What To Know About Employing In the Isle of Man
Known for its emerald hills, golden coastlines, and rugged shores, the Isle of Man has captured the imagination as a unique location in the British Isles.
Visitors can expect welcoming locals and a wonderful blend of town and country life that strikes the perfect work-rest balance. Considering all this, there is little wonder why employers and employees alike have found a haven in the Isle of Man.
This often-overlooked slice of paradise is located in the Irish Sea, right between Wales, Ireland, Scotland, and England, and boasts a population of 85,000. Nevertheless, this self-governing British Crown Dependency has some important qualities that make it an ideal location for establishing an overseas presence. If you are looking for an employer of record, then please see here!
Why hire in the Isle of Man?
UNESCO (United Nations Educational, Scientific and Cultural Organization) has called the Isle of Man “one of the most beautiful spots in the British Isles.” AS a cultural heritage, this unique isle boasts a broad array of cultural attractions, outdoor activities, and delicious local cuisine.
But there is more than just delicious food, charming locals, and beautiful beaches that make this an ideal holiday destination. The Isle of Man is also an offshore financial centre burgeoning with enterprise and opportunity. The isle boasts many opportunities for growing businesses and those looking to employ overseas.
It all begins with a robust political system that has remained unbroken for the last 1000 years and is the oldest unbroken parliament on the planet. The High Court of Tynwald makes it capital in Douglas, on the east coast of the Isle of Man. Packet boats connect this city to the mainland and there is also an airport with daily flights to and from Birmingham, Bristol, London, Edinburgh, and Belfast.
There was a time when agriculture and fishing were the primary industries, but the economy has made a shift towards financial services, tourism, manufacturing, and online gambling. The island has a strong and skilled workforce and has been promoting digital upskilling as technology is being widely adopted since the wake of the COVID 19 pandemic.
The economy of the Isle of Man has shown important signs of recovery and increased by as much as 1.9% between 2019 and 2022. The recent UK-EU deal had a result that was especially advantageous for the Isle in light of the Brexit outcome and will see no obstacles for local exports and businesses. Further fuelled by a bolstered and booming tourism industry, the Isle’s economic outlook is promising — and there is no better time to employ skilled workers in an offshore Crown Dependency.
But it is the complete lack of corporation taxation laws that makes the Isle of Man an especially attractive business destination.
Independent tax neutrality near the UK and Europe
One of the primary benefits of doing business in the Isle of Man is the separate tax systems. Outside of the UK tax laws, resident and non-resident businesses on the Isle of Man enjoy 0% corporation tax on most income and 10% to 20% income tax for individuals.
As a result, employers can pay much lower wages in comparison to what is paid on the mainland, while their employees enjoy a quality comparable to what is enjoyed in the rest of the UK.
Furthermore, the local government offers incentives for technological companies and other financial institutions to establish their presence on the Isle. This has increased the chances for employment opportunities and high–income industries.