1NU
believe they are now largely irrelevant in Website: www.royalskandia.com
the life sector. To attract the major
Email: iain.messenger@royalskandia.com
investors, the government should continue
to focus on the needs of all industries Phone: + 44 (0)1624 655555
when considering the workings of Fax: + 44 (0)1624 611715
parliament; without that focus, the
Ownership Wholly owned subsidiary of
predilection for localised politics is
& Management: Skandia Insurance Company Limited (Sweden)
incongruous alongside the desire for a
true international finance sector.' IOM Co Registration No: 24916C
Royal Skandia has benefited from the Date Incorporated: October 1984
Island's excellent telecommunications Registered Office: Skandia House, King Edward Road, Onchan,
infrastructure and Iain believes the Isle of Man IM99 1NU
Chamber of Commerce and the Directors: Iain Messenger, Alan Wilson, Brian Pudney, Simon Burgess,
government's economic strategy think-tank Linda Forlan, Jim Roberts, Mark Allen, Mark Halewood,
are doing a good job of promoting the John Hollis, David Campbell, Terry Groves, Paul Dougherty
Island to the wider world.
He said: 'There are a lot of clever people Affiliated Companies: Skandia Group Companies
here and to have that level of expertise
on the Island is of course a huge benefit. Main Business: Offshore investment

96 The Parade, Castletown
Finance Sectors and Professional Services > Investment Services
Investment Services
Investment business, conducted in or from There are also a number of organisations There are a number of companies carrying
the Isle of Man, is regulated by the exempt from requiring an Investment out investment business on the Island.
Financial Supervision Commission under Business licence as they are already They range from small organisations
the Investment Business Acts 1991-1993 licensed under an alternative regulatory providing stock broking services to the
(IBA). Any person or company carrying out regime. These include banks and building local population, to larger companies
such business is required to hold a societies as well as insurance companies offering a full range of investment services
licence. The definition of Investment registered by the Insurance and Pensions to local and non-local clients. Some are
Business includes: Authority. Manx offices of companies based in the
UK and other parts of the world.
Dealing, or arranging deals in investments, The Commission applies stringent criteria
either as principal or agent. to satisfy itself that the organisations are The Securities Institute has a thriving branch
‘fit and proper’. Licences are issued on the Isle of Man with over 250 members,
Managing investments, including under a
subject to conditions, which specify the of which 33 are Fellows of the Institute.
power of attorney, and the provision of
permitted scope of the licence holder’s
certain safe custody services The aims of the Institute are to promote
activities and subject them to following a
the advancement and dissemination of
Giving investment advice. number of regulatory codes which cover:
knowledge in the field of securities and
Acting as the Manager or Trustee of a Financial resources investments; to develop high ethical
Collective Investment Scheme or providing Reporting requirements standards for practitioners; and to act as
administration services to such schemes. Clients’ money an authoritative body for the purpose of
Clients’ investments consultation and research in matters of
The term ‘investment’ includes the
Conduct of business education and public interest concerning
traditional investment instruments, as well
Audit requirements investment in securities.
as derivates. Life and pensions products
are also classed as investments, but land An important requirement is also that any The Manx branch is increasing the
and cash are not. licence holder who handles client money number of training courses and exams
must apply the ‘four eyes’ principle, which which are available on the Island, as well
The definitions above are wide but there
means that the procedures must be as increasing the number of events
are a number of specific activities which
carried out by at least two people. relating to the industry.
are excluded from the scope of the Act.

(FSC)
Tel: + 44 (0)1624 689300
The Securities Institute
Tel: + 44 (0)1624 812925
www.securities-institute.org.uk

Finance Sectors and Professional Services > Investment Services > Capital International
capital
international
limited
Capital International was established by Peter Long and
his son Anthony in 1996. Starting with a small team of
just four, the firm has since built one of the largest and
> The Board of Directors:
most experienced investment and administration teams
Back row (L-R) Rod Leonard, Robert Floate, and Mark Wilkinson
Front row: (L-R) Anthony Long, Peter Long, and Graham Bolton
in the Island, servicing the needs of both private and
institutional customers, including the Isle of Man
Government. Today the firm manages and administers
over $1bn of assets for its local and international clients.
Capital International
As Anthony recalls: 'I was living and
working in Hong Kong and my father was
based in London. We were looking for
opportunities to set up a new stock
broking business and we were introduced
to the Isle of Man. We arrived without
any real expectations and were
immediately attracted to the Island. Not
only is it a beautiful place, we were
warmly welcomed wherever we went.
We were particularly attracted by the large
numbers of UK financial services
institutions that were already here, notably
from within the life industry. We liked
what we found and soon developed a
good relationship with the government
and with the regulators the Financial
Supervision Commission and the
Insurance and Pensions Authority’.
Although Capital International was
originally set up to provide stockbroking
services, it has successfully diversified its
business mix during the last five years
and now offers a wide range of
complementary services. 'There are four
very distinct areas to our business,' says
Anthony, 'Discretionary management and
efficient investment administration have
always been at the cornerstones of our
business. Bridging the two are our
stockbroking and advisory services. More
recently, we have started to develop a
bespoke wealth management service and
this is now an important growth area for us'. > Capital’s professional team

Finance Sectors and Professional Services > Investment Services > Capital International
Among its staff of thirty-six, the company

employs ten full time investment
professionals, with combined industry
experience in excess of two hundred
years. It’s investment managers are all
qualified to city standards and all have
considerable experience in managing
investments for private and institutional > Mill Court, Castletown
clients.
In February 2004, the company
making greater use of offshore life 'It's a wonderful environment in which to
launched Fusion, its new managed
products, trusts and other corporate work. By staying in Castletown we have
portfolio service, to complement its other
structures, we are very well placed to offer not only been able to build our own
investment management activities. Said
our services to international intermediaries fabulous offices, but we have also been
Anthony. 'We believe in delivering a highly
and their clients, in partnership with other able to build up a loyal and highly
personalised service, tailored to meet the
service providers’. Despite its rapid motivated team, who have all contributed
needs of the individual. We actively
development into one of the Island's to the company’s growth in recent years.
manage portfolios in order to achieve
leading financial companies, Capital is We took steps to strengthen all our teams
absolute returns, over the medium to
proud of its roots and has chosen to in the last six months of 2003 and with
long-term. We look at clients' personal
retain its headquarters in Castletown: that process now complete, we face the
circumstances, ethical concerns, objectives
Anthony believes it was the right decision; future with confidence’.
and risk tolerance before building a
portfolio to best suit their needs. We
believe that our focus on delivering
excellent investment performance as well
Fact File > Capital International
as quality of service makes our
proposition very attractive.’ Company Name: Capital International
The company outsources its custody Office Address: PO Box 15, Mill Court, Hope Street, Castletown, IoM, IM99 5XH
and settlement activities to Pershing
Website: www.capital-iom.com
Securities Limited, part of the Bank of New
York Group, giving Capital International Email: info@capital-iom.com
clients the backing and support of a Phone: + 44 (0)1624 828200
global leader in securities servicing.
Fax: + 44 (0)1624 828201
Embracing new technology is also a Ownership Capital International is a privately owned
priority for this Manx company. 'We have & Management: financial services company
our own dedicated IT team and we
constantly strive to improve efficiency and IOM Co Registration No: 79857 C
service through the effective use of tech- Date Incorporated: 1996
nology. We have always been progressive Registered Office: PO Box 15, Mill Court, Hope Street, Castletown, Isle of Man
with our IT solutions. It's essential in our
business. As the world becomes an ever Directors: Peter Long: Chairman & SEO, Graham Bolton: Finance &
smaller place in which to do business, our Operations, Robert Floate: Compliance, Rod Leonard: Wealth
clients expect and appreciate greater online Management, Anthony Long: Business Development & Investment
Administration, Mark Wilkinson: Dealing & Advisory Services
interaction with us, says Anthony.'
Having firmly established itself in the Isle
of Man, Capital International is forging Affiliated Companies: Cheshire Trafford U.K. Limited, Hull, England
relations with a number of local Main Business: Investment Management, Stockbroking and
institutions with a view to establishing a Investment Administration services
greater presence in the international Other Business: Dealing & Advisory Services, Investment Administration,
market place. Anthony says: ‘We do Investment Management, Wealth Management, Fusion
believe that entering into joint initiatives Managed Portfolio Service, Global Custody Services
and partnerships with other leading
companies is the key to raising our profile Licences: Capital International Ltd is licensed to conduct investment bus-
abroad. As investors are increasingly iness by the IoM Government Financial Supervision Commission

100 Isle of Man Courts of Justice, Douglas
Finance Sectors and Professional Services > Legal Services
Legal Services
Qualified legal practitioners in the Isle of multi-jurisdictional matters. life of the Island is extensive with
Man are called advocates and their role members serving as returning officers for
The Isle of Man Law Society is the society
combines the functions performed in House of Keys elections, chairmen of
which represents the members of the
England and Wales by a solicitor and a statutory tribunals, and members of think
legal profession and has over 160
barrister. This enables an advocate to tanks. Many members also serve on
members across 31 firms, which in total
provide representation for their client by boards of private sector companies and
employ around 500 people. Through its
the same person/firm from initial committees for charities, social and
membership the Society plays a central
instruction to final resolution in court. To sporting clubs enabling them to provide
part in the economic, political and social
qualify as a Manx advocate an individual guidance on such matters as corporate
life of the Island.
has to pass the Manx Bar exams, even if governance.
they have a previous qualification as a The Society was formed by the Law
The membership has also provided the
solicitor or barrister. Society Act 1859 and is the oldest Manx
Island’s Deemsters (Judges), Attorney
professional body. Initially it was formed
Advocates’ firms on the Isle of Man range Generals and many High Court Bailiffs.
to provide access to a Law Library and
from sole practitioners who primarily
was based in Castletown in the south of The Society endeavours to strike a
provide general legal services to Manx
the Island. In 1869 it moved to Douglas, balance between servicing the needs of
residents, through to larger practices
where it has remained ever since, and its the local and international community,
which cover many of the business sectors
role and responsibilities have increased both of which they regard as being of
of the Island, including the finance sector;
significantly over the years. equal importance.
aviation; shipping; the film industry; and
space. Now, in addition to dealing with the inter- As part of this endeavour the Society has,
relationships between its members and in conjunction with the Office of Fair
With the strength and growth of the Island
the Manx Government and other Trading, produced a ‘complaints package’,
as an international financial centre there
associated bodies, it has certain which comprises a number of leaflets and
are many advocates who provide serves
disciplinary functions and responsibilities forms to simplify the process for an
to the finance industry. As these
concerning the education and guidance of individual or organisation wishing to make
international businesses often require
its members. It is in the process of a complaint.
legal services which span more than one
introducing a quality standards framework
jurisdiction, many of the legal practices The Island boasts a legal profession to
for its members’ practices to attain and
employ advocates qualified in other rival many much larger jurisdictions, with
still fulfils its initial function of providing a
jurisdictions. a very high standard of expertise in many
Law Library. To support this it has a
fields.
There are also strong associations qualified librarian.
between Manx advocates and lawyers in
The contribution of the membership to the
other jurisdictions to offer assistance in
Isle of Man Law Society

Tel:+ 44 (0)1624 662910
www.iomlawsociety.co.im
Isle of Man Office of Fair Trading
Tel:+ 44 (0)1624 686520
Financial Services Ombudsman
Scheme
Tel:+ 44 (0)1624 686500

Finance Sectors and Professional Services > Legal Services > MannBenham Limited
Public and private companies, high net worth individuals

and trust and corporate service providers, both locally and
internationally based, make up the core business of a rapidly
expanding firm of commercial lawyers in the Isle of Man.
MannBenham Ltd was created in 1997 by two advocates who
recognised the potential in a niche market. The company
directors Timothy Mann and Miles Benham started operating
from the ground floor of a building they have subsequently
taken over in the heart of the capital's finance district.
MannBenham Limited
The practice deals largely with non- example by way of a private placement,
contentious commercial and trust matters we can form trusts and carry out work for
and commercial and trust litigation. A corporate service providers. We have
small firm, it nevertheless has considerable considerable experience in assisting
experience in the arena of international corporate service providers with regulatory
commercial disputes, shareholders problems. We also have our own
disputes, asset freezing injunctions, Corporate Service Provider arm. This
corporate insolvency and trust disputes. typically is not in competition with our
Non-contentious work includes compliance, corporate service provider clients as it
e-commerce and internet gambling and tends to provide services with a high
advice on Isle of Man company law, technical or legal content.
negotiating agreements and trusts.
A good example of this sort of work
In other words, the focus is firmly on the was when five online casinos won Isle of
business aspect. In the setting of a well Man licences. We acted for three of the
respected offshore jurisdiction, five and in addition to obtaining their
MannBenham can offer international licences we provided advice and
> Miles Benham and Timothy Mann
companies and business people the legal assistance with company administration
services they require and the expertise to and regulatory matters as the parent
He explained: 'The commercial litigation
carry it through. companies were generally listed on
side of the business is high value - we
overseas stock exchanges.
Tim Mann is a senior Isle of Man don't encourage personal injury cases.
advocate and was admitted to the Bar in There are not many firms offering 'Basically, we are looking after the
1982. When Miles Benham joined to commercial litigation services. A company interests of bigger clients who want to do
found MannBenham the pair saw the might employ staff around the world but if specific business in the Isle of Man. We
need to develop the services required by it is based here for trading purposes are business lawyers.'
companies wishing to base their generally any litigation falls in our
Experience of compliance issues helps
operations in a well regulated jurisdiction jurisdiction, so it will be dealt with
MannBenham to assist their clients in
with an attractive tax regime, and tailored in the Manx courts and that's where
thriving in the well regulated environment
their new practice accordingly. we come in.
of the Isle of Man which major clients
Miles Benham qualified as a Manx 'On the non-contentious, commercial now see as an advantage to their
advocate in 1996 and is also an English side of the business we might be helping business. On the other hand the Island
solicitor and a Notary Public. a public company to raise funds, for still has the advantages of a small

Finance Sectors and Professional Services > Legal Services > MannBenham Limited
jurisdiction and Miles Benham says: 'One

of our casino clients was able to meet the
Chief Minister of the Manx Government at
quite short notice and was very impressed
by the openness and approachability of
the government generally. I believe that
the government is prepared to adapt to
market demands. The Isle of Man is
facing a challenging period with external
pressures from organisations such as the
OECD and European institutions. The > Mr Mann and Mr Benham outside their Douglas office
government is not burying its head in the
sand. It's tackling the issues and reacting
accountants, banks, and corporate service in relation to public and private companies,
to concerns.'
providers and they use us in turn.' joint ventures and share issues.
A competitive tax package that includes
MannBenham’s wholly owned Overall, MannBenham has the level of
proposals for a zero corporate rate of tax
subsidiary company MannBenham expertise required to meet the needs of
by 2006 and innovative legislation that
Corporate Service Providers Limited was in the international business community.
can be enacted swiftly is keeping the Isle
the first wave of applicants to gain a From the seed of an idea developed by
of Man competitive, Miles believes.
corporate service providers licence, which two colleagues, MannBenham now
He said: ‘The Isle of Man also has the allows it to provide all services in relation inhabits a niche with a team of qualified
advantage of an excellent infrastructure for to the formation and administration of staff helping to develop the business.
telecom and e-commerce, and increasingly companies on the Isle of Man, private and Says Miles Benham: 'We see ourselves as
competitive airfares. It's possible to bring public. Utilising their experience as a smaller firm of commercial advocates
key staff to the Island with specialist skills advocates, MannBenham is able to advise providing a personal service.'
not available locally. There are very few
places where you can get home from
work in fifteen minutes, or have the
countryside on your doorstep, and still be Fact File > MannBenham Limited
an hour's flight from London. You can get
that relaxed lifestyle outside London but Company Name: MannBenham Limited
here you also have the international Office Address: 10 Hill Street, Douglas, Isle of Man IM1 1EF
business.' Website: www.mannbenham.com
MannBenham has invested in its own Email: practice@mannbenham.com
infrastructure to maintain a leading edge.
Phone: + 44 (0)1624 639350
Miles Benham says: 'We plan to grow the
business organically, improving our Fax: + 44 (0)1624 617961
specialities in commercial work, satisfying Ownership Shareholders,
the needs of the Island's diverse business & Management: Timothy Mann and Miles Benham
community. We are getting more interest
IOM Co Registration no: 100904C
in areas such as, assisting in raising
capital for companies and structuring Trading date commenced: September 1997
corporate transactions. We are also Registered office: 10 Hill Street, Douglas, Isle of Man IM1 1EF
building our experience to provide a
Directors: Timothy Mann, Miles Benham
viable alternative to the traditional
providers of legal advice to fund Employees (2003): 5
managers. Affiliated companies MannBenham Corporate Service Providers Limited
'Our work is becoming increasingly high Main business: Commercial Advocates
value and specialist. The legislative Other business: Corporate Service Provider
framework of the Island enables us to be
adaptable and competitive. Licenses: Corporate Service Providers Licence for
wholly owned subsidiary MannBenham
‘We are in the service industry and we Corporate Service Providers Limited
use other local services, such as

104 Finch Road, Douglas
Finance Sectors and Professional Services > Wealth Management
Wealth Management
The current market realities of global increase wealth. However, a major The Isle of Man has a number of
economic uncertainty, stock market problem facing those who make a companies offering wealth, tax and trust
volatility, prominent corporate scandals significant gain on their properties is the planning as well as local legal practices
and rigorous regulatory environments, potential capital gains tax liability. and representative offices of several of the
coupled with changing lifestyles, have large UK accountancy practices all of who
Many individuals work in other parts of
encouraged more people to seek are experienced in the provision of advice
the world for much of their working life,
professional advice on ways in which to to assist in tax planning.
often in locations which are economically
safeguard their assets.
or politically unstable. It is important to Since the introduction of new legislation
For the majority of families in the United structure their assets to safeguard their in 2000, corporate service providers on
Kingdom their main residence is now the wealth. the Isle of Man have had to be registered
most significant asset in their estate. with the Financial Supervision
Estimates vary about the number of
Increasing values have pushed many Commission. Similar legislation is
individuals living in the UK who have
properties well above the Inheritance Tax currently under development for trust
non-domicile status. They too need to
nil rate band. service providers. Trust services are
consider how best to structure their assets
considered to include creation of trusts;
One in five UK residents aged over 50 is as they themselves straddle more than
acting as trustee; providing trust
moving abroad, either full or part time. one jurisdiction.
administration services such as record
Planning and timing the exit and entry to
Increases in world terrorism have made keeping and the preparation of accounts;
different countries is vital. It is also
many individuals more aware of their and providing administration in relation to
important to plan access to income, and
mortality and for the need to plan for trusts. The regulation is likely to be
pension migration.
succession, early in life, for their family framed to ensure that companies
Low interest rates and stock market and also for their business, if they have providing such services are fit and proper
volatility have encouraged many people one. in terms of integrity, solvency and
to enter the buy to let market which, in competence.
All of the above, and many more personal
itself, has helped to fuel the dramatic rise
situations, need detailed planning to
in house prices leading to more people
optimise and safeguard the individual’s
seeing this as an attractive option to
position.

