Start-ups in the Isle of Man can qualify for special grants, loans, and investment schemes. The Government has several assistance schemes designed for business support
, financial assistance, green business loans and others. Our team of Isle of Man company formation
experts highlight some of the programs for businesses and can help you with further information and assistance for an application.
The micro and the smart business grant scheme
Investors who wish to open a micro business in the Isle of Man
have access to a five-day training course as well as the financial assistance
of up to 5,000 £ (not for retrospective purchases). The small business support scheme is more complex than that for micro companies, and investors also benefit from support for research and development. These two schemes are available for Isle of Man tax residents or workers.
Assistance for expanding a business
Local businesses in the Isle of Man that wish to enter into a new phase or expand can apply for an accelerator scheme. A condition for this loan and equity grant is that the business operates in business sectors that focus on export and that is has a minimum number of five employees. The typical amount that is offered as a loan with a term of 1 to 5 years is 100,000 £ (offered in stages).
Support for business relocation in the Isle of Man
Investors who wish to relocate their business to the Isle of Man are also encouraged. The support, in this case, is financial and it is up to 1 million £, depending on the particular case of the applicant. In this scheme, the Government does not become the main company shareholder.
Other grants can apply for businesses that aim to create new jobs in the Isle of Man.