Setting Up & Re-locating a Business to the IoM
Below you will find links to documents and useful information relating to setting up and running a business on the Isle of Man
Financial assistance schemes
The Department for Enterprise offers a range of support schemes to support starting, growing and developing businesses on the Isle of Man.
Whether you are an individual looking to take your first steps into self-employment; a business requiring funding to scale-up and grow; or an established organisation looking to invest and improve in a particular area, the Department has a number of opportunities for creating and developing a business on the Isle of Man.
Our schemes include a range of assistance including financial grants, loan and equity investments, in addition to training and business mentoring.
The Isle of Man offers a supportive ecosystem for people looking to start, grow or relocate their business. The Department for Enterprise promotes a range of schemes; from training and mentoring schemes to grant, loan and equity investment, there are a number of opportunities for creating and developing a business in the Isle of Man.
The Employee Relocation Incentive provides employers funding of up to 20% towards an employee’s first year net salary, capped at £10,000 per position. The incentive is to encourage employers in target sectors to bring staff to the Isle of Man and is primarily aimed at businesses that have a new position which they are unable to fill with a local employee.
The National Insurance Holiday Scheme aimed at attracting new people to take up employment and residence in the Island as well as attracting students back to the Island once they have completed their studies elsewhere.
The Office of Cyber Security and Information Assurance (OCSIA), in partnership with the Department for Enterprise, is pleased to announce that Isle of Man businesses can now apply for a 50% funding grant up to £5,000 to gain a Cyber Essentials or Cyber Essentials Plus Accreditation.
Subject to certain criteria, anyone who is not classed as an 'Isle of Man worker' requires a work permit to take up employment, (including self-employment), in the Island.
You can receive Child Benefit if you are responsible for a child under 16 (or under 20 if they stay in approved education or training). Only one person can get Child Benefit for a child. If two people claim Child Benefit for the same child there are rules which determine which of them is entitled to Child Benefit.
Documents may be submitted 'over the counter' at any time during office hours:
- Monday to Thursday: 9am to 4.30pm
- Friday: 9am to 4.00pm
You can also post them after office hours using our letterbox located in the main door of the Registries Building on Deemsters Walk, Bucks Road, Douglas. If you need an acknowledgment of receipt of a document you should provide a stamped self-addressed envelope. For the purpose of determining the date of submission of a document, documents submitted after 4.30pm Monday-Thursday, 4pm Friday (Day 1) but before 9am on the following working day (Day 2), will be treated as having been submitted on Day 1. Documents submitted before 9am on the day immediately following a weekend or Bank Holiday, will be treated as having been submitted on the last working day prior to the weekend or Bank Holiday.
The Isle of Man Immigration Service are regulators for immigration services in the Isle of Man. Accordingly, its officers are unable to give advice on immigration matters as this could result in a conflict of interest when considering an application which might be made.
Online Tax Services provide a convenient and secure service for you. Environmentally friendly and reducing costs for both Isle of Man Government and the user.
You might need a sponsor licence to employ someone from outside the European Economic Area (EEA) and Switzerland to work for you in the UK.
Other Useful Links:
Contact Jessica Kitchin