(FSC)
Tel: + 44 (0)1624 689300
Insurance and Pensions Authority (IPA)
Tel: + 44 (0)1624 646000
Institute of Financial Services
www.ifslearning.com
Isle of Man Fund Management
Association
Tel: + 44 (0)1624 689689
www.fma.org.im

Finance Sectors and Professional Services > Wealth Management > BW Group Limited
‘We pride ourselves on our ability to provide solutions to

meet our clients’ needs and to be able to react quickly to
changes in the markets or legislation,’ says David Pope,
Chief Executive Officer of the BW Group.
BW Group Limited
The BW Group was formed in 1998 to solvers who provide a personal service, the fact that there is a growing demand
provide a ‘one stop shop’ for customised and goes on to stress they are supported for advice on non-resident pensions.
tax planning solutions. The Group initially by a strong team of 16 full time and two Douglas McDonald, a pensions expert,
consisted of three companies. part time staff. has joined as Director of BWP.
Tax consultancy services, trust and To meet the changing market needs, a Andy Lee explains that their high net
estate planning are handled by BW Fiscal further two companies have recently been worth client base tends to be over 50
Solutions Ltd (BWF). BW Administrators added to Group. BWF (UK) Ltd to provide years of age and wants to organise their
Ltd (BWA) is a registered Corporate Service technical support on the ground in the economic affairs, possibly at a time of
Provider and offers company and trust UK, and BW Pensions Ltd (BWP) to reflect change in their lives. Some of the driving
administration; and BW Corporate Services
Ltd (BWC) acts as trustees of family trusts,
wealth protection plans and other such
structures.
David explained that their clients ‘buy
the team’. David, Paul Baker, Technical
Director and Andy Lee, Marketing Director
had worked together for four years before
they came together again within the BW
Group. They have since been joined by
Peter Evans, Managing Director. David is a
lawyer, Paul a tax consultant and ex-tax
inspector, and Peter an accountant. The
directors are an unusual group of men
who see their individuality as a strength,
but who stress that they also work well
as a team. In addition they offer a good
breadth of professional qualification and
experience.
As the majority of BW Group’s business
comes through their network of contacts,
primarily independent financial advisers,
accountants and lawyers in the UK, Andy
is based in the UK to support these
contacts although he travels regularly to
the Isle of Man to maintain the high level
of ‘team working’ that is the hallmark of
the BW Group. David describes the team
as imaginative, lateral thinking problem > Douglas Office

Finance Sectors and Professional Services > Wealth Management > BW Group Limited
> BW Team: Paul Baker, Andy Lee, Peter Evans, Andrew Hagyard, David Pope
factors are early retirement; a desire to November 2002 budget changes which through our business contacts. I also give
move abroad for at least part of the year, heralded the end of the Employee Benefit seminars and workshops, almost always
or high property values putting more Trust, but the BW Group moved quickly to in response to a request from an
people into needing tax planning. develop new markets, such as the growth organisation or professional association.
in non-resident pensions, to compensate I was recently invited to speak to a
A significant portion of their work relates
for the loss and create further growth. seminar of 120 IFAs.
to property purchase, disposal or
development and the implications for It also anticipates growth into other ‘We believe that the fact that we have a
Capital Gains Tax and Inheritance Tax. jurisdictions over the next few years. In steady supply of clients coming through
summary Andy says ‘We don’t advertise. these sources is the best endorsement for
They also have clients currently living in
We don’t need to. Our business comes the work we do.’
areas of the world that are economically
or politically unstable who are seeking
security for their assets; and others who
are entrepreneurs keen to bring their Fact File > BW Group Limited
niche market businesses, and high net
worth directors, to the Isle of Man as part Company Name: BW Group Limited
of the comprehensive tax planning Office Address: PO Box 343, 20 Finch Road, Douglas, Isle of Man, IM99 2QD
structures designed by BW Group.
Website: www.bw.co.im
David believes that, by being based in
Email: info@bw.co.im
the Isle of Man, the team is able to take a
clear view from the outside, over a Phone: + 44 (0)1624 677100
number of jurisdictions, to create the best Fax: + 44 (0)1624 627787
solution to meet the client’s needs.
Ownership Chairman: G Pope, Chief Executive: DS Pope,
Andy explains that when he is & Management: Managing Director: PA Evans, Technical Director: PC Baker,
marketing BW and the Isle of Man the key Marketing Director: AK Lee
points he finds are positive features are IOM Co Registration No: 089959C
the fact that corporate service providers
are regulated; the accessibility, culture, low Date Incorporated: 23/02/98
tax, political stability and AAA rating of the Registered Office: PO Box 343, 20 Finch Road, Douglas, Isle of Man, IM99 2QD
Isle of Man and the fact that it is English Directors: PC Baker, AK Lee, PA Evans
speaking and has no capital taxes.
However, David did hope that the Isle of Employees (2004): 16
Man would continue to raise its profile Affiliated Companies: BW Fiscal Solutions Ltd, BWF (UK) Ltd,
internationally and in particular to stress BW Corporate Services Ltd, BW Pensions Ltd
the fact that it is a financial jurisdiction Main Business: Company and Trust Administration
independent of the UK.
Other Business: UK and Offshore Taxation Consultants, Pension Scheme
Where does the BW Group see its Administration, Trustees of Family Trusts, Wealth Protection
future? Growth has been healthy since its Plans, Property Holding Structures, and Offshore Employee Trusts
formation. Sometimes changes in taxation Licences: Licensed by the FSC as a Corporate Service Provider
policies affect the business, such as the

Other Sectors > Contents
Other Sectors
Construction and Property 109
> Dandara Holdings Limited
> DeanWood Agencies
Education 113
> King William’s College
> IHMES International Hotel School
> Isle of Man International Business School
Information Technology and Computer Services 121
> Skanco Business Systems Ltd
Manufacturing and Retail 125
> CVI Technical Optics Limited
> Strix Limited
> Moore’s Traditional Curers
> MasterCraft Limited
> CV Jewellery
Media and Advertising 135
> Lily Publications Limited
Shipping and Yacht Management 137
> Pelagos Yachts Limited
Tourism and Travel 141
> The Isle of Man Steam Packet Company Limited
> Sefton Hotel
Telecommunications 147
> Manx Telecom

Other Sectors > Construction and Property
Construction and Property

The boom in the financial services entertainments complex, with a new Isle of Man Employers' Federation and is
industry in the 1980s saw new build prison to serve the Island now in the represented on the Construction Forum, a
escalate dramatically, with unprecedented build stage and the redevelopment of the multi-disciplinary organisation established
demand for both commercial premises Summerland site in Douglas set to get to discuss a wide range of construction
and domestic property. Forward-thinking under way. This extensive capital issues and promote training and good
developers (see Dandara) rose to meet a programme along with abundant private practice within the local industry.
demand in both sectors that has sector work has generated high levels of
The government has a policy to
remained high ever since. activity within the construction sector.
encourage the building of industrial
The recent past has also seen the Accordingly, the government created a list premises in advance of demand and
completion of major government schemes of approved contractors and also operates there is ample land zoned for future light
such as the new Noble's Hospital, a scheme for the certification of craftsmen. industrial use.
incinerator and Villa Marina It has an established relationship with the
Department of Trade and Industry

(DTI)
Tel: + 44 (0)1624 682354
Department of Local Government
and the Environment (DoLGE)
Tel: + 44 (0)1624 685954

Other Sectors > Construction and Property > Dandara Holdings Ltd
The Dandara name has been synonymous with

property in the Isle of Man for the past 15 years.
Created in the Isle of Man in 1989, the Dandara
group now operates in the Channel Isles, London,
North West UK and Scotland and is a progressive
property development company which provides
> Douglas Head Apartments, Douglas, Isle of Man
a wide range of residential and commercial
property, and a competitive contracting division.
Dandara Holdings Ltd

‘Our commercial property division in the significant proportion of the local Commercial - The Manx Electricity
Isle of Man is operated through Dandara construction industry, and are major Authority, Isle of Man Government,
Commercial Limited and boasts an employers on the Island. Scottish Provident, Manx Telecom, Royal
impressive number of national and Skandia, Aon and Securicor - just some of
The Isle of Man enjoys an extremely
international clients,’ says Managing the national and international companies
peaceful, low crime and pollution free
Director Seamus Nugent that have chosen Dandara Commercial to
environment married to a well-developed
provide them with state of the art corporate
The group’s residential division on the telecommunications infrastructure and a
headquarters and office accommodation.
Island operates through the Heritage stable self-governing, pro-active legislature.
Homes brand and provides high quality Seamus Nugent says: 'We have
The Dandara group maintains an
residential accommodation from first time successfully provided and continue to
excellent working relationship with
buyer housing to luxury apartments. provide high quality office accommodation
Government to facilitate the provision of
to meet the growing demands of the
The contracting arm operates through housing, office and industrial development
Island's business community, both in town
Dandara Contracting Limited and is an vital to the Island’s growth.
centre locations and out of town in the
experienced and very well resourced
Isle of Man Business Park.'
contractor in the public and private sectors.
To serve the commercial and industrial
The group’s head office is located on
user, Dandara Commercial provides
the Island at the Isle of Man Business
purpose built units to the client’s
Park, which is the Island’s premier
specification, ranging from small business
corporate out of town location, and is
start-up units, manufacturing facilities and
currently being developed by Dandara.
car showrooms to specialist buildings
Seamus Nugent says: ‘By constantly
such as disaster recovery.
reinvesting in the Island, we have
succeeded in establishing ourselves as The company concentrates on new
the Isle of Man’s premier property build property but has also redeveloped
development group and from this and restored some of the Island’s
foundation successfully expanded our landmark buildings. From the award
operations to the Channel Islands and the winning Falcon Cliff Court, a former hotel
UK.’ Dandara employs large in house and now luxury offices, to Jubilee Buildings,
architectural, engineering and surveying which in its former life as a grand hotel
departments in the Isle of Man and the exemplified the skill and craftsmanship of
group’s entire accounts and payments the Victorian era and today provides high
departments are also based on the Island. quality office accommodation to the
> Manx Telecom Headquarters, IOM Business Park
The Dandara group’s activities, represent a Island's finance sector.

Other Sectors > Construction and Property > Dandara Holdings Ltd
Residential - Heritage Homes Limited is

best known for its development at
Governor’s Hill. Completed in 1997, this
development is now a thriving community,
with a thousand homes in a landscaped
setting including lakes, children’s
playground and large areas of open
space. With a school, children’s nursery,
doctor and dental surgery, convenience
store and public house all on site,
Heritage Homes believes this scheme is a
blueprint for successful residential planning.
Heritage Homes has been building
apartments on brownfield sites in Douglas
and Onchan for a number of years. NHBC
award winning developments such as
Douglas Head Apartments and the
Majestic Apartments have helped bring
modern urban living to the capital. In
tandem with the apartments, more
traditional housing developments are
offered throughout the Island in most
towns and villages, to allow the house
buying public to have the property of their
choice in the location of their choice.
One of the problems facing the Isle of
Man today is the provision of first time
buyer accommodation. In view of this,
Heritage Homes works closely with
Government to help meet the need.
> St Georges Island, Castlefield, Manchester
Seamus Nugent says: 'We have
consistently provided for this sector of the
market by the provision of over 700 first
time buyer homes to date. We aim to
Fact File > Dandara Holdings Limited
provide housing for all sectors of the
community in all locations in the Isle of Company Name: Dandara Holdings Limited
Man, our trade mark is high quality and
good value for money. Testimony to this is Office Address: Park House, Isle of Man Business Park, Cooil Road,
the number of customers who repeatedly Braddan, Isle of Man IM2 2SA
trade up the housing ladder with us. Website: www.dandara.com
'As part of our commitment in the Isle of Email: isleofman@dandara.com
Man, we actively support many sporting, Phone: + 44 (0)1624 693300
community projects and charity
Fax: + 44 (0)1624 693301
organisations on the Island.'
Ownership
Expanding on its success in the Isle of & Management: Dan Tynan
Man, the Dandara Group is now the
largest developer in the Channel Islands IOM Co Registration No: 50247C
and a significant developer in central Date Incorporated: 22 September 1989
Manchester, Leeds, Glasgow and London, Registered Office: Park House, Isle of Man Business Park, Cooil Road,
constructing modern multi storey Braddan, Isle of Man IM2 2SA
apartments and offices.
Directors: Dan Tynan, James Nugent, Gary Leeming,
‘The Dandara Group's aim is to complement Martin Clancy, Mike Neilson
the Isle of Man's unique advantages by
Employees (2004): 252 as at 1st August 2004
providing excellent working and living
environments offering people a true quality Affiliated Companies Dandara Contracting Limited, Dandara Commercial Limited
of life. Dandara are now looking forward and Heritage Homes Limited.
to maintaining their position on the Island Main Business: Commercial & Residential Developer
and repeating this success story
Other Business: Building Contractor
throughout the British Isles’, says Seamus.

Other Sectors > Construction and Property > DeanWood Agencies
The growth of the Isle of Man's economy since the

finance sector became firmly established in the mid to late
1980s has had a dramatic effect on the property market.
Prices have rocketed and the landscape has changed.
> Douglas Office
DeanWood Agencies
Over the past two decades, housing DeanWood is one of the Island's longest 'Originally that met demand from older
estates have sprung up on the outskirts of established estate agencies that is moving and business people - those domiciled
Douglas to meet the needs of new Island with the times. here for part of the year and travelling the
residents. Meanwhile, the decline of the rest. But now a lot more younger people
All its properties can be found on a
bucket and spade variety of tourism has are living on the promenade.
website that offers virtual tours of some of
seen traditional boarding houses on the
the listings. Offering sales, valuations, The buy to let market is finely balanced
promenade being converted into
surveys and mortgage advice, DeanWood with a substantial supply level and
apartments or being replaced by purpose
also specialises in property management demand slightly off its peak there is a
built ones.
and lettings under the directorship of choice of accommodation at most price
DeanWood estate agents has had a David McNeill. levels. The recent higher level in prices is
presence in the heart of Douglas since largely due to a shortage of zoned land
Prices today are a far cry from twenty
1986 being the original estate agents in forcing land prices high.’
years ago when a family home in
Victoria Street and witnessed the changing
Douglas might sell for £30,000. Today, a There is a need for affordable homes for
fortunes of the market from those early
one bed apartment in a converted those looking to get on to the property
boom years to today's period of steadier
property will sell for £75,000 and ladder and it is government policy to
growth and consolidation.
executive houses anything between provide a certain number of these per
The firm was created by David Dean £300,000 and £450,000. annum. A first time buyer housing waiting
and Peter Wood. David now leads a team list has also been established to help
'I think the most significant change in
of 29 people. As well as an office in local first time buyers.
recent years is the replacement of hotel
Douglas the south and north of the Island
and guest house accommodation with
are covered with offices located in the
purpose built apartments,' says David.
heart of Castletown and Ramsey high
street.
He says: 'Up to the late eighties,
property prices were static for some time. Fact File > DeanWood Agencies
House values doubled in a few years and,
because there was a shortage of homes Company Name: DeanWood Agencies
for new residents, developers began Office Address: 37 Victoria Street, Douglas, Isle of Man
building new estates. Even in the early Website: www.deanwood.co.im
nineties when the UK was experiencing a
slump, the Isle of Man was still growing Email: info@deanwood.co.im
its finance sector so we were cushioned Phone: + 44 (0)1624 620606
from that slump.
Fax: + 44 (0)1624 677363
'What also helped was that people in Date Incorporated: 1986
the Isle of Man were fairly conservative in
their borrowing so we did not experience Directors: David Dean, David McNeill, Mark Mills, David Ranson, Charles Garside
the same level of repossessions as the Employees (2004): 29
UK when interest rates rose to 15%. Main Business: Residential & Commercial Property Sales, Property Management, Lettings
We have now just come through five Other Business: Financial Services
years of growth in prices and we are
Licences: Financial Services
starting to see another levelling off.'

Other Sectors > Education
Education
Parents can be satisfied that children internet access and all full time teachers Meanwhile, the International Business
educated in the Isle of Man are receiving are provided with modern laptops. School provides full and part time higher
the finest learning experience on offer, education opportunities in a variety of
The general framework for education is
whether state or independent. flexible modes.
similar to that in England and Wales, with
From bold decision making in students following the National The specialist environment of the IBS in a
examinations (see King William's College) Curriculum, with additional studies in leading offshore jurisdiction enables
to a commitment to providing the highest Manx language, history and geography. students from all over the world to focus
standards, the Island's educational system on the international finance industry.
Higher and further educational needs are
is second to none. Information technology
more than adequately catered for. The Isle The Isle of Man's unique environment is
is prominent and the computer to pupil
of Man College offers a range of also an attraction for students studying at
ratio is 1:5 in secondary schools and 1:7
vocational courses as well as adult the International Hotel School in the south
in primary schools.
education on the college site and in of the Island.
All schools have broadband networked locations throughout the Island.
Department of Education
Tel: + 44 (0)1624 685820
British Accreditation Council for
Independent Further and Higher
Education (BAC)
Tel: + 44 (0)207 224 5474

Other Sectors > Education > King William’s College
Bold decision making by the Principal of

King William's College has positioned the Isle of Man's
only independent school at the leading edge of
international standards of education.
> The Principal, Philip John

King William’s College
Philip John took up his post four years Student numbers were falling at the 259 when Philip John arrived to 360
ago and has engineered what he himself College and at the Buchan and it was today. There are approximately 110 boarders.
describes as enormous changes to a reaching a critical point as the school had
'The College had made the decision that
College that was founded in 1833 and is been through a couple of troublesome
boarding was on the way out; it was the
architecturally one of the Island's most patches. I felt the academic standard was
trend in the UK,' says Mr John. 'We have
outstanding landmarks. not really good enough for an HMC school.'
bucked that trend and, even though two
The replacement of traditional A levels The number of students at the Senior thirds of our students are from the Isle of
with the International Baccalaureate and School has increased by more than a Man, 60 per cent of the Sixth Form
its philosophy of creating independent hundred over the past four years, from boards. It helps them academically and it
learners has resulted in an improvement
in academic standards, with outstanding
results in 2004 which were the equivalent
of a 100 per cent A level pass rate.
Altering the exam structure to provide a
prestigious qualification not previously
available in the Isle of Man has not been
the only major change to life at King
William's since the Principal's arrival. The
College, which has a Junior School, the
Buchan, on a separate site in Castletown,
is endorsed by the Headmasters' and
Headmistresses' Conference, an
organisation devoted to promoting
excellence in independent schools. > Extra-curricular activities thrive at King William's College:
'I was previously Housemaster at
Malvern College and the natural
progression is a headship,' said Philip
John. 'It was very important to me that I
went to a good school and the previous
Principal was a member of the HMC. I
liked the idea of the Isle of Man, too, and
was attracted by Island life. My father
used to come here a lot and told great
stories about the characters that he met.'
Attracted by the idea of overseeing both
Senior and Junior schools, Mr John saw KWC
as a challenge and metaphorically rolled
up his sleeves: 'I like a challenge. I felt the
school needed to be brought up to date. > sport, drama, music, community service

Other Sectors > Education > King William’s College
> A full chapel Service at King William's College
serves as a useful link between home 'We deal with extremely bright pupils What we are looking for now is a period
and the independence of being at but also pupils who are quite weak and of stability.’ But that doesn't mean the
university. But boarding is also great fun. need the smaller class sizes,' he says. 'We College intends to rest on its laurels. Philip
My son spends most of his time in the are a non-selective school that tries to do John's vision is far-reaching.
boarding house even though I live in the the best for everybody. Our first set of IB
'One key area is the Junior school.
school grounds! The image of rows of results has been outstanding.
There is going to be greater interaction
beds in dorms is out of date. Our
'Universities prefer the IB to A level between the two schools.
boarders have their own rooms. The Isle
qualifications because IB students don't
of Man does offer a much safer environment What I would like to see, personally,
drop out. It's the Theory of Knowledge
so the students can have more freedom, is the Junior school embracing
element - IB students love learning.
although obviously they are monitored. the IB philosophy. Parents committing
Boarding here offers a more independent 'We are a very successful school. We their children to us from age
existence than it does in England.' believe in ourselves now in a way that three to eighteen will reap huge
perhaps we did not four years ago. benefits.
As well as bringing the International
Baccalaureate to the Island, the Principal
has worked hard to make KWC part of the
local community. Fact File > King William’s College
'When I arrived I found that people were Name: King William’s College
quite negative about the school. It was
Address: King William's College Castletown Isle of Man IM9 1TP
our fault as there was an element of
standoffishness - an impression that we Website: www.kwc.sch.im
did not want to be part of the Manx Email: stella.craine@kwc.sch.im
community. So we opened our doors,
Phone: + 44 (0)1624 820428
invited people in, showed them what we
are trying to achieve and introduced them Fax: + 44 (0)1624 820401
to the students, who are all fantastic.' Principal: Mr Philip John
Having, in his own words, 'tightened up' Assistant to the Principal: Mrs Stella Craine
on the academic side, which involved a Age Range: 11 - 18
large turnover of teaching staff, and
integrated KWC into the community, Philip Day Pupils: 140 boys 115 girls - £9,330 - £12,495 min-max annual fees
John turned his attention to the school Full Boarding: 70 boys 40 girls - £14,745 -£17,910 min-max annual fees
facilities. The College now boasts a new Total Pupils: 210 boys 150 girls including 6th form: 108, 63 boys, 45 girls
Sixth Form Centre, new Fifth Form Centre,
refurbished boarding facilities, new Biology Staff Numbers: 40 full time - 9 part time
labs, new classrooms and outdoor sports Method of Entry: Interview, Report from previous school
facilities, including an astroturf pitch, which Professional Affiliations: BSA, HMC, SHA, AGBIS (formerly GBA & GBGSA), ISBA, IAPS, IBO
are available for Island sporting events.
Religious Affiliation: Church of England
Mr John says he is lucky to have a strong
Junior School: The Buchan, in Castletown, age range from 3
Board of Governors who share his vision.

