Isle of Man Finance

To be eligible to apply for assistance the business must fulfil all of the following criteria:

It must be a Financial Services Business which:-

1. intends to establish a new financial services business on the Isle of Man whether as a branch or subsidiary of an off-Isle of Man concern; and
2. will require a licence or authorisation to operate in the Isle of Man from either the Financial Supervision Commission or Insurance and Pensions Authority; and
3. will directly employ its own staff in the Isle of Man.

Note: other businesses of a non financial nature, eg manufacturing, may be eligible for financial assistance under a separate scheme operated by the Department of Trade and Industry.

Businesses looking at setting up on the Island are encouraged to enter into discussions with Isle of Man Finance about their eligibility and the mechanics of making an application at the earliest stage in their thinking. An application form, copy of the Scheme and these associated guidance notes will also assist potential applicants understand the full information requirements and mechanics of the process.

Once an application has been completed and submitted with full supporting information to Isle of Man Finance, the application will be evaluated on its merits by a panel and the panel’s recommendation put to the Treasury Board for confirmation or rejection. The Treasury’s decision on an application will be final.

The Treasury Board decision is in principle and invariably conditional, eg on the applicant also being successful in obtaining necessary regulatory approval, concluding the legal documentation etc. An offer of assistance made by the Treasury Board would be communicated in writing for the applicant’s acceptance.

Note: it is anticipated that an applicant under this Scheme if it has not already done so may wish to advance its licence application to the Isle of Man regulator around the same time as it applies for financial assistance. Much of the background information required for each purpose will be similar so that in practice, the information required by the regulator in the form of a business plan may be copied for the purpose of the Financial Assistance Scheme. A delay in applying for the regulatory approval could potentially result in a delay in financial assistance becoming available under the Scheme since it is a standard condition that such a license must be first granted by the local regulator (FSC or IPA) before any payment of financial assistance will be made under this Scheme.

1. external supply of consultancy costs of a one off nature associated with setting up business on the Island (first financial year);
2. relocation costs of key staff and equipment (first financial year);
3. office rent to be incurred on premises used by the business during the first two financial years;
4. information technology (including telecommunications equipment), incurred during the first financial year;
5. external training costs to be incurred during the first financial year (where not otherwise supported financially by Government);
6. off-Island marketing costs to be incurred during the first financial year;
7. other specific costs associated with setting up business on the Island in the first financial year to be incurred on external supplies made to the business may be taken into consideration for potential support at the invitation of the Department. (It is envisaged that any such items of cost would be the subject of discussion prior to application).

Note: although not a condition of assistance under the Scheme, applicants are encouraged as far as possible to contract for their supplies and services within the Isle of Man.