3rd April 2017
For Isle of Man companies wanting to expand, the Financial Assistance Scheme (FAS) aims to encourage diversification of the local economy. MSI's Isle of Man member Dixcart Management Ltd. explains further.
The Isle of Man has long been known as a welcoming home to entrepreneurs and innovators. IOM has achieved this over the years by playing to its strengths, having strong communication with the private sector, supporting new ideas and new ways of thinking, changing legislation quickly, and by leading rather than following. E-business, for example, has found a home in the Isle of Man, with many companies becoming significant employers on the island.
The Financial Assistance Scheme
For Isle of Man Companies wanting to expand, the Financial Assistance Scheme (FAS) aims to encourage diversification of the local economy by providing a range of grants and soft loan support to eligible businesses. The Isle of Man FAS provides support to eligible businesses that meet the commercial and environmental criteria (a mix of employment, benefit to the community, on island expenditure, investment etc).
The FAS encourages businesses on the island to adopt new technologies and practices. The opportunity is not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts. The Isle of Man FAS is discretionary and offers a generous package of support to qualifying businesses. The general grants that are available include:
For finance and professional services, ICT, creative and e-business, where 80% of turnover is off-island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area, excluding Douglas. Training grants are considered but must relate to a project with which financial assistance is being given. The above incentives apply to existing and new ventures and can be applied for on an annual basis.
The Isle of Man may provide assistance to an eligible business where, in its opinion, “the eligible business undertakes, or will undertake, an economic activity in the island; the assistance is likely to encourage sustainable economic growth in the island; and the form and amount of the assistance is reasonable having regard to all the circumstances”.
With over 25 years’ experience, Dixcart Management (IOM) Limited specialises in the establishment, management and administration of offshore structures for international commercial and private clients.
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