Other Sectors > Education > IHMES - International Hotel School
Thanks to the tenacity of two

business partners, more than 25
countries worldwide send their
students to the Isle of Man for
training in a major global industry.
> Students learning the art of restaurant service
IHMES -
International Hotel School
Edward Lee and Elizabeth Lee, co-
founders and co-directors of the
International Hotel School based in Port
Erin, fought the odds to prove the sceptics
wrong.
Elizabeth said: 'Fifteen banks turned us
down - every bank in the Isle of Man! -
and we were told we would fail by the
then Tourist Board. It was a red rag to a
bull. We obtained fifty per cent of the
mortgage for the building from 3i-Investors
in Industry and the previous owners left
fifty per cent in, as we could not secure
any further backing. > Enjoying the culinary delights prepared by their fellow class mates
'That was 20 years ago. In 1999, we
opened our campus in Manila, Philippines,
where our head of school is a British
woman.'
The success of the school, which had
the foresight to anticipate the huge
growth in tourism in Asia, with South
America and Africa in hot pursuit, speaks
for itself. Tourism accounts for eleven per
cent of the world's economic output,
employs more than 250 million people
and is the third largest foreign currency
earner. Well trained staff are essential and
this is where the International Hotel
School comes in. > Enjoying a computer class on Fidelio in one of the IT suites

Other Sectors > Education > IHMES - International Hotel School
> Students learn all aspects of international cuisine and management
Elizabeth Lee says: 'At long last the Council (BAC) for independent and further rooms division. We endeavour to make it
hospitality, travel and tourism industry is education. as realistic as possible and in a total
gaining the recognition it so rightly learning situation. However, nothing beats
The school has also helped the Isle of
deserves. With growing global affluence reality and this we promise all our
Man's multiculturalism. Students are
and shorter working weeks, the industry students as long as they have reached
encouraged to involve themselves in the
represents an important employment the necessary standard. In the first year all
local community and many play for local
sector which should not be overlooked by students are sent on industrial release to
sports teams.
young people wanting an interesting and top class English hotels.
exciting career.' The student council organises
‘These hotels are generally part of large
welcoming parties for new students, many
The school was created in 1984 to meet hotel chains. For ten to twelve weeks
of whom are travelling far from home for
the demand for high quality staff and students are treated as regular productive
the first time.
managers. It's mantra is to offer all members of staff - naturally they are paid
students, irrespective of sex, race, Elizabeth Lee says: 'During their stay at for this work and in return they learn the
nationality or religion, the opportunity to IHMES all students are involved in the real business. They find out the difference
develop their strengths to the maximum practical side of running the school between theory and reality within the
and embark on a successful career in restaurant, kitchen, bar, front office and tourism industry.'
their chosen field.
Students receive training in theory and
analysis as well as realistic practical
Fact File > IHMES - International Hotel School
experience, working in the industry at the
end of their second year. Name: IHMES - International Hotel School
'The style and system of running IHMES Address: Windsor House, Port Erin, Isle of Man IM9 6LA
is very much based on reality,' says
Website: www.ihmes.com
Elizabeth. 'As the hotel business has
become increasingly globalised and Email: office@ihmes.com
sophisticated, hoteliers have come to the Phone: + 44 (0)1624 832836
realisation that the skills required by
Fax: + 44 (0)1624 835365
managers have changed in line with
economic and technological development. Academic Director: Joseph Parys
If anything, generic management skills Operations Manager: Angela Byrne
and knowledge have become as
Age Range: 18 upwards
important as industry specific knowledge
and experience.' Full Boarding: Fully residential
The school is a member of CHRIE, the Total Students: 300

prestigious Council of Hotel, Restaurant Staff Numbers: 30
and Institutional Education, and is Method of Entry: Direct Applications after Secondary/High School
accredited by the British Accreditation

Other Sectors > Education > Isle of Man International Business School
It makes sense to locate a teaching institution focusing

on international finance, banking and insurance in an
offshore environment, and that's exactly what the
International Business School has done.
Isle of Man
International Business School
The IBS has a symbiotic relationship
with the community; around half of its
students are already working in the local
finance sector and are looking to improve
their qualifications at an institute that
prides itself on extremely high academic
standards, while students from off the
Island benefit from the proximity of the
finance sector and the additional learning
opportunities this provides.
Paid work placements and competitive
fees are just two of the key benefits of
the IBS. In addition, scholarships and
bursaries are available, the main study
text books are free and students will
leave the IBS with internationally
recognised degrees. Small teaching groups
mean that results are consistently
excellent and the school is located on an
historic campus, The Nunnery. Set in
magnificent parkland on the edge of the
finance sector and built in 1823, the
Nunnery Mansion House is renowned as
one of the Isle of Man's finest buildings.
The school is at the forefront of applying
new technologies and is IT intensive, with
comprehensive electronic library services
and fully equipped lecture rooms and
seminar rooms. Each student has a
personal tutor and a careers service
provides students with all the help and
guidance needed to ensure their careers
are on track. > Learning resource centre

Other Sectors > Education > Isle of Man International Business School
> The Nunnery Mansion House Estate
There is an English Language that led to the establishment of the IBS offer is something quite special - our own
Programme designed to help international was to serve and assist the development environment within the school and also
students achieve the level of English of the finance industry, where we can the Isle of Man as a place to stay. It's a
necessary to study their chosen degree also place students. What we have to safe place, a very welcoming place.'
programme and deliver ongoing support
to students throughout their studies.
Full and part time courses for
Fact File > Isle of Man International Business School
undergraduates include a BA in Business
Studies, either four years' full time with Company Name: Isle of Man International Business School
work placement in year three, or six years'
part time (evenings), and a BA in Business Address: Nunnery Estate, Old Castletown Road,
Management that is a three year full time Douglas, Isle of Man, IM2 1QB
course. Website: www.ibs.ac.im
Postgraduate courses include an MSc in Email: enquiries@ibs.ac.im
International Banking and Finance that is Phone: + 44 (0)1624 693700
one year full time or two years part time
Fax: + 44 (0)1624 665095
(evenings), an MBA that provides the skills
and knowledge relevant for managers in Director: Professor Roger Carey
all sectors of business, and postgraduate Academic Co-ordinator: Professor Mike Lloyd-Williams
research degrees.
Degree Programmes: BA (hons) Business Studies/Management, MBA,
There are also professional and short MSc International Banking & Finance
courses such as Mindful Leadership and Professional Programmes: Chartered Management Institute Qualifications
Becoming a Director.
Professional Short Courses: Mindful Leadership, Becoming a Director
IBS director Professor Roger Carey said:
Affiliated Partners: Liverpool John Moores University
'We see the IBS as the beginning of the
University of Mann. The Isle of Man is an Method of Entry: Application Form and References
ideal location for anyone to come to and Age Range: 18 Upwards
study - students can put their head down
Consultancy: Peter Ginty
and get on with it.'
Executive Training: Sean Gadman
The school is now a firmly established
part of the community. English Language Programme: Bob Kirby
Venue Hire & Events: Gill Maddox
Says Professor Carey: 'One of the factors

120 Parliament Street, Ramsey
Other Sectors > Information Technology and Computer Services
Information Technology
and Computer Services
The Isle of Man is ably served by encouraging e-business and has school leavers have an IT qualification.
businesses offering the highest standards committed millions of pounds over the The government's commitment to new
in IT and computer services, in terms of past two years to implementing e- technology has been met by the
software, hardware and full business commerce initiatives. willingness of business to embrace it.
solutions. There are now more ADSL connections in
Inward investment is being encouraged
the Isle of Man than in the Republic of
Offshore e-business has been able to and existing Manx-based companies are
Ireland. The Island's advantageous tax
flourish in an environment that early being encouraged to exploit new
and regulatory regimes are also a huge
recognised the potential of the electronic technology to the full. To this end, the
attraction for e-business.
age. Thanks to its ability to create and government offers internet education and
enact legislation swiftly, the Isle of Man broadband connection to individuals and As the Island's director of e-commerce
has already put in place a legal smaller businesses and, for larger says: 'We have made the investment. We
framework to cope with this new industry, businesses, has a support scheme are not jumping on the e-business
such as the Electronic Transactions Act providing access to technological support bandwagon.'
2000 and the Data Protection Act of 2002. and expertise. Because the Isle of Man
The more new e-business the Isle of Man
has always recognised the potential in e-
Simply, e-commerce is just another way of attracts, the better it will be for this
business, it is already streets ahead of
doing business, where existing companies offshore jurisdiction; new businesses are
many of its larger competitors such as
use technology to their advantage, and customers for the financial services
Bermuda and the Channel Islands.
creating new business, such as online industry, while the finance sector itself will
gambling and digital rights management. IT is seen as a core skill for everybody increasingly be using e-business services.
The Manx Government is actively and more than 95 per cent of Island

(DTI)
Tel: + 44 (0)1624 682354
(FSC)
Tel: + 44 (0)1624 689300
Isle of Man Gambling Control
Commission
Tel: + 44 (0)1624 623355
Office of Data Protection (ODPS)
Tel: + 44 (0)1624 661030

Other Sectors > Information Technology and Computer Services > Skanco Business Systems
Skanco was created in 1985 by a local accountancy

practice which saw an opportunity to supply computer
solutions back when the IBM PC first emerged. The
directors had the foresight to acquire the Compaq,
Lotus and Pegasus dealerships for the Island and soon
expanded into supporting fields.
> The Management Team:
Andrew Kermode, David Butterworth, Barry Kennedy and Andrew Gosnell
Skanco Business Systems Ltd

Skanco is an Isle of Man company has been with Skanco since 1989, said: ‘The company is owned by the board of
wholly owned by its four directors, all of 'This brought Skanco’s total space to directors, with over 70 years’ experience
whom are Manx residents. The company around 20,000 square feet in two in Skanco and has a strong management
has continually invested in the Isle of Man buildings linked by their own fibre optic team with over 40 years’ experience
both in terms of buying its own premises cable thus providing exceptional flexibility. within the company.
and an ongoing commitment to staff
training. Skanco has grown steadily since
1985 and its growth has followed the
growth of the business sector in the Isle
of Man and its product portfolio has
changed according to their needs.
Managing Director David Butterworth,
who has been with Skanco since
inception, said: 'A business exists to
create customers, to service those
customers and to keep them. After nearly
20 years in business this still remains our
number one priority'.
The company operated out of a number
of leased premises until 1997 when the
principal business was relocated to new
headquarters on a business park on the
outskirts of Douglas. Skanco has a current
workforce of around 40, of which a
significant number have worked for the
company for many years.
In 1999 Skanco’s business continuity
centre was relocated to the Isle of Man
Business Park which is two miles from the
business centre of Douglas.
Operations Director Barry Kennedy, who > Restart Court

Other Sectors > Information Technology and Computer Services > Skanco Business Systems
> Skanco Court
‘We focus on providing the full range of The company now focuses on five main The company has full confidence in its
our services to our client base each year product ranges – Microsoft, Cisco, HP, Citrix investment in the Island. Says Barry
and I would say one of our main and Novell. Skanco’s current services include: Kennedy: 'I believe that the Isle of Man is
strengths is our ability to identify and now the offshore place to be especially in
◆ Outsourcing
move into new areas without degradation the EMEA marketplace.
◆ Hardware Maintenance
of existing offerings.
◆ Business Continuity ‘The proposed introduction of zero
‘For example we have a significant ◆ Disaster Recovery rate corporation tax in 2006 and the
number of firsts in the Isle of Man. ◆ Managed Secure Hosting significant investment in communications
◆ Managed Office Space technology make it an even more
◆ First dedicated business continuity
◆ IT Procurement attractive place for companies to base
facility (1995)
◆ 24 x 7 Support their operations.'
◆ First purpose built IT company
headquarters (1997)
◆ First purpose built business continuity Fact File > Skanco Business Systems Ltd
facility (1999)
Company Name: Skanco Business Systems Ltd
◆ First dedicated secure hosting facility
Office Address: Skanco Court, Cooil Road, Braddan, Isle of Man, IM2 2SR
(2000)
Website: www.skanco.co.uk
◆ Hosted the first three on-line gaming
companies to go live as part of the IOMG Email: info@skanco.co.uk
initiative (2001) Phone: + 44 (0)1624 680808
'Our core business is finding complete Fax: + 44 (0)1624 680803
solutions. In the Isle of Man many clients Ownership
want a one-stop shop and we aim to be & Management: Private Limited Company
seen as the company to provide it. We
IOM Co Registration No: 27975
primarily provide services to the private
sector and our policy to always provide a Date Incorporated: October 1985
quality offering has enabled us to develop Registered Office: Skanco Court, Cooil Road, Braddan, Isle of Man, IM2 2SR
long term relationships with a loyal client
Directors: L A Kearns, P N Horsthuis, D M Butterworth, G B Kennedy
base,’ said Barry.
Over 50 per cent of Skanco’s staff are
involved in the technical area and Affiliated Companies: Restart Limited and Restart Holdings Limited
Skanco’s commitment to ongoing training Main Business: The provision of IT related business services
ensures that they are amongst the highest Current services: Outsourcing, hardware maintenance, business continuity,
qualified technical staff available on the disaster recovery, managed secure hosting, managed office
Isle of Man. Steady growth has made space, IT procurement and 24x7 support.
Skanco one of the Island's best known
business names. Products: Microsoft, Cisco, HP, Citrix and Novell.

124 View of harbour from Ridgeway Street, Douglas
Other Sectors > Manufacturing and Retail
Manufacturing and Retail

The manufacturing sector in the Isle of towards the cost of new buildings and and passengers to and from the UK is
Man has a significant role to play in businesses can apply for ongoing financial unhampered by customs and passport
supporting the continual growth and assistance. controls.
diversification of the Island's economy.
The Isle of Man is one of few places The Isle of Man boasts a highly skilled
High-tech, high-value manufacturing where operating grants are available. workforce and excellent labour relations.
opportunities are particularly welcomed by The variety of skills available are illustrated
Tax incentives are extremely generous by
the government and there is a solid by the range of companies manufacturing
European standards. Capital allowances
infrastructure to support this type of different goods, such as optical
include up to 100 per cent of the cost of
activity. Existing business is encouraged to instrumentation, electronics, thermostatic
plant, machinery and buildings in the first
grow and develop. controls, aerospace components, medical
year of ownership. For taxation purposes
components and biotechnology.
The Isle of Man Chamber of Commerce 'plant and machinery' is defined widely
has a manufacturing and technical and includes lorries, aircraft and ships. Quality of life is a crucial component of
industries committee that champions the Government grants are not deducted from Island life and the retail sector has a vital
sector. The government has strong links the gross cost when calculating the relief role to play here. This sector has grown in
with Salford University, an industrial based which may be claimed. Equally, grants are line with the boom in offshore services
university providing the Island with direct not taxable as a trading receipt, which is and the demand for high quality and
access to specific expertise. the case in some countries. diverse goods and services from Island
residents and visitors. The Chamber of
There are several schemes designed to Excellent transport facilities to and from
Commerce monitors and aids the retail
support manufacturing businesses, the Island mean that companies have no
sector, which offers a comprehensive
including financial assistance towards difficulties in securing materials and
choice, from branches of major UK outlets
capital investment and start-up assistance. components. There are no customs
to specialist shops and stores.
Grants are available of up to forty per cent formalities and transportation of goods

(DTI)
Tel: + 44 (0)1624 682354
Chamber of Commerce
Tel: + 44 (0)1624 674941
www.iomchamber.org.im
Isle of Man Trades Council
Tel: + 44 (0)1624 621156
Isle of Man Customs and Excise
Tel: + 44 (0)1624 685156

Other Sectors > Manufacturing and Retail> CVI Technical Optics Ltd
From stargazing and monitoring our planet’s weather and

ozone layer to medical applications, it’s all in a day’s work for
CVI Technical Optics. This specialist manufacturer has
produced optics for some of the most powerful lasers in the
world and is a well-known player in a market that continues
to develop rapidly. CVI grinds and then polishes glass to
optical specifications and, if required, coats it to enhance or
reduce reflectivity, according to the customers’ specifications.
CVI Technical Optics

General Manager Dr Helmut Kessler
acknowledges that to the layman this
highly technical field is difficult to grasp -
how many of us are familiar with an
etalon? - although laser technology has
changed the way we live our lives -
modern scanner cash tills and CD/DVD
players all contain lasers.
‘The difficulty understanding our product
is that you hardly ever see it,’ says Dr
Kessler. ‘Our optics are used in lasers to
either make them work or steer their
beam to where it is required. The obvious
way in which lasers have been of benefit
is through medical applications, such as
laser scalpels. Vision can now be
corrected thanks to laser technology and
tattoos removed using lasers. On the
industrial side, laser welding makes
possible things that in the old days were
unthinkable. For example, welding car
bodies was a very difficult, dirty and
cumbersome job. Lasers have made the
workplace cleaner and more energy
efficient.’
The company began as Technical Optics
Limited and in May 2000 was incorporated
into the US group CVI, a global company
in the field of laser optics. From the
outset, it has been based on an industrial
estate in Onchan with the company
building having seen several expansions
over the years. > State of the art coating chambers allow the manufacture of high quality optics

Other Sectors > Manufacturing and Retail > CVI Technical Optics Ltd
> A view into the polishing department where substrates from 1mm to over 500mm diameter are polished
Says Dr Kessler: ‘The interesting thing apprentices and we have built up an A finished etalon can sell for thousands of
about this field is that it is not fully extremely loyal workforce as a result.’ pounds.’
developed. It’s a field where our
So, back to the etalon... Dr Kessler CVI products are in the world’s most
knowledge is growing. The demands from
explains: ‘Etalons are used to improve the powerful lasers, in satellites, space probes
customers are getting higher and higher.
beam quality of lasers. Researchers send and numerous medical and industrial
We have to offer much tighter
a laser beam into the atmosphere and it applications. There is also a wide research
specifications at lower prices. That reflects
is the etalon that helps to analyse the market requiring CVI optics for
the progress that has been made.
returning beam, allowing us to see the experimental work. The company's small
‘Over the last five years we have amount of pollution in the atmosphere but dedicated team might be
drastically improved our productivity and and how the ozone layer is doing. Etalons manufacturing an ‘invisible’ product but
some products that used to take six to also narrow down the laser beam in they share the same vision.
eight weeks to manufacture we can now semiconductor production, allowing the
Dr Kessler says: ‘Optical grinding and
manufacture in one to two weeks.’ necessary small structures to be inscribed
polishing requires a great deal of
on the computer chip.
Helmut Kessler came to the Isle of Man craftsmanship and attention to detail.
eight years ago from Hanover University ‘The raw material we use is in most Optical coating requires a lot of theoretical
qualified in physics and optical coatings. cases worth just a few pounds but the knowledge. All our people take great pride
He oversees a staff of 31 at the Onchan finished product is worth much more. in their work.’
premises.
‘Originally, the Isle of Man government
was looking to attract light industry and to Fact File > CVI Technical Optics Limited
do so offered a number of incentives. We
are in the fortunate position that we own Company Name: CVI Technical Optics Limited
our company’s building and it has Office Address: Second Avenue, Onchan, Isle of Man, IM3 4PA, British Isles
physically grown to about four times the Website: www.cvi-tol.co.uk
original size,’ says Dr Kessler. ‘The
advantages of being in the Isle of Man far Email: sales@tol-cvi.com
outweigh the disadvantages. We receive Phone: + 44 (0)1624 647000
up to forty per cent of capital expenditure Fax: + 44 (0)1624 676859
from the government which is unheard of
in other jurisdictions, as far as I am aware. Ownership CVI Laser LLC,
The zero tax regime will also be a distinct & Management: Albuquerque, New Mexico, USA
advantage. IOM Co Registration No: 99456C
‘Furthermore, we have a low crime rate Date Incorporated: Founded in 1973 as Technical Optics Limited
compared to the UK. The main Registered Office: Stanley House, Lord Street, Douglas, Isle of Man
disadvantage is that the Isle of Man is a
Directors: Stephen S. Burge, John Hale, Dr. Helmut Kessler
very expensive place to live. It's difficult to
attract workers from other areas because Employees (2004): 31
of relocation problems - they can’t afford Affiliated Companies Parent company US-based CVI Laser LLC (from 2000)
to live here. Consequently, we have to pay
Main Business: Manufacture of high energy laser optics and etalons
higher salaries. We also train up our own

Other Sectors > Manufacturing and Retail > Strix Limited
An Isle of Man-based company that started up in 1951

with all the right elements for success enjoyed sales of
£85 million last year and is on target to break the £100
million barrier by 2006.
> Brian Amey, Chief Executive
Strix Limited
A regular winner of the Queen’s Award produce a high quality drink but Strix fundamental distrust of the water that
for innovation and export, Strix is persuaded the manufacturer that the comes out of the tap. What if there was
the world’s biggest maker of kettle market existed and produced an an appliance that could filter the water,
thermostats and is switched on for further integrated control and element system for boil it and then hold it at the required
expansion thanks to a move into water a modern appliance. More fundamentally, temperature? That was where our thinking
filters to meet the increasing demand for Strix is helping improve drinking water started five years ago and it opened up a
safer drinking water across the globe. quality around the world. new market opportunity.’
Morphy Richards, Philips, Russell Hobbs Brian Amey said: ‘We do a lot of With operations in China, the UK and
and Tefal are just a few of the household business in China and have found there Europe, Strix remains committed to the
names that use Strix technology. Strix and in other areas of the world there is a Isle of Man. The company began life as
thermostats are used more than a billion
times a day around the world and
chances are the kettle you own contains
a Strix component - but few people will
be aware of the Strix name and that's just
the way the company likes it.
Chief executive Brian Amey said:
‘Historically, Strix has always been about
innovation. We were responsible for
moving the kettle to an electric version
and putting the element in the base
instead of inside the kettle. We bring
ideas to different brands to grow the
market, widening the application to
different brands and different companies -
opening up a whole new set of
possibilities.’
An example of the innovative approach
taken by Strix is the electric ‘moka maker’.
Initially, Italian appliance manufacturer,
Bialetti took some convincing that an
electric version of their Moka maker to
replace traditional methods would > Strix Directors and Senior Management Team

Other Sectors > Manufacturing and Retail > Strix Limited
> Strix Head Office, Forrest House, Ronaldsway, Isle of Man
Castletown Thermostats and has, quietly,

become a global leader, continuously Fact File > Strix Limited
developing manufacturing techniques and
generating new products. Company Name: Strix Limited
Strix is based in the Island simply Office Address: Forrest House, Ronaldsway, Isle of Man IM9 2RG
because its founder John Taylor was Website: www.strix.com
educated locally but Brian Amey
Email: info@strix.com
appreciates what he perceives as a
‘consistent’ offshore regime. Phone: + 44 (0)1624 829829
He said: ‘I would rather have this Fax: + 44 (0)1624 822918

operation here than in the UK, although Ownership
we do experience staff relocation & Management: Private company
difficulties. I think the Isle of Man IOM Co Registration No: 1259
Government understands the Isle of Man
and the advantages and disadvantages of Date Incorporated: 1951
doing business here. The government is Registered Office: Forrest House, Ronaldsway, Isle of Man IM9 2RG
consistent. In some jurisdictions you Directors: E. Davies, B. Amey, P. Anderson, P. Snowden, J. Brodie,
wonder what is going to happen next.’ M. Scott, G. Lamb, P. Inglis
Strix translates from the Latin as ‘screech Employees (2004): 850 employees (IoM 300; UK and Europe 50; Asia 500)
owl’ and this Manx company says it is a
Affiliated Companies Strix (UK) Ltd, Strix Guangzhou Ltd, Strix Europe SA,
wise approach to business as well as the Strix Hong Kong Ltd.
confidence to spread its wings that has
placed it in its position today of world Main Business: The design, manufacture and sale of thermostatic controls
market leader. and cordless interfaces

Other Sectors > Manufacturing and Retail > Moore's Traditional Curers
The methods employed by Moore's

Traditional Curers in Peel haven't changed
since 1883 - but this is one Manx business
that isn't standing still.
> Kippers on racks in the smoke house
Moore's Traditional Curers

Owner Paul Desmond has been running
the 120 year old kipper yard for the past
seven years and says dedication to the
trade is now paying off. This is very much
a family business and Paul himself has
been involved in the fishing industry all
his life, and as a traditional fishmonger is
proud to say he can tackle anything the
Irish Sea can throw at him.
'This yard was built in 1883 and was
the premier yard in the Isle of Man,' says
Paul. 'I have fond memories of it and of a
tremendous community spirit. I would
come down with my father as a child. He
started in the fishing industry in 1946 and
I was taught the old-fashioned way.
'We are the only traditional kipper curers
in the Isle of Man. It's great to see the
herring hanging up and following the
whole process through. I went into this for
sentimental reasons, which some people
might say are the wrong reasons, but I
had a great affinity for the yard and have
enjoyed building up the business again.'
The Isle of Man is famous for its kippers
and Moore's is busy developing its export
business via the internet. The yard has
four smoke houses, each capable of
holding 20,000 herring. Fires are lit under
the fish to create the kippers. > Stacking herring ready for smoking

Other Sectors > Manufacturing and Retail > Moore's Traditional Curers
> Gutting herring > Traditional Kipper House, Peel
Says Paul: 'We use oak chippings and Isle of Man Produce Association and has to university. If he wants to work here he
the process can take up to 12 hours. a presence at UK food shows. Fish is in knows he can come back to a business
Some modern methods force the fish in the family's blood and Paul's own son that is now rapidly expanding. We're
three hours but you don't get the same earns his pocket money at the yard. 'My looking at niche markets and at increasing
quality kipper.' son is eleven now and loves the kipper profits by 25 per cent each year over the
yard. He comes to work every Saturday near future. But the kipper yard is more
As well as a thriving business, Moore's
and gets his wages,' says Paul, 'but times than a job, it's part of your life. There are
is also a working museum and visitors
have changed and he will probably go off very few places like this left.'
can take advantage of a daily tour at
3.30pm and then buy kippers and oak
smoked bacon in the yard shop.
'We get a lot of people who used to Fact File > Moore's Traditional Curers
work here,' says Paul. 'Most people in Peel
worked in kipper houses when they were Company Name: Moore's Traditional Curers
young and they appreciate that Moore's Office Address: Mill Road, Peel, Isle of Man, IM5 1TA
hasn't changed over the years.
Website: www.manxkippers.com
‘We have great support from local
Email: info@manxkippers.com
people and from tourists. This yard has a
vast potential and we are now starting to Phone: + 44 (0)1624 843622
reap the rewards of a lot of hard work. Fax: + 44 (0)1624 812155
You don't do this for money - my father is
Ownership
77 and still comes down at 4am to start
& Management: Paul Desmond
the machines. Most of the people who
work here are family.' Date established: 1883
Moore's Traditional Curers is a vibrant Employees (2004): 6

part of the fishing port's past, present and Main Business: Traditional Smoking & Curing (smoked over oak fires in
future with the development of its website brick chimneys) – Herring, Salmon, White Fish, Bacon
attracting customers from across the Affiliated Companies: Desmonds Fish Monger - Ramsey
world. Paul Desmond is a member of the

Other Sectors > Manufacturing and Retail > MasterCraft
MasterCraft is the world’s largest manufacturer of

high performance wakeboard, water ski and luxury
inboard engine powerboats.
> Ian Birdsall
MasterCraft
MasterCraft Ltd, based in the Isle of loyal customer base and unprecedented including the ProStar 190 Tournament Ski
Man, is the exclusive distributor for respect within the industry. Today the Isle boat powered by a 390HP V8 engine,
MasterCraft products throughout Europe. of Man company is a wholly independent which currently holds every water ski
Initially founded in the UK in 1975, as a distributor, responsible for all aspects of world record. The revolutionary X-Star,
family enterprise serving the UK market MasterCraft business in Europe and other which is the only purpose built
only, owners Ian and Peter Birdsall international regions. Company Chairman, wakeboard boat and was developed at a
pursued a business development strategy Ian Birdsall, has unrivalled experience in cost of more than 5 million dollars, heads
dedicated to providing the highest the market sector and has been up a range of nine X-Series boats
standard of customer service and care, responsible for business development dedicated to this, the world’s fastest
ensuring solid, steady, sustainable growth. across multiple regions. growing water sport.
This philosophy has been encompassed The MasterCraft product range now The exclusive MariStar range of luxury
throughout the company history creating a encompasses over 27 different models, powerboats sees the addition of a
> MasterCraft events support unit

Other Sectors > Manufacturing and Retail > MasterCraft
> MasterCraft MariStar 280 > MasterCraft ProStar 190
> MasterCraft X-Star > MasterCraft X-45
flagship model for 2005. The MariStar 280 MasterCraft, offering a wide range of trendsetter and benchmark for the
STS twin engine 750 HP offshore luxury financial services and excellent industry, however complacency has no
sport cruiser, which has already won communication links, plus a pro-active place in a globally changing market.
accolades from the boating press and Department of Trade and Industry together
The entire management and staff at
secured orders from around the world. with a pleasant working environment for
MasterCraft understand this and are
management and staff.
An additional aspect to the business is a committed to setting ever-higher
strong worldwide involvement in the After 30 years in the business, Ian standards and bringing innovative ideas
operation and management of water ski Birdsall recognises that MasterCraft is a to fruition.
and wakeboard events.
MasterCraft is the exclusive partner of
the Wakeboard and Water Ski World Cup Fact File > MasterCraft Limited
and also the World Wakeboard
Championships. This brings recognition to Company Name: MasterCraft Limited
the sport and its athletes whilst providing Office Address: Westminster House, Parliament Square, Castletown,
a proving ground for new products and Isle of Man IM9 1LA
technology.
Website: www.mastercraft-europe.com
‘We look at it like Formula 1 is to the Email: Info@mastercraft-europe.com
motor industry’, said Ian Birdsall. ‘The
establishment of our dedicated European Phone: + 44 (0)1624 829445
distribution and marketing centre in the Fax: + 44 (0)1624 829446
Isle of Man will contribute greatly to the Ownership & Management: Private
efficient growth of our business as we
move into a more diverse market place. IOM Co Registration No: 101403C
Date Incorporated: 2002
Our historic philosophy of customer care
and loyalty together with a growing Registered Office: Westminster House, Parliament Square, Castletown,
product range and development of new Isle of Man IM9 1LA
markets is core to our long term business Directors: Ian Birdsall, Christine Birdsall
plan’, he continued.
Main Business: European distribution and support
When choosing a location from which to of high performance luxury powerboats
spearhead growth into new markets the Other Business: Water ski and wakeboard event management
Isle of Man was a logical choice for

Other Sectors > Manufacturing and Retail > CV Jewellery
A gem in the heart of Douglas's shopping district,

CV Jewellery creates unique designs for individuals and
corporate clients from its on-site workshop.
> Spirit of Mann design from the heritage collection
CV Jewellery
It's a family business that draws done cap badges for the Ellan Vannin CV Jewellery's gallery displays its own
inspiration from the beautifully carved Pipes and Drums, pendants and stick pins collections alongside other contemporary
Celtic crosses that can be found for Andreas and Bride millennium designers in 18ct gold and diamond. As
throughout the Isle of Man and are a celebrations and a silver spoon for working jewellers, CV offers a full repair,
legacy of a rich heritage. In his upstairs millennium babies born in Onchan.' restoration and valuation service.
workshop, Sean Corlett carves exclusive Commissioned jewellery takes up to six
The Onchan Knot is one of the
designs using the latest technology weeks from original design to completed
examples of the Heritage Collection that is
alongside traditional jewellery making item.
inspired by Celtic and Viking art. Each
methods, and the finished pieces are
piece is created in silver, 9ct or 18ct gold, Sean, a graduate of the Birmingham
displayed to full effect on the ground floor
many set with precious or semiprecious School of Jewellery, says: 'I work in CAD
gallery under the careful supervision of
stones, and hand finished in the (computer aided design) so images can
Sean's wife Janet.
workshop. Each CV Heritage piece that be produced in 3D and the client can
The Island's legislative and business leaves the workshop is accompanied by a inspect the design in that format.'
community calls on CV Jewellery when certificate of origin.
Sean's parents started the business in
something extra special is required. CV
Says Janet: 'Each piece has its own Ramsey, buying in Celtic jewellery from
(Celtic Venture) has provided chains of
story. We make our own sketches of elsewhere before realising they could
office for local authorities, tie-pins and
crosses and pick out detail that creates produce their own, high quality designs.
cufflinks for the Manx Electricity Authority
originals. The designs carry a message - Sean and Janet have now found their
and complete wedding packages,
for example, the knot work is created from niche in exclusive corporate and heritage
including bride and groom rings, cufflinks
an unbroken line symbolising eternity and design. Says Janet: 'Our prices start at £20
for best man and ushers, and pendants
is a charm for long life and good luck. for a silver pendant christening gift for a
for bridesmaids and mums - and CV
Spirals, meanwhile, stand for tranquillity child to, well, the reaches of the client's
allows customers to carry its unique
and eternity.' imagination.'
design through to wedding stationery and
even the wedding cake.
To mark CV's fifth anniversary, Sean and
Janet created a unique Three Legs design Fact File > CV Jewellery
for pendants, rings, tie-pins and cufflinks -
effectively joining Manx culture to modern Company Name: Celtic Venture Ltd T/A CV Jewellery
day business. In other words, every Isle of Office Address: 5 Marina Road, Douglas, Isle of Man IM1 2HD
Man company director should have one.
CV Jewellery offers a bespoke corporate Website: www.cvjewellery.co.uk
gift service and is able to create a unique Email: info@cvjewellery.co.uk
and lasting piece to fit the exact needs Phone: + 44 (0)1624 676422
and budget of a company looking to
create distinctive corporate awards, Ownership
giveaways or merchandise. & Management: Sean Corlett & Janet Corlett
Date Started: 1985
Thanks to the use of the latest
communications technology, CV is also Registered Office: 5 Marina Road, Douglas, Isle of Man. IM1 2HD
making an impact off the Island. Directors: S Corlett, J.A Corlett, J.E Corlett
'We created a St Chad's cross for St Employees (2004): 3
Chad's College in Durham, which was an Main Business: Jewellery Manufacture & Retail
internet commission,' said Janet. 'We've

Other Sectors > Media and Advertising
Media and Advertising

The Isle of Man enjoys a comprehensively Long-established publishing company One of the biggest boosts the Isle of Man
diverse and active media presence. At the Mannin Media also publishes a monthly has received in terms of coming to the
time of going to press there were three magazine Manx Tails and is one of notice of the wider world has been
radio stations serving the Island, Manx several local publishers issuing regular provided by the burgeoning film industry.
Radio which is part-funded by the magazines and publications aimed at
Isle of Man Film comes under the remit of
government, and two fully commercial people working within the finance sector
the Department of Trade and Industry and
stations, Energy FM, which launched two and their customers.
is responsible for bringing major
years ago, and 3fm which launched in
Meanwhile, there are specialist publishers productions, and British and Hollywood
October 2004.
(see Lily Publications) that are Manx-based stars, to Manx shores.
Owned by Johnston Press, the newspaper and whose remit includes promoting the
There is now a solid framework of support
group Isle of Man Newspapers has three Isle of Man.
services, including extras, film workers and
weekly titles, the paid-for Isle of Man
The media has taken full advantage of ancillary services in the Island. Isle of Man
Examiner, paid-for Manx Independent and
new technology and there are several Film actively markets the Island as a
freesheet Courier. Isle of Man Newspapers
websites offering Manx news and insights location and as an investor at major film
publishes a monthly lifestyle magazine,
into Island life. industry events.
Outlook.

(DTI)
Tel: + 44 (0)1624 682354
Isle of Man Film Commission
Tel: + 44 (0)1624 687173

Other Sectors > Media and Advertising > Lily Publications
Well known for the definitive All Round

Guide to the Isle of Man, Lily Publications
is setting the standard in promoting the
Island’s diverse appeal through words and
pictures to an ever-growing UK and
international audience
> Some of the many publications produced by Lily Publications
Lily Publications Limited

From humble beginnings in Pembrokeshire Alongside the bestselling and much- pictures, many of which are the work
in 1991, when Miles and Linda Cowsill enlarged new edition of The All Round of accomplished and experienced
took the bold decision to strike out on Guide to the Isle of Man stand such photographer Miles Cowsill.
their own, Lily Publications has rapidly popular titles as Spirit of Mann, Wild Publishing is a dynamic business
evolved into something of a unique Flowers of Mann, Spirit of Guernsey, Spirit and the development of further
organisation. of Jersey and Lucky Little Devil, the latter new Manx and destination-related
about famous Manx resident Sir Norman titles is an ongoing process particularly
Now based near Ramsey, the company Wisdom and his life on the Island.
is not only producing an impressive and as Lily Publications is dedicated to
expanding portfolio of high-quality books, The Lily Publications house style is helping put the Isle of Man ever
as befits a leading Island publishing distinctive for its large format and more prominently on the global
house, it is also making available its full generous use of excellent colour tourism map.
range of creative services concept, design,
photography, writing, editing, proofreading
and production to companies and Fact File > Lily Publications Limited
organisations both on Island and across
Company Name: Lily Publications Ltd
the UK.
Office Address: PO Box 33, Ramsey, Isle of Man, IM99 4LP
The specialist skills acquired in bringing
the business this far embrace the whole Website: www.lilypublications.co.uk
spectrum of promotional and PR Email: lilypubs@aol.com
communications, notably brochures and
Phone: + 44 (0)1624 898446
customer inflight-style magazines.
For more than a decade Lily Publications Fax: + 44 (0)1624 898449
has been entrusted with the task of Ownership & Management: Miles Cowsill and Linda Cowsill
creating and producing the Island’s annual Date Started: 1994
holiday guide for the Department of
Tourism & Leisure. Among other major Registered Office: PO Box 33, Ramsey, Isle of Man, IM99 4LP
clients are Isle of Man Post, Steam Packet Directors: Miles Cowsill, Linda Cowsill
Company, P&O Ferries, Brittany Ferries and Employees (2004): 4
the Island’s Department of Agriculture,
Fisheries & Forestry. Main Business: Advertising, Publishing and Photography

Other Sectors > Shipping and Yacht Management
Shipping and Yacht

Management
The development of the Island's shipping The requirements for Isle of Man and technical expertise the Isle of Man
register alongside the emergence of the commercial yacht registration are broadly has to offer.
so-called mega yacht has provided both similar to the UK MCA code. There is a
The Isle of Man shipping register is more
the government and private companies requirement to have an Isle of Man-based
than two hundred years old and, while
with an exciting opportunity. vessel manager/representative with local
traditionally it was used to register locally
legal responsibility to ensure the vessel is
The Isle of Man has a highly effective and operated vessels, today it is an
compliant with all current regulations and
proactive Marine Administration and is international success. In 2002 the fleet
is run in accordance with regulations.
proud to be a Red Ensign jurisdiction, a passed the 300 ships mark for the first
universal signifier of quality. The high regard in which Marine time and the commercial yacht register
Administration is held has resulted in the has been in existence since 2003.
Through its association with the UK, the
Isle of Man becoming home to many of
Isle of Man forms part of the EU VAT area The tax advantages and local expertise
the world's most prestigious shipping
but maintains its independence regarding place the Isle of Man at the vanguard of
fleets, with registered tonnage figures that
company tax. This means that yacht ship and yacht registration and
exceed the UK's commercial fleet totals.
owners who operate through an Isle of management.
Against this background, the Isle of Man
Man company enjoy the benefits of no
Commercial Yacht Registry is flourishing The international shipping industry now
corporation tax.
thanks to the stability, fiscal advantages employs more than 600 people locally.
Marine Administration and

Registration
Tel: + 44 (0)1624 688500
Isle of Man Customs and Excise
Tel: + 44 (0)1624 648156

Other Sectors > Shipping and Yacht Management > Pelagos Yachts Limited
The world's largest single masted sailing

yacht is flying the flag for commercial
yacht registration in the Isle of Man.
Twice as heavy and 60 percent longer
than the next largest single masted
yacht, she eclipses the competition.
> Super Yacht gas turbine engine
Pelagos Yachts Limited

Mirabella V is a fitting ambassador for
the Isle of Man commercial yacht register.
The technical advancements and
innovations of the yacht herself are
matched by the level of sophisticated
services that are available to the mega
yacht owner through its local Isle of Man
managers, Pelagos Yachts.
Securing the Mirabella V was a coup for
Ramsey-based yacht management
company Pelagos Yachts but also a
reflection of early success in a growing
industry for the Island.
The company boasts the fact that the
management of Mirabella V and her two
smaller sister ships Mirabella I and III is
provided by Pelagos Yachts, shows it is
ready and able to provide a world class
service from within its own resources.
Pelagos Yachts is in its infancy but has
already made waves in a very competitive
industry.
Declan O'Sullivan, who started the
company with a former colleague Chris
Stewart, explained: 'We were both already
involved the field, locally, through a
corporate service provider and decided we
could offer a better, more focused service
by providing pure yacht management
services. Many of our competitors, banks,
corporate service providers etc, set up
yacht management companies to draw in
high value clients in order to sell them
their other non yacht related products, but
most of these clients already have their > Mirabella V

Other Sectors > Shipping and Yacht Management > Pelagos Yachts Limited
> Super Yacht interior
bank, accountant, tax adviser, etc. Our Pelagos can provide a complete yacht tasks, such as ownership structures,
clients are looking specifically for yacht management service or simply assist with management, registration, finance, VAT
management and that's exactly, and specific tasks, drawing on the company's and tax issues. 'We can run a yacht from
solely, what Pelagos provides - impartial experience and worldwide network of start to finish if required,' says Declan. 'We
advice and an expert service. Pelagos contacts. have an involvement to varying degrees
offers a unique, tailored yacht with probably about a hundred yachts.
This means clients can have all their
management service that enables the
yachting requirements met through a Having a yacht of the stature of the
owner to simply enjoy their yacht.’
single contact point - from dealing with Mirabella V on our books leads us
Mega yachts are set to become mega practical aspects such as design, naturally down the road of high quality of
business for the Isle of Man. Says Declan: construction, survey and maintenance to service. However, we do not want to grow
'Commercial yacht registry in the Isle of the less tangible but equally important too quickly and lose that quality.’
Man is already a huge success. People
don't realise the actual volume of
commercial shipping the Island is already
involved in, and it's good quality stuff.
Fact File > Pelagos Yachts Limited
‘The Island is a good jurisdiction to do
business in; from the fiscal point of view it
Company Name: Pelagos Yachts Limited
has many advantages. The Marine
Administration and the DTI have been very Office Address: Auldyn House, Ramsey, Isle of Man, IM8 1DW
supportive of the emerging commercial Website: www.pelagosyachts.com
yacht sector.
Email: info@pelagosyachts.com
‘We were the first yacht management Phone: + 44 (0)1624 819867
company on the Island to be audited and
receive approval from the Marine Fax: + 44 (0)1624 819887
Administration and the first pure yacht Ownership
management company to receive a & Management: Private Limited Company
document of compliance. We played a IOM Co Registration No: 108792C
major role in the activation of the Isle of
Man Commercial Yacht Code in 2003 and Date Incorporated: 17th July 2003
so are in an ideal position to advise Registered Office: Auldyn House, Ramsey, Isle of Man, IM8 1DW
clients as to its requirements. Directors: D O’Sullivan, CE Cleary & PT Whipp
'We are the only yacht management Affiliated Companies: Pelagos Crewing Ltd, Pelagos (UK) Ltd
company in the Isle of Man certified to
Main Business: Yacht Management
provide International Safety Management
(ISM), which also makes us unique. There Other Business: Commercial and Private Yacht Registration, International
are shipping companies providing ISM to Safety Management, International Ship and Port Facility
commercial vessels but the commercial Security, Project Management, Yacht Management, Crew
yacht is a world removed from your Employment, Leasing, VAT and Tax Services, Marine Finance,
average commercial ship and so requires Insurance
a service specifically tailored to the needs Licences: International Safety Management Document of Compliance
of a yacht.'

140 Harbour, Douglas
Other Sectors > Tourism and Travel
Tourism and Travel

Although measuring no more than around readily adapted to the changing needs of enjoy the Island's unspoilt environment all
33 by 12 miles and located in the centre holiday makers. Excellent air and sea links year round, although the traditional
of the Irish Sea, the Isle of Man is very far with the UK and Ireland make the Isle of summer season continues to be 'topped
from being an insular environment. This Man an ideal location for short breaks and tailed' by the TT races in May/June
seafaring nation is historically gregarious and this is a market that has grown in and the Manx Grand Prix in
and the residents of far flung locations recent years. August/September.
can trace their Manx ancestry. Indeed,
An annual walking festival highlights the Hotels, guest houses and restaurants have
there are Manx societies from one side of
beauty of the Island's hills, glens, beaches moved upmarket and into specialist areas
the world to the other, in Australia,
and coastal footpaths and the Isle of Man to meet the needs of today's sophisticated
America and New Zealand.
is a popular destination for golfing holidays. visitor.
Similarly, the Island has welcomed visitors The relatively mild Manx climate, warmed
since the earliest days of tourism and has by the gulf stream, means visitors can
Department of Tourism and Leisure

Tel: + 44 (0)1624 686801
Manx National Heritage
Tel: + 44 (0)1624 648000

Other Sectors > Tourism and Travel > The Isle of Man Steam Packet Company Limited
The Isle of Man Steam Packet Company has travelled a long way
since journey times to the UK exceeded ten hours and passengers
had to be rowed into Douglas bay to reach the ferry. Admittedly,
that was 175 years ago but it was those entrepreneurial early days
that have enabled the Steam Packet to become the oldest
continuously operating passenger shipping company in the world.
The Isle of Man

Steam Packet Company Ltd
Today's fleet is based in the port of
Douglas and the Packet is held in high,
and affectionate, esteem by local people.
As the main provider of passenger, vehicle
and freight services to the Isle of Man, the
company is dubbed 'the Island's lifeline'
and it's easy to see why.
The only operator of dedicated year
round scheduled services, the Packet
carries more than 650,000 passengers a
year together with a mixture of over 170,000
cars, vans and motorcycles. Additionally,
it is also important that the shipment of
freight so vital for an island community is
not constrained in any way.
In its earliest incarnation as the Mona's
Isle Company, named after the first paddle
steamer commissioned in 1830, the
company was set up to serve the Manx
people. The first sailing was to Liverpool, a
route that remains popular today. Anybody
interested in the history of the Steam
Packet can visit the Manx Museum, which
holds the minutes of directors' meetings
going back to the companies’ incorporation.
Communications Manager Geoff Corkish
said: 'There had been other shipping
companies but they were not committed
to the Isle of Man and would come in on
an ad hoc basis. One of the turning points
towards the creation of the Steam Packet
we know today was when the Governor
of the day complained it was taking up to
two weeks for his mail to reach him! > A friendly ‘at your seat’ service is offered on all company vessels

Other Sectors > Tourism and Travel > The Isle of Man Steam Packet Company Limited
> Fast craft have dramatically reduced travelling times to and from the Island
'Our first ship, the Mona's Isle, cost England and Ireland from March to managing director Hamish Ross says:
£7,052 and the company was called the October. 'This is a very special year of celebration
Mona's Isle Company for two years before for the Steam Packet. We value the
As well as being the Island's ferry
becoming the Steam Packet. The special relationship we have with the
services lifeline, the Steam Packet is a
company grew as the Island grew.' By the Island and fully understand the
major local employer, with a core staff of
turn of the twentieth century and the importance of our role in providing an
300 and additional staff employed during
subsequent heyday of tourism, the Steam attractive and reliable year-round service.
seasonal peaks. The celebrations planned
Packet operated up to 17 passenger ships.
throughout 2005 to mark the Steam The heavy investment in fleet
Today, the deployment of fast craft makes
Packet Company's 175th anniversary testify modernisation over the last few years, our
the Island an easily accessible short break
to the popularity of this ferry operator. enhanced level of frequency of service
destination.
and capacity underline our commitment
There is to be a special stamp issue
In the mid-1980s, Sea Containers took a to the Island.
from the Isle of Man Post, the Isle of Man
stake in the Manx company, finally taking
Treasury will mint anniversary coins, and a All of us at the Steam Packet look
over the Steam Packet in 1996. The
book and DVD will be produced, in forward to sharing our celebrations with
company operates under a user
addition to a host of celebratory events our customers in what promises to be a
agreement with the Isle of Man
and launches. The Steam Packet's very exciting and memorable year.'
Government which provides for the sole
operation of services via the linkspans in
Douglas in return for a guaranteed level of
sea services. Since 1996, passenger and Fact File > The Isle of Man Steam Packet Company Limited
vehicle carryings have increased by over
50 per cent. In 2003, the Steam Packet Company Name: The Isle of Man Steam Packet Company Limited
was sold to Montagu Private Equity, an Office Address: Imperial Buildings, Douglas, Isle of Man IM1 2BY
investment company previously called
Website: www.steam-packet.com
HSBC Private Equity.
Email: res@steam-packet.com
Says Geoff: 'Since the takeover, our
flagship ropax vessel, the Ben my Chree Phone: + 44 (0)1624 645 645 (Admin) + 44 (0)1624 661 661 (Reservations)
which was built in 1998 at a cost of £24 Fax: + 44 (0)1624 645 609 (Admin) + 44 (0)1624 645 608 (Reservations)
million, has had a passenger Ownership & Management: Montagu Private Equity (Owners)
accommodation extension costing £1.5
million that provides the vessel with the IOM Co Registration No: 73
potential to carry an extra 200,000 Date Incorporated: 1885
passengers annually. The Ben my Chree Registered Office: Imperial Buildings, Douglas, Isle of Man, IM1 2BY
operates twice daily to Heysham all year
round, excluding Christmas Day”. Directors: Juan Kelly (Chairman), Hamish Ross (Managing Director),
Douglas Grant (Finance), Mark Woodward (Operations), John
In addition to the Ben my Chree, which Watt (Strategy & Planning), Stuart Garrett (Human Resources),
carries freight, passengers and vehicles, Walter Gilbey, Dursley Stott, Robert Quayle, Anthony
the Steam Packet operates the passenger/ Greensmith, Simon Pooler, Peter Longinotti.
car ferry Lady of Mann during peak times Employees (2004): 300
such as the TT festival.
Affiliated Companies: Steam Packet Holidays
Two car / passenger carrying fast craft
also operate on Steam Packet routes to Main Business: Passenger and freight shipping

Other Sectors > Tourism and Travel > Sefton Hotel
Hotels are usually the first stop for the visitor to the Isle of Man
and the need to offer a friendly and high quality welcome is
something that is recognised by one of the Island's
longest-standing establishments.
> The Water Garden
Sefton Hotel
The Sefton Hotel on Douglas promenade
has a 4-star rating from the AA and a
hundred rooms that overlook either the
picturesque sweep of the bay or a
tranquil indoor atrium. It is presided over
by managing director Chris Robertshaw
who has witnessed major changes in the
tourism industry since he joined the
Sefton in 1977.
Back then the ‘bucket and spade
brigade’ was still in full swing. Today's
hotelier is as likely to be greeting the
business visitor as the tourist.
Said Mr Robertshaw: ‘Although it is true
to say the traditional tourist markets have
faded, as long as the necessary levels of
investment go in there are opportunities
to integrate our business and leisure
visitor requirements. One of the key
strategic positions we adopt is that we
are very much a hotel that focuses on our
resident guests rather than try to be all
things to all people.
‘The fundamental role of our hotel is to
welcome visitors on behalf of the Isle of
Man. We represent the Island.’
The Sefton Hotel building is an eye-
catching feature on the promenade. Five
minutes' walk from the Island’s main
shopping areas, government buildings and
the finance district, the hotel is adjacent > The Gallery Restaurant

Other Sectors > Tourism and Travel > Sefton Hotel
> The Gallery Restaurant
to the new £15 million Villa Marina the available funds to service capital invest- He says the Sefton Hotel has a firm and
entertainments complex. A boutique hotel, ment increased. The positive response clear policy of investment to maintain its
it has a unique personality that, thanks to resulted in the Sefton being able to pour profile in the Island.
the internet, is now reaching a wider more cash into improving the property.
Said Mr Robertshaw: ‘We have recently
audience.
‘When it’s really important the purchased two guesthouses next to the
Chris Robertshaw says: ‘Increasingly, our government has a good track record of hotel and our intention is to build deluxe
business comes from our website. This is showing a positive response to business apartments. We are very focused on what
one of the happy advantages that need.' we are doing. We invest.’
boutique style hotels now have over the
group and chain hotels on the internet -
market accessibility by location specific Fact File > Sefton Hotel
request.'
Company Name: Sefton Hotel
The hotelier came to the Isle of Man in
1960, intending to remain for three years. Office Address: Harris Promenade, Douglas, Isle of Man IM1 2RW
He started a family, decided to stay in the Website: www.seftonhotel.co.im
Island and says he has never regretted it.
Email: info@seftonhotel.co.im
‘Speaking as a businessman, one of the Phone: + 44 (0)1624 645500
most distinctive advantages of the Island
must be the ability to communicate easily Fax: + 44 (0)1624 676004
with the legislators,’ says Mr Robertshaw. Ownership
‘I remember when it was recognised that & Management: Sefton Hotel plc
the level of investment in hotels had to IOM Co Registration No: 439 (IoM)
increase and myself and others lobbied
the Treasury to have the VAT on hotel Date Incorporated: 1923
services reduced from 17.5 per cent to five Registered Office: Sefton Hotel, Douglas, Isle of Man IM1 2RW
per cent. Directors: WJ Cowell, RTD Stott, CR Robertshaw, SG Alder
‘The idea was that this would enable an Employees (2004): 40
opportunity where although the price to
Main Business: Hotel
the customer did not necessarily go down

146 Parliament Street, Ramsey
Other Sectors > Telecommunications
Telecommunications
Located in the geographic centre of the access to the internet has been Emphasis has been placed on digital
British Isles, the Isle of Man promotes established by Manx Telecom and is communications and both ISDN and ASDL
itself as a global hub for offshore business available to all. services are now well-established. The
and, as a result, a thoroughly reliable development of telecommunications
Offering high bandwidth resilient services,
telecommunications infrastructure is advanced rapidly with the creation of
the Island is proud of its leading edge
essential. Manx Telecom, a wholly owned subsidiary
infrastructure. Almost £50 million has
of mm02, in 1987.
Luckily, the Island's capability is often cited been invested in telecoms over the past
by business as an advantage to doing five years; the Isle of Man was the test In 1996, MT introduced its own mobile
business from a Manx base. bed for Europe for third generation mobile communications service and is now
phone services and has a wide choice of working with other GSM affiliated
The Isle of Man is served by both
independent ISPs, web hosting services, countries to establish roaming agreements
microwave radio and fibre optic
business continuity and IT co-location to the benefit of customers. The body
submarine cable links to the UK and,
providers. with overall responsibility for the licensing
according to the government, the cable's
and regulation of telecommunications and
five fibre optic pairs are capable of Thanks to the recognition several years
broadcasting in the Isle of Man is the
carrying some 23,000 simultaneous ago of the need to invest in
Communications Commission, a statutory
telephone calls. A satellite earth station telecommunications, the Isle of Man now
board of the Manx Government.
also offers digital or analogue links to benefits from one of the most advanced
international destinations and unmetered communications systems in the world.
Communications Commission
Tel: + 44 (0)1624 677022

Other Sectors > Telecommunications > Manx Telecom
It is widely acknowledged that a world-class telecommunications

infrastructure is a key element in attracting business to any
jurisdiction. On the Isle of Man this key element is provided by
Manx Telecom, a wholly owned subsidiary of international
telecommunications operator mmO2.
Manx Telecom
The fixed, mobile and internet services
and resilient off-Island connectivity
provided by the company have played a
vital role in helping the Island to attract
international finance companies to locate
here.
Manx Telecom has a proven track record
as a pioneer of leading edge
technologies; the company was among
the first in the world to offer broadband
services to its customers in March 2000,
and became the first mobile operator in
Europe to switch on a live 3G service, in
December 2001.
Director of Strategy and Business
Development at Manx Telecom, Ian
Sanders, explains: 'Over the years we
have consistently kept at the forefront of
developing telecommunications
technology. Because of our technical
expertise and with the strong support of
the Manx Government we were given the
role by BT, our former parent company, of
trialling the BT group’s deployment of 3G
network technologies. This was the first
commercial trial of these technologies
outside of Japan, generating a huge
amount of interest from industry and
media specialists all over world who
visited the Isle of Man to see our 3G
showcase.'
As part of a £50 million spend on its
network over the last five years, Manx
Telecom has also put in place the
investment to enable all its telephone
exchanges around the Island to provide
ADSL broadband. > Manx Telecom Headquarters at Isle of Man Business Park

Other Sectors > Telecommunications > Manx Telecom
All broadband connections, for business

or residential purposes, continue to
benefit from an Isle of Man Government
subsidy scheme which covers the initial
connection charge. These two measures,
along with the enthusiasm of the local
population for new technology, has seen
ADSL broadband take-up on the Island
rise to over 11 per cent of households
and businesses compared with just 7 per
cent in the UK and around 2 per cent in
the Republic of Ireland.
Manx Telecom offers a comprehensive
portfolio of quality internet hosting and
disaster recovery services. The company’s
web hosting facility is situated adjacent to
the Island’s internet backbone and
features impressive security measures,
Uninterrupted Power Supply (UPS) and > Ian Sanders, Business Development Director at Manx Telecom
environmentally-friendly argonite fire
suppression.
Manx Telecom was formed in 1987 and computer networks, excellent
All Manx Telecom's on-Island internet
is a significant contributor to the local telecommunications services are an
and telecommunications infrastructure is
economy with over 270 staff. Keeping absolutely necessary tool, particularly for
backed by highly resilient fibre connections
staff up to date with technology and financial services but also in other
off the Island.
customer service standards is a high industries which are crucial to the Island
'The Isle of Man is connected to the UK priority - the company has an annual such as shipping and manufacturing.
by self-healing fibre optic rings that link training budget of around £300,000.
'We have been a key enabler of the
into the main UK telecommunications
Manx Telecom was the first company in increase in prosperity of the Isle of Man in
network,' explains Ian Sanders. 'The rings
the Island to be awarded the recent years. We have a very positive
connect the Isle of Man to the north of
ISO9001:2000 Quality Standard and is relationship with the Manx government
England in one direction and to Northern
working towards achieving the Information and our commitment to the Isle of Man
Ireland and from there to Scotland and
Security standard BS7799 and has was recognised in January with the
then back down to England in the other
achieved the environmental standard extension of our licence to provide
direction, forming the ring. If there were to
ISO14001. Ian Sanders says: 'In a world telecommunications services on the Island
be a failure in the eastern leg going to
where business depends very much on for the next fifteen years.'
northern England, then all the traffic
would automatically and seamlessly
switch to the western leg and reach its
destination by travelling in the opposite
direction.' Fact File > Manx Telecom
As well as state of the art fixed line and Company Name: Manx Telecom
internet technology, Manx Telecom offers Office Address: Isle of Man Business Park, Cooil Road, Braddan, IoM, IM99 1HX
the latest in mobile data and mobile
office solutions, with General Packet Radio Website: www.manx-telecom.com
Services (GPRS) in place around the Island Email: mail@manx-telecom.com
and roaming agreements set up with Phone: + 44 (0)1624 633633
operators in the UK and around the world.
Fax: + 44 (0)1624 636011
'We are one of the most advanced
Ownership
operators in the world in providing the
& Management: O2 (Netherlands) B.V.
latest services such as push email on our
mobile network,' says Ian. 'It's a great IOM Co Registration No: 28059
product and we are right at the forefront.' Date Incorporated: 1982
'Push email' is a service run from your Registered Office: HQ Building, IoM Business Park, Cooil Road, Braddan, IM2 2QZ
corporate e-mail server, which allows a Directors: W. A. Gilbey (Chairman), C J Hall (Managing Director),
mobile device such as the O2 XDA II to Ms D Gray, Mrs A. C Baldwin, R.J Dunne, R. Dowty JP,
receive your e-mail and calendar updates Sir Miles Walker CBE
in real time. As you open an e-mail on
your mobile device, or add an Employees (2004): 287
appointment to your calendar, this action Main Business: Telecommunications supply
is simultaneously duplicated on your Licences: Telecommunications licence
office PC.

Company Profiles > Contents
Company
Profiles
Accountants 151 Internet Service Providers 155
> Horwarth Clark Whitehill LLC > Netcetera
Banks 151 Investment Services 155

> Conister Trust PLC > Capital International Limited
> Thornton Associates Limited
> Fairbairn Private Bank (IOM) Limited
> Isle of Man Bank Limited Legal Services 155
> Irish Permanent International > MannBenham Limited
> Lloyds TSB Offshore Limited > Stuart Smalley & Co LLC
> Singer & Friedlander
Manufacturing 156
> The Royal Bank of Scotland International > CVI Technical Optics Limited
Building Societies 152 > Strix Limited
> Britannia International Property Sales and Management 156

> DeanWood Agencies
Construction 152
> Dandara Holdings Limited Publishing and Media 156
> Lily Publications Limited
Corporate Service Providers 152
> Louis Group International Trustees Limited Recruitment Services 156
> MeesPierson Intertrust Limited > Hamblin Limited
> Scarlett Corporate Services Limited > Link Recruitment Consultancy Limited
> The ILS Group Limited > Orchard Recruitment Limited
Delivery Service 153 Retail 157

> CV Jewellery
> Isle of Man Post
> MasterCraft Limited
Education 153 > Moore’s Traditional Curers
> IHMES International Hotel School
Shipping and Yacht Management 157
> Isle of Man International Business School
> Dohle (IOM) Ltd
> King William’s College > Pelagos Yachts Ltd
Financial Advisers 154
Telecommunications 158
> Financial Options > Manx Telecom
> Sefton Financial Services Limited
Tourism 158
Information Technology 154 > Sefton Hotel
> Skanco Business Systems Limited
> Syntec Limited
Travel 158
> The Isle of Man Steam Packet Company
Insurance Services 154
Utilities 158
> Friends Provident International
> Manx Gas Limited
> MBL
> Royal Skandia Wealth Management 158
> BW Group Limited

Company Profiles > Isle of Man
> Accountants > Banks (Private) page 86 > Banks (Private) page 84
Horwath Clark Whitehill Conister Trust PLC Fairbairn Private Bank (IOM) Ltd.
7th Floor - Victory House, Prospect Hill, Conister House, St Mary’s Court, 20 Hill Street,
Douglas, Isle of Man IM1 1EQ 16-18 Finch Road, Douglas, Douglas, Isle of Man IM1 1EU
Tel: + 44 (0)1624 627335 Isle of Man IM1 2PT Tel: + 44 (0)1624 645000
www.horwathcw.com Tel: + 44 (0)1624 694676 www.fairbairnpb.com
www.conistertrust.com
Established in the Isle of Man in 1983, we are an Conister Trust PLC was established in 1935 in the At Fairbairn Private Bank, we are committed to
independent member of the Horwath Clark Isle of Man and is a Manx public company with a making life easier for our clients, particularly when
Whitehill network in the UK, one of the leading UK banking licence. it comes to managing their finances. Our unique
integrated approach to banking and investment
accounting firms. It is licensed by the Isle of Man Financial services can save both time and money.
We are a modern firm with traditional values and Supervision Commission for Banking business and
operates within the Depositors Protection Scheme We offer an extensive range of multi-currency
specialise in services for the owner managed wealth management services that includes:
business and high net worth clients, including regulations of 1991.
● Cheque account facilities
business assurance, tax planning, accounting, Conister’s deposit and savings rates are very ● Fixed term and structured deposits
payroll and tax compliance. We also have our own competitive and we accept sterling deposits from ● Loan arrangements
Licensed Corporate Service Provider arm. personal individuals. ● Deferred Gold Visa debit cards
Our team of 3 directors and 20 staff are highly We pay interest gross to all customers without ● Fiduciary cash management facilities
trained and use the latest equipment, software deduction of any tax. Uk residents must declare ● Investment dealing
● Investment Management Services
and techniques to give our clients a high degree of interest earned to the relevant authorities in the
● Custodial services
close and continuous service. usual way. Other nationals should check with
their own taxation authorities to confirm We have won numerous awards and international
For a credible alternative to the ‘Big Four’ recognition not only for our financial products and
accounting firms, use Horwath Clark Whitehill. declaration requirements.
services, but also for the quality of our client services.
Fairbairn Private Bank (IOM) Limited was established in 1987 and

is licensed by the Isle of Man Financial Services Commission to
conduct Banking and Investment Business.
> Banks > Banks (Retail) > Banks page 80
Isle of Man Bank Ltd. Irish Permanent International Lloyds TSB Offshore Limited
2 Athol Street, Douglas, 12/14 Ridgeway Street, Douglas, PO Box 12, Peveril Buildings, Peveril Square,
Isle of Man IM99 1AN Isle of Man IM1 1EN Douglas, Isle of Man IM99 1SS
Tel: + 44 (0)1624 637000 Tel: + 44 (0)1624 641641 Tel: + 44 (0)1624 638101
www.iombank.com www.irishpermanentintl.com www.lloydstsb-offshore.co.uk
Isle of Man Bank has 11 branches throughout the Irish Permanent International is an international Lloyds TSB is one of the Isle of Man's largest
Isle of Man and is part of the Royal Bank of banking organisation based in the Isle of Man, employers and offers the full range of international
Scotland Group, the world’s third largest bank. which is part of a major Irish financial services banking services. The bank's customers are
Providing a full range of banking, insurance and group, Irish Life & Permanent plc. located not just on the island but also in 130
investment services for local, offshore and We provide lending, deposit and other banking countries around the world and enjoy the many
international customers, the Bank’s local services to both individuals, corporate and trust benefits of banking in a well-regulated jurisdiction.
knowledge, appropriate products, flexibility and clients. We have enjoyed a period of sustained growth
connections help bring the Bank’s business We pride ourselves on the service we provide to and remain optimistic that this will continue.
customers success. our international customers and we also provide a Lloyds TSB has operated on the island for more
Backed by the strength of the RBS Group, Isle of relationship team dedicated to meeting the needs than a century and is well placed to take
Man Bank is a modern and dynamic organisation. and requirements of our new and existing advantage of future opportunities as a key player
customers and intermediaries. in the banking sector.
Isle of Man Bank Limited (‘IOMB’). Registered Company Number: 1 Irish Permanent International is a registered business name of
Isle of Man. Registered Office: 2 Athol Street, Douglas, Isle of Man, Irish Permanent (IOM) Limited, which is licensed by the Isle of
IM99 1AN. Licensed by the Isle of Man Financial Supervision Man Financial Supervision Commission for Banking and
Commission for banking and investment business. Investment business.

> Banks (Private) page 82 > Banks page 78 > Building Societies
Singer & Friedlander The Royal Bank of Scotland Britannia International Ltd.
Samuel Harris House, 5-11 St. Georges Street, International Britannia House, 64 Athol Street,
Douglas, Isle of Man IM99 1SN 2 Victoria Street, Douglas, Douglas, Isle of Man, IM99 1SD
Tel: + 44 (0)1624 699222 Isle of Man IM99 1NJ Tel: + 44 (0)1624 681100
www.singers-iom.co.im Tel: + 44 (0)1624 646603 www.britanniainternational.com
www.rbsint.com
Singer & Friedlander's area of expertise lies in The Royal Bank of Scotland International Group Britannia International is the wholly owned
finding tailored solutions for high net worth (RBSI Group) provides the full range of corporate offshore deposit-taking subsidiary of Britannia
individuals and expatriates. This private bank has and personal banking services to local, offshore Building Society, one of the UK's largest building
been providing banking, fiduciary and investment and international customers, and the RBSI group societies.
services in the Isle of Man for the past 30 years has had a presence in the Isle of Man for 25 years. With over 14,000 customers in more than 100
and clients benefit from this wealth of experience. Recent innovations include the establishment of countries around the world and over £1billion on
A highly experienced team provides the full range the Island's most sophisticated treasury dealing deposit, we have been impressing personal and
of offshore private banking and financial services, room and the eQ electronic banking system corporate investors for over 15 years with our
including current and savings accounts, designed specifically for the offshore finance award-winning savings accounts and structured
international money transfers, multi-currency sector. capital protected deposits. We also offer a bespoke
accounts, mortgages, investments and trust and All our products can be tailored to meet individual service for high net worth IFA clients.
company services. needs and we offer competitive pricing, and quick We pride ourselves on our attractive rates, unique
Clients are guaranteed a bespoke service thanks to decision making and implementation from our commitment to customer service and on giving
the Singer & Friedlander philosophy of providing Island headquarters in Victoria Street. customers the freedom to manage their affairs the
innovative and competitive solutions from an The Royal Bank of Scotland Group (RBS Group) is way that suits them best.
equally competitive and highly regarded offshore the parent of the Isle of Man Bank network
jurisdiction. following the takeover of NatWest in 2002, making
the RBS group the second largest bank in Europe
Singer & Friedlander (Isle of Man) Limited is licensed by the Isle of Man
Financial Supervision Commission for Banking & Investment Business. and the sixth largest in the world.
Singer & Friedlander (Isle of Man) Limited is Authorised and Regulated by Licensed by the Isle of Man Financial Supervision Commission for
the Financial Services Authority for UK Mortgage Business. Banking and Investment Business.
> Construction page 110 > Corporate Service Providers page 90 > Corporate Service Providers
! Intertrust
Dandara Holdings Ltd. Louis Group International Trustees Ltd. MeesPierson Intertrust Ltd.
Park House, Isle of Man Business Park, Louis Building, 6 Goldie Terrace, Clinch’s House, Lord Street,
Cooil Road, Braddan, Douglas, Isle of Man IM1 1EB Douglas, Isle of Man IM99 1RZ
Isle of Man IM2 2SA Tel: + 44 (0)1624 649200 Tel: + 44 (0)1624 683229
Tel: + 44 (0)1624 693300 www.louisgroupint.com www.meespiersonintertrust.com
www.dandara.com
Created 15 years ago in the Isle of Man, Dandara Louis Group International Trustees are licensed by the MeesPierson Intertrust is the world’s number one
Holdings is responsible for providing a broad range Isle of Man Financial Supervision Commission to provider of corporate and trust services with an
of residential, commercial and corporate property. conduct Investment and Corporate Services Business. extensive network of offices in both major onshore
Based at the Isle of Man Business Park, where it LGI provide the complete range of Offshore Corporate as well as traditional offshore locations.
has created purpose-built headquarters for Services and Fiduciary Services including, but not Our specialist services include, but are not limited
organisations including Manx Telecom, Scottish limited to: to, company and trust formation, management
Provident International and Securicor, the group ◆ Formation and administration of companies, and statutory secretarial work, trusteeship as well
represents a significant percentage of the local trusts, foundations and hybrid companies; as international corporate, financial and tax
construction industry and makes a meaningful ◆ A range of corporate and trustee services structuring.
contribution to the Manx economy. including provision of directors and nominee
Although we do work with direct clients,
The commercial side of the business is operated shareholders, and acting as company secretary and
we regularly work with professional
under the Dandara name, while the Heritage share registrar;
intermediaries and assist them in
Homes brand provides residential accommodation ◆ Asset protection structures; providing their clients with a truly global service
throughout the Isle of Man. Dandara has ◆ Banking and insurance products; incorporating all relevant aspects such as tax, legal,
expanded successfully into Jersey and Guernsey ◆ Accounting and re-invoicing; accounting and VAT.
and is now undertaking major developments in ◆ LGI specialise in Establishing a variety of structures
the UK with operations in Manchester, Glasgow specific for Individual client needs.
and London. LGI’s Investment Business provides the full spectrum of
investment products worldwide. LGI specialize
in private placements on Commercial Property
investments in the IOM, UK, South Africa & Switzerland.

> Corporate Service Providers page 88 > Corporate Service Providers > Delivery
Scarlett Corporate Services Ltd. The ILS Group Ltd. Isle of Man Post
PO Box 277, 2nd Floor, 1st Floor, Millennium House, Victoria Road, Postal Headquarters,
Viking House, Nelson Street, Douglas, Isle of Man IM2 4RW Spring Valley Industrial Estate,
Douglas, Isle of Man IM99 2LJ Tel: + 44 (0)1624 682500 Douglas, Isle of Man IM2 1AA
Tel: + 44 (0)1624 612892 www.ils-world.com Tel: + 44 (0)1624 664664
www.scarlettcorp.com www.iompost.com
In today’s Global markets it is imperative to The ILS Group is one of the world’s leading Isle of Man Post offers a range of postal services.
structure corporate activities in a way that independent international corporate service We deliver mail directly into the domestic and
maximises international profitability. providers, offering incorporation and administration international mail streams, for worldwide delivery,
Scarlett Corporate Services is a licensed Corporate of offshore and onshore companies and trusts with speed and efficiency. Other services include
Service Provider, managing tailored Corporate primarily to professionals. Through our worldwide island-wide counter network, collections and
structures for a Worldwide network of clients. network of offices we provide innovative solutions deliveries – tailored to your needs, Door2Door
Through prudent planning, Corporate for tax efficiency, asset protection, estate planning distribution and Special Delivery.
structures can be utilised for your client’s activities and trading. Isle of Man Stamps enjoy an excellent reputation
and may include: ILS has been working offshore for over thirty years worldwide for the quality and variety of their stamp
and is known for its personal service and integrity. issues and collectibles, commemorating subjects
• International Trading We are fully licensed in the Isle of Man, Guernsey as diverse as Manx Heritage & History and the
• Intellectual Property Management and the British Virgin Islands. recent blockbuster movie The Lord of
Barcelona • BVI • Gothenburg • Guernsey The Rings.
• Employment & Consultancy Services
• Asset Protection Isle of Man • Johannesburg • Lisbon IMS is the Integrated Mailing Solutions division of
London • Montevideo • Vilnius Isle of Man Post. IMS specialises in every aspect of
mailing from simple franking, scanning, printing
and envelopment to the outsourcing of your entire
mailroom operation.
Scarlett Corporate Services Limited is Licensed by the Isle of Man

Financial Supervision Commission as a Corporate Service Provider.
> Education page 116 > Education page 118 > Education page 114
IHMES International Hotel School Isle Of Man International Business School King William's College
Windsor House, Port Erin, Old Castletown Road, Douglas, Castletown,
Isle of Man IM9 6LA Isle of Man, IM2 1QB Isle of Man, IM9 1TP
Tel: + 44 (0)1624 832836 Tel: + 44 (0)1624 693700 Tel: + 44 (0)1624 820428
www.ihmes.com www.ibs.ac.im www.kwc.sch.im
Based in Port Erin and Douglas, The International The International Business School offers The Isle of Man's only independent school has
Hotel School trains students from more than 25 undergraduate and postgraduate degree courses brought the International Baccalaureate to the
countries worldwide. In 1999, a second Campus in business that are internationally recognised. Island. IB replaces traditional A levels and is the
was opened in Manila, Philippines. Professional and short courses add to the wealth qualification of choice of leading universities.
The school was created in 1984 to meet the of learning opportunities we provide from a Outstanding results at KWC in 2004 were the
demand for high quality staff and managers to stunning and historic campus, The Nunnery, on the equivalent of a 100 per cent A level pass rate.
support a tourism industry that employs more than fringes of the Isle of Man's finance sector. Established in 1833, the college offers day and
250 million people globally. Students receive The Island is the ideal location for a business boarding to local and international pupils, and
training in theory and analysis as well as practical school, enabling international students to gain modern teaching facilities in a building that
experience in the field, working in the industry at valuable experience within a thriving and well- remains one of the Island's most outstanding
the end of their second year. established offshore sector and providing those landmarks.
The International Hotel School is a member of already working in the local finance industry with The Buchan, on a different site, is the junior school
CHRIE (Council of Hotel, Restaurant and Institutional an opportunity for further valuable training. enabling KWC to offer outstanding education
Education) and is accredited by the British Our fees are highly competitive, while scholarships to 3 to 18 year olds.
Accreditation Council (BAC) for independent and and bursaries are also available. The IBS is IT
further education. intensive and students can update skills in this
area alongside their studies. An English language
programme helps international students achieve
IHMES - developing tomorrow’s managers today the level of English necessary to study their chosen
degree programme.

> Financial Advisers > Financial Advisers > Information Technology page 122
Financial Options Sefton Financial Services Ltd. Skanco Business Systems Ltd.
68 Athol Street, Douglas, Museum Building, Skanco Court, Cooil Road, Braddan,
Isle of Man, IM1 1QQ Church Road, Port Erin, Isle of Man, IM2 2SR
Tel: + 44 (0)1624 612611 Isle of Man IM9 6AH Tel: + 44 (0)1624 680808
www.financialoptions.co.im Tel: + 44 (0)1624 838053 www.skanco.co.uk
We are Independent Financial Advisers. We are SFS are a firm of Independent Financial Advisers Skanco has been in business for 20 years and is
fully qualified to advise on and arrange your with over 20 years successful experience, enabling an Isle of Man company wholly owned by its four
mortgage, insurance, pension or investments. us to give personal attention to all our clients directors, all of whom are Manx residents.
whatever their financial needs.
As truly independent advisers, we are able to Skanco’s principal services are:-
choose from the entire market, finding the best Our specialists Independent Mortgage Team will
also ensure you get the best mortgage deal for ◆ Outsourcing ◆ Hardware Maintenance
scheme to suit your individual needs. We act as
your agent and as such accept responsibility for
your purchase or re mortgage. ◆ Business Continuity ◆ Disaster Recovery
any advice given. Licensed by the Isle of Man Financial Supervision ◆ Managed Secure Hosting ◆ Managed Office Space
Commission to conduct investment business and
We are regulated by the Isle of Man Financial registered with the insurance and pensions ◆ IT Procurement ◆ 24 x 7 Support
Supervision Commission to conduct investment authority in respect of general business. We operate from two purpose built premises on
business and by the Insurance and Pensions We offer professional advice in the following key the outskirts of Douglas and over 50 percent of
Authority in respect of general business. areas. Skanco’s staff are involved in the technical area.
Our service is professional yet easy to understand. • Offshore Investment Planning Skanco’s commitment to ongoing training ensures
Any information supplied to us will be treated in • Tax Efficient Savings Plans that our engineers are the highest qualified
the strictest confidence and any advice offered as • Life Assurance and Critical Illness technical staff available on the Isle of Man.
a consequence of your enquiry will be without • Retirement Planning
obligation. • Equity Release & Health Insurance
• Income Protection
• Estate and Wealth Preservation
• Mortgages
> Information Technology > Insurance Services > Insurance Services
Syntec Ltd. Friends Provident International MBL

Woodbourne House, Woodbourne Lane, Royal Court, Castletown, Falcon House, 22/24 Ridgeway Street,
Douglas, Isle of Man IM2 3LJ Isle of Man IM9 1RA Douglas, Isle of Man, IM1 1RS
Tel: + 44 (0)1624 640100 Tel: + 44 (0)1624 821212 Tel: + 44 (0)1624 672233
www.syn-tec.com www.fpinternational.com www.mbl.co.im
Syntec are an IT technical services provider Friends Provident International Limited (FPI Ltd) is MBL is a leading firm of Independent Financial
bringing the leading technologies to small-medium one of the oldest and most respected offshore life Advisers, Commercial and General Insurance
businesses and enterprises alike. assurance companies in the world. Established in Broker based in the Isle of Man.
Our consultants have many years of experience in the Isle of Man in 1978, FPI Ltd has over 25 years Established in 1986, located in the heart of the
local and wide area networking; Internet of experience in the industry, and administers Douglas business centre, employing 20 staff at its
technologies and security specialisations. funds in excess of US$4 billion on behalf of over landmark offices.
30,000 policyholders worldwide.
Working with and alongside our clients and Specialising in Offshore Investment and Retirement
customers, we assist and deliver a common sense The Friends Provident International product range Planning, the team of highly experienced and
solution to today’s often confusing world of is award winning, and within this FPI Ltd offers a qualified staff, are also able to assist with Offshore
acronyms, buzzwords and hype. Our people are all comprehensive selection of single and regular Investment, Life Insurance, Health Insurance and
friendly and plain speaking. premium products designed to meet all Savings on a Corporate or Individual basis.
investment and financial needs.
We provide a ‘one stop shop’ for business in their MBL is the trading name of Morris Brokers Limited
IT requirements. FPI Ltd is a member of one of the most prestigious and is licensed to conduct Investment Business by
financial organisations in the world. Friends the Isle of Man Government Financial Supervision
Provident Group has 2.6 million customers Commission, and is also registered with the
worldwide and is a FTSE 100 company. The Group Insurance and Pensions Authority in respect to
also has credit ratings of A+ (Standard & Poor's)
Not all needs are the same, General Business.
and A2 (Moody's).
flexibility is our strength.

> Insurance Services page 94 > Internet Service Providers > Investment Services page 98
capital
international
limited
Royal Skandia Netcetera Capital International Ltd.
Skandia House, King Edward Road, 12-14 Ridgeway Street, Douglas, PO Box 15, Mill Court, Hope Street,
Onchan, Isle of Man IM99 1NU Isle of Man IM1 1EN Castletown, Isle of Man IM99 5XH
Tel: + 44 (0)1624 655555 Tel: + 44 (0)800 2987 214 Tel: + 44 (0)1624 828200
www.royalskandia.com www.netcetera.net.uk www.capital-iom.com
Royal Skandia is one of the world's leading Formed in 1996, Netcetera is one of Europe's Capital International Limited is committed to
insurance companies with assets in excess of leading Web Hosting service providers, with securing a brighter financial future for all our Clients.
$8billion. The Manx operation employs 400 customers in over 50 countries worldwide. Our
people and recently relocated to purpose-built services are biased towards Microsoft based We have the ability to deal on-line and settle in any
premises on Onchan Head, in a building that is Internet Technologies - we have been a Microsoft currency. This along with secure custodial services
already a local landmark. Certified Partner since 1999. has enabled the Firm to develop long-term
The company provides savings and investment Netcetera provides complete solutions for Web relationships with our private and institutional
plans from the Island's tax-efficient base and is Hosting, Domain Name Registration, E-Commerce, clients in a world where confidence remains a
regulated by the Insurance and Pensions Authority. E-mail, Dedicated Server Hosting and Server-based fragile commodity.
Skandia is a long established company, having Applications Hosting (ASP).
Our specialist services include:
started 150 years ago in Stockholm, and We are focused exclusively on providing advanced • Investment Management Services
consequently has all the experience one would hosting services for the Microsoft platform. Every
• Wealth Management Services
expect of a major player in the insurance industry. aspect of Netcetera has been architected to
achieve the highest quality of service possible for • Execution Only Dealing
We are committed to our Isle of Man operation
and loyal local workforce, and secure within a customers with applications that are critical to your • Third Party Investment Administration
highly regulated international finance sector. business. • Global Custodial Services
Web Hosting • Dedicated Servers • E-Commerce
Co-location • Domain Names • Connectivity
A Member of the London Stock Exchange and
Licensed to conduct investment business by
the Isle of Man Financial Supervision Commission.
> Investment Services > Legal Services page 102 > Legal Services
STUART SMALLEY & Co LLC

SOLICITORS
Thornton Associates Ltd. MannBenham Ltd. Stuart Smalley & Co LLC

Thornton Grange, Belle Vue Lane, 10 Hill Street, Douglas, 18 St Georges Street, Douglas,
Peel, Isle of Man IM5 1UH Isle of Man IM1 1EF Isle of Man, IM1 1PL
Tel: + 44 (0)1624 845450 Tel: + 44 (0)1624 617960 Tel: + 44 (0)1624 626557
www.thorntonfs.com www.mannbenham.com www.law-man.com
Thornton Associates Ltd are specialist providers of MannBenham Limited is an incorporated legal Stuart Smalley & Co LLC Solicitors provides quality
independent advice to expatriates. Licensed by the practice of Isle of Man Advocates. We have a broad advice on a range of international banking,
Isle of Man Government Financial Supervision base of clients ranging from the individual commercial and financial operations, trust and tax
Commission to conduct Investment Business, a businessman through to large International listed laws. It represents banks, insurance companies,
reliable, competitive and personalised service is public companies. Our preferred areas of work are investment houses, governments and high net
assured for Pensions and Investments; Life noncontentious commercial work and commercial worth individuals.
assurance; Critical Illness Cover; Private Medical litigation. Stuart Smalley & Co LLC advises on both Isle of
Insurance; Income Protection. Our aim is to provide a fast and cost effective Man and English legal issues, so as to provide
We take account of your multi jurisdictional solution to your legal requirements. single-source advice on both jurisdictions. It has
circumstances and offer plans in major currencies. Commercial Department: substantial experience of the critical issues of
Thornton Associates clients benefit from 18 years Timothy Mann conflict of laws that arise in most international
experience in offshore financial services. We are Litigation Department: transactions
dedicated to providing an honest, first-rate Miles Benham
professional service with attentive back-up as your
needs change - as the world changes.
Thornton Associates Ltd.

- taking care of your
finances today AND into
the future.

> Manufacturing page 126 > Manufacturing page 128 > Property Sales & Management page 112
CVI Technical Optics Ltd. Strix Ltd. Deanwood Property

Second Avenue, Onchan, Forrest House, Ronaldsway, 37 Victoria Street, Douglas,
Isle of Man IM3 4PA Isle of Man IM9 2RG Isle of Man, IM1 2LF
Tel: + 44 (0)1624 647000 Tel: + 44 (0)1624 829829 Tel: + 44 (0)1624 620606
www.cvi-tol.co.uk www.strix.com www.deanwood.co.im
Founded in 1973 in the Isle of Man, we are a A family firm founded by John Taylor, who was Offering a wealth of local experience, Deanwood
specialist manufacturer of optics for use in many educated in the Isle of Man, Strix started trading in with offices in Douglas, Castletown & Ramsey
different applications. Our optics are created by a 1951 and now has 1000 employees at its sites in established itself as a leading estate agents in the
dedicated workforce of 31 from our base on an the Isle of Man, Europe and China. Our main Isle of Man just before the huge boom in the
industrial estate in Onchan and shipped to business is the design, manufacture and sale of offshore finance industry in the 1980s.
locations throughout the world for use in lasers thermostatic controls and cordless interfaces and Since then, we have helped thousands of clients
and other optical systems. CVI optics can be found our thermostats are used more than a billion times with their property needs in a robust market that
in some of the most powerful lasers in the world. a day around the world. has historically avoided the slump periods
Examples of some of the uses where CVI We have won Queen's Awards for innovation and experienced by the United Kingdom. We employ a
technology is implemented include laser scalpels international trade and continually strive to find highly skilled team of 29 people offering sales,
for surgery and telescopes for studying the ozone new markets for our products. Strix recently valuation, survey and mortgage advice, and
layer and the stars. Our optics are also used by expanded into the provision of water filters to property management.
researchers carrying out experimental work. In May meet the high demand for clean drinking water Potential buyers who visit our state of the art
2000, this highly successful Isle of Man company across the world. Household names that use Strix website can take a virtual tour of some of the
was incorporated into the US group CVI, a global technology include Morphy Richards, Philips, homes on our comprehensive list. From starter
leader in the field of laser optics. Russell Hobbs and Tefal. homes to executive properties, Deanwood has just
what you're looking for.
Offices also at Ramsey & Castletown
> Publishing & Media page 136 > Recruitment > Recruitment
Lily Publications Ltd. Hamblin Ltd. Link Recruitment Consultancy Ltd.

PO Box 33, Ramsey, 33-35 Victoria Street, 33 Hope Street, Douglas,
Isle of Man IM99 4LP Douglas, Isle of Man IM1 2LF Isle of Man IM1 1AR
Tel: + 44 (0)1624 898446 Tel: + 44 (0)1624 620022 Tel: + 44 (0)1624 615600
www.lilypublications.co.uk www.recruit@hamblin.co.im www.link.co.im
Lily Publications was set up in 1991 by Miles Hamblin has been providing permanent and Link Recruitment has been designed specifically for
Cowsill and Linda Cowsill. contract staffing at all levels for over seventeen professionals in the finance sector on the Island.
years to the Island’s professional and commercial
Their initial business foundation was in Wales sectors, in areas such as: We have a team of 3 Consultants who are qualified
working closely with the Wales Tourist Board and in their field with several years experience. Our aim
Accountancy, Banking, Investment & Fund
tourist authorities in Wales. at Link is to assist you with your recruitment and
Administration, Legal, Life Assurance, Trust &
During the first five years of its inception, the Company Administration, Ship Management employment requirements; whether you are looking
company was responsible for producing a series of for Permanent, Contract or Temporary opportunities
The largest recruitment consultancy on the Island, in the finance sector, we take the time to discuss
guides covering Wales for the tourist industry and Hamblin has gained an enviable reputation with
also the onboard magazine for P&O Ferries for your employment options in detail.
employers and candidates alike for a quality of
their continental routes. service that embraces professionalism, experience, For a confidential discussion regarding your
market knowledge and effective delivery. career and employment requirements with qualified
The company also produced a wide selection of
high quality coffee-table style books during that Hamblin Consultancy has three divisions: Executive, recruitment consultants, please contact the team
time, dealing with the requirements of a specialist Permanent and Temporary Staffing, providing search on 615600.
niche market. In 1995, the company was and selection, recruitment and candidate assessment Additional Services Include:
services to the most senior level.
appointed by the Isle of Man Government to • Recruitment & Selection • Executive Search
produce their tourist guide for the Island. Hamblin’s range of services also embrace:
• Life Coaching • Counselling • HR Administration
Interim management supply, management of large
The company has since then produced a series of volume recruitment campaigns, ‘soft skills’ training, & Consultancy Services • Interview Techniques
A4 style books on the Isle of Man, Jersey and coaching, outplacement training, preferred supplier • Conference Facilities & Psychometric Testing.
Guernsey to promote the respective Islands. arrangements, career counselling, interview room Let us be the Link with your new employer…
facilities for clients.

> Recruitment > Retail page 134 > Retail page 132
Orchard Recruitment Ltd. CV Jewellery MasterCraft Ltd.

28 Victoria Street, 5 Marina Road, Douglas, Westminster House, Parliament Square,
Douglas, Isle of Man IM1 2LE Isle of Man IM1 2HD Castletown, Isle of Man IM9 1LA
Tel: + 44 (0)1624 617577 Tel: + 44 (0)1624 676422 Tel: + 44 (0)1624 829445
www.orchardrecruitment.com www.cvjewellery.co.uk www.mastercraft-europe.com
An established recruitment consultancy based in From unique christening gifts to complete wedding MasterCraft is the Worlds largest manufacturer of
the heart of Douglas. Run by qualified staff, and corporate packages, CV Jewellery has built up high performance Wakeboard, Waterski and luxury
providing the best professional service to both a reputation as a quality jewellers. CV stands for inboard engine powerboats.
candidates and clients. It has another office in Celtic Venture and the Isle of Man's rich Celtic MasterCraft Ltd based in the Isle of Man is the
Belfast, which doubles their access to vacancies history is evident in the beautifully intricate designs exclusive distributor for MasterCraft Products
and people alike. crafted into rings, bracelets, tie-pins, cufflinks and throughout Europe, initially founded in the UK in
pendants from the on-site workshop. 1975 as family enterprise serving the UK market
Its divisions include:
• Finance & Commercial • Hospitality & Retail We even have our own, unique version of the only, owners Ian and Peter Birdsall pursued a
• Construction & Engineering, all working for Three Legs, made to celebrate our sixth business development strategy dedicated to
executive, permanent & contract/temporary staff. anniversary, that can be incorporated into providing the highest standard of customer service
wonderfully original corporate gifts. The Island's and care ensuring solid steady sustainable growth.
These divisions cover sectors such as: legislative and business community call on CV This philosophy has been encompassed
• Corporate Services • Insurance & Banking Jewellery when something extra special is throughout the company history creating a loyal
• Ship Management • Accountancy & Legal required. We are able to meet the requirements of customer base and unrivalled respect within the
personnel • Hotel Management & all staff local companies and are now also making an industry, today the Isle Of Man Company is a
• Technical Construction/Engineering professionals impact off-Island thanks to the development of our wholly independent distributor responsible for all
• Retail senior to junior staff. website. Our own collections are on show aspects of MasterCraft Business in Europe and
alongside other contemporary designers in 18ct other international regions, Company Chairman Ian
gold and diamond. Birdsall and director Christine Birdsall bring with
them unrivalled experience in the market sector.
> Retail page 130 > Shipping / Yacht Management > Shipping / Yacht Management page 138
Moore's Traditional Curers Döhle (IOM) Ltd. Pelagos Yachts Ltd.

Mill Road, Peel, Fort Anne, Douglas, Auldyn House, Ramsey,
Isle of Man IM5 1TA Isle of Man IM1 5PD Isle of Man IM8 1DW
Tel: + 44 (0)1624 812155 Tel: + 44 (0)1624 649649 Tel: + 44 (0)1624 819867
www.manxkippers.com www.doehle-iom.com www.pelagosyachts.com
Capitalising on one of the Isle of Man's traditional Döhle (IOM) Ltd the Isle of Man’s largest Shipping Our Ramsey-based company is capitalising on the
industries, Moore's Traditional Curers is now Company, managing over 150 vessels, is situated early successes enjoyed by a growing industry for
exporting the famous Manx kippers around the in Fort Anne overlooking Douglas Bay. On the the Isle of Man. We are experts in commercial
world. Island for over 14 years, our company has grown yacht registration and can offer a tailored yacht
Our 120 year old kipper yard is a working museum into a dynamic global business with wholehearted management service that is second to none.
as well as a viable business and the only commitment to clients and personnel alike. We The reputation of Pelagos was sealed when we
traditional kipper curers in the Isle of Man. Visitors enthusiastically invest in staff development, as any secured the world's largest single masted yacht,
can take advantage of a daily tour around our organisation is only as strong as it’s employees. the Mirabella 5; Pelagos already manages earlier
kipper yard, which has four smoke houses capable We recognise this is key to our success. Mirabella versions.
of holding 20,000 herring, every afternoon and Döhle (IOM) Ltd offer a full range of crewing, Pelagos was the first yacht management company
then purchase our product from the on-site shop. technical and shipping related services to our in the Isle of Man to be audited and receive
We also specialise in traditionally oak smoked clients who benefit from our long term view of approval from Marine Administration and the first
bacon. business relationships. independent company to receive a document of
Moore's is an integral part of the fishing port of With considerable investment in staff, training and compliance. We were also instrumental in the
Peel that is now, thanks to the internet, putting the advanced IT solutions, we believe that Döhle (IOM) activation of the Commercial Yacht Code in 2003.
traditional dish on the worldwide map. Ltd can offer a perfect combination providing the Pelagos is unique in that it is the only Manx yacht
highest standards of safe, efficient and cost management company to provide international
effective services safety management (ISM).

> Telecommunications page 148 > Tourism page 144 > Travel page 142
Manx Telecom Sefton Hotel The Isle Of Man Steam Packet Company
Isle of Man Business Park, Harris Promenade, Douglas, Imperial Buildings, Douglas,
Cooil Road, Braddan, Isle of Man IM1 2RW Isle of Man IM1 2BY
Isle of Man IM99 1HX Tel: + 44 (0)1624 645500 Tel: + 44 (0)1624 645645
Tel: + 44 (0)1624 636383 www.seftonhotel.co.im www.steam-packet.com
www.manx-telecom.com
Manx Telecom, the Isle of Man`s incumbent The Sefton Hotel is a landmark building on The Isle of Man's ferry services lifeline has moved
telecommunications operator, is a wholly owned Douglas Promenade and offers a hundred rooms with the times to today's position of providing a
subsidiary of international operator, mmO2. that overlook either the picturesque bay or an modern, comfortable and reliable passenger and
Manx Telecom provides fixed, mobile and Internet attractive atrium. The Sefton has a four star rating freight service.
services and highly resilient off-Island connectivity. from the AA and is a popular choice for the The Steam Packet Company is the oldest
business and leisure visitor alike. continuously operating passenger shipping
Manxnet, Manx Telecom`s ISP, offers a one-stop
shop solution for all your Internet needs. This The hotel is located close to the capital's main company in the world and this year celebrates its
includes Web Hosting, high quality Internet access, shopping streets, the finance district and 175th anniversary. Today's fleet is based in the port
Payment Platforms and Security Solutions. government buildings. The Sefton is adjacent to of Douglas. The flagship vessel is the £24 million
the Villa Marina entertainments complex that build Ben my Chree that recently benefited from a
Manxnet`s facilities are resilient and secure, with recently benefited from a £15million refurbishment. £1.5million passenger accommodation extension
24 x 7 staffing and multiple Internet carrier feeds. and operates all year round. The Lady of Mann
A strong local team, coupled with the considerable A boutique hotel, the Sefton has a unique
personality that is now reaching a wider audience ferry is brought into service during peak times,
strength and resource of a multi-national such as the TT festival, and there is a seasonal fast
communications provider ensures high quality thanks to the internet. The management is
committed to maintaining high quality investment craft service.
products with a personal service.
to maintain the Sefton's profile in the Island and The Steam Packet carries more than 650,000
recently purchased two adjoining guesthouses for passengers annually.
future redevelopment.
> Utilities > Wealth Management page 106 > Fact File Isle of Man
Manx Gas Ltd. BW Group Ltd. ADNP Ltd.

Murdoch House, South Quay, PO Box 343, 20 Finch Road, PO Box 32,
Douglas, Isle of Man IM1 5PA Douglas, Isle of Man IM99 2QD Castletown, Isle of Man IM99 5XU
Tel: + 44 (0)1624 644444 Tel: + 44 (0)1624 677100 Tel: + 44 (0)1624 838440
www.manxgas.com www.bw.co.im www.adnp.co.im
Gas in the Isle of Man is distributed and The BW Group is an independent group of Fact File Isle of Man is a
maintained exclusively by Manx Gas. The companies providing taxation consultancy,
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In 2003 Manx Gas converted over 13,000 homes financial institutions and private clients. Limited, ADNP Limited is currently taking
and businesses in the Douglas and surrounding Committed to professionalism, fiscal innovation, bookings for the 2007/8 edition
area to Natural Gas. The work took five months to the application of sound and competent advice
complete. More than 22,500 appliances, some of of Fact File Isle of Man.
and guidance in dealing with our client’s financial
them older than their owners, were converted to affairs, all our executives are actively involved
Natural Gas. Conversion kits were sourced from all within the group –working to identify and resolve
around the world or made up specially for the
For further information or to purchase
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project. of services on an international basis. the current edition, please telephone
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Athol Street, Douglas 159
160 South view of the Island
Fact File Diary > Information Pages > 2005/2006
Fact File Diary 2005/2006

Please Note: Diary dates may be subject to change; please Events and national holiday dates 2005 cont.
check with event organisers. All 2005 public and bank
holidays are correct at the time of going to press; 2006 public SEPTEMBER
and bank holiday dates are subject to confirmation. 3 & 4 Manx Classic Trial
5 - 9 September Crown Green Bowling Festival
Events and national holiday dates 2005 7 - 12 TT Car Centenary
JANUARY DECEMBER
3 New Year's Day in lieu of 1 January 25 Christmas Day
26 Boxing Day
MARCH 27 Substitute Bank Holiday in lieu of 25 December
25 Good Friday
28 Easter Monday Events and national holiday dates 2006
25 - 27 Easter Shoot
25 - 28 Easter Festival of Rugby JANUARY
31 Mar - 4 Apr Student Festival of Sport 2 New Year's Day in lieu of 1 January
MAY APRIL
2 Early May Bank Holiday 14 Good Friday
30 Spring Bank Holiday 17 Easter Monday
6 & 7 Roush Manx Rally
27 - 30 De Montford Pre-T.T. Classic MAY
27 - 31 Whit Hockey Festival 1 Early May Bank Holiday
28 May - 10 Jun T.T. Festival 29 Spring Bank Holiday
JUNE 26 - 30 May Whit Hockey Festival
10 T.T. Bank Holiday 27 May - 9 June T.T. Festival
11 SPCo. National Races
19 - 24 Walking Festival JUNE
29 June - 2 July Manx Kart Grand Prix 10 SPCo. National Races
18 - 23 Walking Festival
JULY
5 Tynwald Day JULY
11 - 14 Southern 100 5 Tynwald Day
23 & 24 Drag Bikes
28 - 30 Manx International Rally AUGUST
31 July - 13 Aug British Chess Championships 28 Summer Bank Holiday
19 Aug - 1 Sept Manx Grand Prix
AUGUST
29 Summer Bank Holiday SEPTEMBER
4 & 6 Stockcar F2 Open Championship1 2 & 3 Sept Manx Classic Trial
14 Marathon & 1/2 Marathon
15 & 18 Stockcar F2 T.T.
12 - 14 Jazz Festival DECEMBER
20 Aug - 2 Sept Manx Grand Prix 25 Christmas Day
27 & 28 Manx National 2-Day Trial 26 Boxing Day

Year Planner 2005
January 2005 February 2005 March 2005

M T W T F S S M T W T F S S M T W T F S S
1 2 1 2 3 4 5 6 1 2 3 4 5 6
3 4 5 6 7 8 9 7 8 9 10 11 12 13 7 8 9 10 11 12 13
10 11 12 13 14 15 16 14 15 16 17 18 19 20 14 15 16 17 18 19 20
17 18 19 20 21 22 23 21 22 23 24 25 26 27 21 22 23 24 25 26 27
24 25 26 27 28 29 30 28 28 29 30 31
31
April 2005 May 2005 June 2005

1 2 3 1 1 2 3 4 5
4 5 6 7 8 9 10 2 3 4 5 6 7 8 6 7 8 9 10 11 12
11 12 13 14 15 16 17 9 10 11 12 13 14 15 13 14 15 16 17 18 19
18 19 20 21 22 23 24 16 17 18 19 20 21 22 20 21 22 23 24 25 26
25 26 27 28 29 30 23 24 25 26 27 28 29 27 28 29 30
30 31
July 2005 August 2005 September 2005

1 2 3 1 2 3 4 5 6 7 1 2 3 4
4 5 6 7 8 9 10 8 9 10 11 12 13 14 5 6 7 8 9 10 11
11 12 13 14 15 16 17 15 16 17 18 19 20 21 12 13 14 15 16 17 18
18 19 20 21 22 23 24 22 23 24 25 26 27 28 19 20 21 22 23 24 25
25 26 27 28 29 30 31 29 30 31 26 27 28 29 30
October 2005 November 2005 December 2005

1 2 1 2 3 4 5 6 1 2 3 4
3 4 5 6 7 8 9 7 8 9 10 11 12 13 5 6 7 8 9 10 11
10 11 12 13 14 15 16 14 15 16 17 18 19 20 12 13 14 15 16 17 18
17 18 19 20 21 22 23 21 22 23 24 25 26 27 19 20 21 22 23 24 25
24 25 26 27 28 29 30 28 29 30 26 27 28 29 30 31
31

Year Planner 2006
January 2006 February 2006 March 2006

1 1 2 3 4 5 1 2 3 4 5
2 3 4 5 6 7 8 6 7 8 9 10 11 12 6 7 8 9 10 11 12
9 10 11 12 13 14 15 13 14 15 16 17 18 19 13 14 15 16 17 18 19
16 17 18 19 20 21 22 20 21 22 23 24 25 26 20 21 22 23 24 25 26
23 24 25 26 27 28 29 27 28 27 28 29 30 31
30 31
April 2006 May 2006 June 2006

1 2 1 2 3 4 5 6 7 1 2 3 4
3 4 5 6 7 8 9 8 9 10 11 12 13 14 5 6 7 8 9 10 11
10 11 12 13 14 15 16 15 16 17 18 19 20 21 12 13 14 15 16 17 18
17 18 19 20 21 22 23 22 23 24 25 26 27 28 19 20 21 22 23 24 25
24 25 26 27 28 29 30 29 30 31 26 27 28 29 30
July 2006 August 2006 September 2006

1 2 1 2 3 4 5 6 1 2 3
3 4 5 6 7 8 9 7 8 9 10 11 12 13 4 5 6 7 8 9 10
10 11 12 13 14 15 16 14 15 16 17 18 19 20 11 12 13 14 15 16 17
17 18 19 20 21 22 23 21 22 23 24 25 26 27 18 19 20 21 22 23 24
24 25 26 27 28 29 30 28 29 30 31 25 26 27 28 29 30
31
October 2006 November 2006 December 2006

1 1 2 3 4 5 1 2 3
2 3 4 5 6 7 8 6 7 8 9 10 11 12 4 5 6 7 8 9 10
9 10 11 12 13 14 15 13 14 15 16 17 18 19 11 12 13 14 15 16 17
16 17 18 19 20 21 22 20 21 22 23 24 25 26 18 19 20 21 22 23 24
23 24 25 26 27 28 29 27 28 29 30 25 26 27 28 29 30 31
30 31

January 2005
January 2005 M
3
T
4
W
5
T
6
F
7
S
1
8
S
2
9
Important dates here 10 11 12 13 14 15 16
Important dates here
Important dates here
3 New Year's Day in lieu of 1 January
31
Appointments / Notes

February 2005
M
7
T
1
8
W
2
T
3
F
4
9 10 11 12 13
S
5
S
6 February 2005
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28

March 2005
March 2005 M
7
T
1
8
W
2
T
3
F
4
9 10 11 12 13
S
5
S
6
14 15 16 17 18 19 20
25 Good Friday 21 22 23 24 25 26 27
28 Easter Monday
25 - 27 Easter Shoot 28 29 30 31
25 - 28 Easter Festival of Rugby
31 Mar - 4 Apr Student Festival of Sport

April 2005
M
4
T
5
W
6
T
7
F
1
8
S
2
9 10
S
3 April 2005
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30

May 2005
May 2005 M
2
T
3
W
4
T
5
F
6
S
7
S
1
8
2 Early May Bank Holiday 9 10 11 12 13 14 15
30 Spring Bank Holiday 16 17 18 19 20 21 22
27 - 30 De Montford Pre-T.T. Classic 23 24 25 26 27 28 29
27 - 31 Whit Hockey Festival
28 May - 10 Jun T.T. Festival
30 31

June 2005
M
6
T
7
W
1
8
T
2
F
3
S
4
9 10 11 12
S
5 June 2005
13 14 15 16 17 18 19
20 21 22 23 24 25 26
10 TT Bank Holiday
27 28 29 30 11 SPCo. National Races
29 June - 2 July Manx Kart Grand Prix

July 2005
July 2005 M
4
T
5
W
6
T
7
F
1
8
S
2
9 10
S
3
11 12 13 14 15 16 17
5 Tynwald Day 18 19 20 21 22 23 24
11 - 14 Southern 100
23 & 24 Drag Bikes 25 26 27 28 29 30 31
28 - 30 Manx International Rally
31 July - 13 Aug British Chess Championships

August 2005
M
1
8
T
2
W
3
T
4
9 10 11 12 13 14
F
5
S
6
S
7 August 2005
15 16 17 18 19 20 21 29 Summer Bank Holiday
22 23 24 25 26 27 28 4 & 6 Stockcar F2 Open Championship1
14 Marathon & 1/2 Marathon
29 30 31 12 - 14 Jazz Festival
27 & 28 Manx National 2-Day Trial

September 2005
September 2005 M
5
T
6
W
7
T
1
8
F
2
9 10 11
S
3
S
4
12 13 14 15 16 17 18
19 20 21 22 23 24 25
3 & 4 Manx Classic Trial 26 27 28 29 30
5 - 9 September Crown Green Bowling Festival
7 - 12 TT Car Centenary

October 2005
M
3
T
4
W
5
T
6
F
7
S
1
8
S
2
9
October 2005
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31

November 2005
November 2005 M
7
T
1
8
W
2
T
3
F
4
9 10 11 12 13
S
5
S
6
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30

December 2005
M
5
T
6
W
7
T
1
8
F
2
S
3
9 10 11
S
4 December 2005
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 25 Christmas Day
26 Boxing Day
27 Substitute Bank Holiday in lieu of 25 December

January 2006
January 2006 M
2
T
3
W
4
T
5
F
6
S
7
S
1
8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
2 New Year's Day in lieu of 1 January

30 31

February 2006
M
6
T
7
W
1
8
T
2
F
3
S
4
9 10 11 12
S
5 February 2006
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28

March 2006
March 2006 M
6
T
7
W
1
8
T
2 3
F
9 10 11 12
S
4
S
5
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

April 2006
M
3
T
4
W
5
T
6
F
7
S
1
8
S
2
9
April 2006
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
14 Good Friday
17 Easter Monday

May 2006
May 2006 M
1
8
T
2
W
3
T
4
9 10 11 12 13 14
F
5
S
6
S
7
15 16 17 18 19 20 21
1 Early May Bank Holiday 22 23 24 25 26 27 28
29 Spring Bank Holiday
4 & 5 Roush Manx Rally 29 30 31
26 - 30 May Whit Hockey Festival
27 May - 9 June TT Festival

June 2006
M
5
T
6
W
7
T
1
8
F
2
S
3
9 10 11
S
4 June 2006
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30
10 SPCo. National Races

July 2006
July 2006 M
3
T
4
W
5
T
6
F
7
S
1
8
S
2
9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
5 Tynwald Day
31

August 2006
M
7
T
1
8
W
2
T
3
F
4
9 10 11 12 13
S
5
S
6 August 2006
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
28 Summer Bank Holiday

September 2006
September 2006 M
4
T
5
W
6
T
7
F
1
8
S
2
9 10
S
3
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
2 & 3 Sept Manx Classic Trial

October 2006
M
2
T
3
W
4
T
5
F
6
S
7
S
1
8
October 2006
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31

November 2006
November 2006 M
6
T
7
W
1
8
T
2
F
3
9 10 11 12
S
4
S
5
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30

December 2006
M
4
T
5
W
6
T
7
F
1
8
S
2
9 10
S
3 December 2006
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
25 Christmas Day
26 Boxing Day

Fact File > Contact Pages
Name Telephone email/web



Fact File > Index
Index
Accommodation, 141 Electricity Authority, Manx (MEA), 74
Advertising, 135 Emergency Planning and Civil Defence, 67
Advocates, 101 Employment, 26, 47, 49
Air Charter 21 Engineering Society (Isle of Man), 27
Air Travel, 21 Environmental Safety and Health, 63
Airport, Ronaldsway, 21, 61 Estates and Housing, 63
Anti Money Laundering Controls, 35 European Union, 9, 24
Association of Chartered Certified Accountants, 27 Exempt Insurance Companies, 30
Association of Corporate Service Providers, 27, 87 Fair Trading (Office of) Isle of Man, 74, 101
Association of Licensed Banks, 27, 77 Film Commission (Isle of Man), 47 ,135
Attorney General's Chamber, 75 Financial Action Task Force (FATF), 15, 16, 17
Banking, 77 Financial Services Authority, 17
Blacklist (FATF), 15 Financial Services Ombudsman, 74, 101
British Accreditation Council (BAC), 113 Financial Stability Forum (FSF), 15, 16, 17
British Crown Dependency, 24 Financial Supervision Commission (FSC), 53, 74, 77, 87, 97, 105, 121
Business Courses, 113 FitchRatings, 12, 17
Captive Insurance, 34 Fire & Rescue, 67
Chamber of Commerce (Isle of Man), 27, 125 Freeport, 51
Chartered Institute of Management Accountants, 27 Fund Management Association (Isle of Man), 27, 105
Chartered Institute of Marketing, 27 Funds, 33
Chartered Management Institute, 27 Gaiety Theatre, 57
Chief Secretary’s Office, 75 Gambling Control Commission (Isle of Man), 75, 121
Citizenship, 24 General Insurance, 34
Climate, 20 General Registry (The), 75
Communications Commission, 74, 147 Government Incentives, 35
Companies, 28, 29 Grants and Financial Assistance, 47
Companies incorporated outside the IOM, 30 Gross Domestic Product (GDP), 7, 8, 9, 10
Company Formation, 31 Health Services, 65
Company Registry, 31 Immigration and Nationality, 24, 25
Computer Services, 121 Income Support, 65
Consular Missions, 25 Income Tax, 53
Construction, 52, 109 Inflation, 19
Corporate Income Tax, 19, 31 Information Technology, 121
Corporate Service Providers, 87 Inland Revenue Service (IRS), 15
Council of European Union, 17 Institute of Chartered Secretaries & Administrators, 27
Country Ratings, 7, 11, 12, 13, 14, 15, 17 Institute of Directors, 27
Curraghs Wildlife Park, 57 Institute of Financial Services, 27, 77, 105
Customs and Excise (Isle of Man), 53, 125, 137 Institute of Marine Engineering Science and Technology (The), 27
Data Protection, 35, 75, 121 Insurance and Pensions, 93
Demographics, 20, 22 Insurance and Pensions Authority, 34, 74, 93, 105
Dept of Agriculture, Fisheries and Forestry, 69 Insurance Brokers Association (Isle of Man), 27, 93
Dept of Education, 71 Insurance Institute of the Isle of Man (The), 27, 93
Dept of Health and Social Security, 65 International Finance Centres, 15
Dept of Home Affairs, 67 International Monetary Fund (IMF), 15, 17
Dept of Local Government and the Environment, 63, 109 International Organisation of Securities Commission (ISOSCO), 17
Dept of Tourism and Leisure, 57, 141 Internet Service Providers, 121, 147
Dept of Trade and Industry (DTI), 47, 109, 125, 135 Isle of Man Post, 74
Dept of Transport, 61 Isle of Man Society of Chartered Accountants, 27
Diplomatic Missions (Embassies), 25 Isle of Man Trades Council (The), 27, 125
Driving Licences, 22 Job Centre, 47
Duke of Athol (Atholl), 37 Junior Chamber of Commerce (Isle of Man), 27
e-Business, 35, 47 Jurisdictions, 15
e-Commerce, 53 Know Your Customer (KYC), 15
Earl of Derby, 37 Law Society (Isle of Man), 27, 101
Economic Affairs, 53 Legal Services, 101
Education, 19, 71, 113 Legislative Council, 42
Edwards Report, 16 Library (Central Reference), 20
e-Gaming, 47 Lieutenant Governor, 41

Fact File > Index
Life Insurance, 34 Retail, 125

Manufacturing, 52, 125 Schools, 71, 113
Map of the Isle of Man, 23 Secrecy and Disclosure, 35
Manx Actuarial Society, 27 Shipping Management, 137
Manx Associations, 27 Social Security Benefits, 65
Manx Cats, 22 Sovereign Credit Ratings, 11
Manx Insurance Association, 27, 93 Sports Council, 57
Manx Insurance Managers Association, 27, 93 Standard and Poor's, 7, 12, 17
Manx National Heritage, 75, 141 Tax Exempt Companies, 30
Marine Administration, 47, 50, 137 Tax Havens, 15, 16
Media, 135 Tax Rates, 54
Moody's, 13, 17 Telecommunications, 147
Mutual Funds, 33 The Royal Institution of Naval Architects, 27
National Insurance Contributions, 65 The Securities Institute, 27, 97
National Sports Centre, 57 Tourism, 57, 141
Noble’s Hospital, 65 Tourist Trophy (TT), 22
Non-Resident Companies, 30 Training, 47, 49
Office of the Superintendent of Financial Institutions, 17 Transport (Public), 57
Offshore or International Companies, 30 Travel, 21, 141
Organisation for Economic Co-operation & Development (OECD), 16, 17 Treasury (Isle of Man), 53
Partnerships (General, Limited, Manx), 29 Trust & Trust Service Providers, 32
Passports, 22, 24 Tynwald, 41
Pensions, 26, 34, 65 United Kingdom, 24
Personal Taxation, 26 Vehicle Licensing and Registration, 20
Personnel Office (The) Government, 75 Vehicle Testing Station, 20
Planning and Building Control, 63 Villa Marina, 57
Police, 67 Visas, 24
Post Office, 74 Waste Operations Management Unit, 63
President of Tynwald, 42 Water Authority (Isle of Man), 74
Prison Service, 67 Weather and Shipping Forecast, 20
Probation Service, 67 Work Permits, 24, 25, 26
Property, 26, 63, 109 World Bank, 17
Protocol-3, 24 World Manx Association, 27
Public Health, 65 World Trade Organisation, 17
Rates (Housing), 63 Yacht Management, 137
Residency, 22, 26 Zero rate company income tax, 31
Useful Isle of Man Numbers

Operator Services: Emergency Services: Isle of Man Post Office
Tel: 698400
Isle of Man/UK/Rep of Ireland Health, Fire, Police & Air and Sea Rescue
Tel: 100 Tel: 999 Erin Arts Centre
International Tel: 832662
Non Emergency Services
Tel: 155
Villa Marina & Gaiety Theatre Complex
Noble’s Hospital
Directory Enquiries: Tel: 694555
Tel: 650000
Isle of Man Ramsey Cottage Hospital Ferry Services
Tel: 192 Tel: 811811 Isle of Man Enquiries
UK and Rep of Ireland Tel: 661661
Police Headquarters
Tel: 193 UK Enquiries
Tel: 631212
International Tel: 08705 523 523
Tel: 153 Manx Automobile Assistance
Ronaldsway Airport
Tel: 827827
Tel: 821600

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Fact File Publications Limited

Fact File Isle of Man 1

Fact File Publications Limited

First published in the Isle of Man 2004

Published in association with ADNP Ltd

Main design provided by Neil Price Reprographic Services.

2 Fact File Isle of Man

I anticipate with some eagerness the Fact Files on other centres.

William B Howarth, Chief Executive, International Compliance Association

Fact File Isle of Man 3

> Rating Agency Report – Standard & Poor’s 7

> Country Credit Ratings 11

> Country Comparison Chart 15

> Financial Regulators’ Reports 16

> Organisations and Regulatory Bodies 17

Country Fact File 18

> Key points of the Isle of Man 19

> Country Statistics 20

> A British Crown Dependency 24

> British and overseas contacts 27

> Business overview 28

> Social and political history 37

> Tynwald Parliament and Government 41

> Government Departments 47

> Statutory Boards and Government Offices 74

Finance Sectors and Professional Services 76

> Corporate Service Providers 87

> Insurance Services 93

> Investment Services 97

> Legal Services 101

> Wealth Management 105

4 Fact File Isle of Man

Other Sectors 108

> Construction and Property Services 109

> Education 113

> Information Technology and Computer Services 121

> Manufacturing and Retail 125

> Media and Advertising 135

> Shipping and Yacht Management 137

> Tourism and Travel 141

> Telecommunications 147

Company Profiles 150

Diary 2005/2006 161

> Isle of Man dates 161

> Calendar 2005 162

> Calendar 2006 163

> One page per month 164

Useful Numbers 192

Fact File Isle of Man 5

Country Credit Ratings 11

> Ratings explained

> Standard and Poor’s Rating definitions

> Moody’s Rating definitions

> Fitch Rating definitions

Country Comparison Chart 15

Financial Regulators’ Reports 16

> Financial Stability Forum ‘The Edwards Report’

> OECD Tax Haven Criteria

Organisations and Regulatory Bodies 17

6 Fact File Isle of Man

Standard & Poor’s Report

Fact File Isle of Man 7