Sometimes it can be difficult to picture something when you have not seen or heard about it so we have decided to put some example case studies together to help you get a flavour of how we might be able to assist you and/or your business.
We had a client that traded domestically in the UK and was seeking to tender for work globally as part of its expansion plans. Following UK tax advice we assisted the client with the establishment of an Isle of Man Company (“Company”) and provision of Isle of Man directors. Providing professional directorships to a Company can have many benefits, including having a good working knowledge of the jurisdiction, ensuring management and control is maintained in the Isle of Man and assisting with connecting with the right parties locally and globally to the client.
Once the Company had been established it tendered for work overseas and in time, the bidding became successful and it started winning contracts. To help run operations smoothly, the Company had been VAT registered by the Isle of Man Customs and Excise Office and is subject to the zero rate of corporate tax (although there are some exemptions from this).
To help the business, the key employees who worked directly for the UK domestic trading company relocated to the Isle of Man. Moving to the Island requires applying for an Isle of Man Work Permit and we assisted the client with the application process, more information on permits can be found on the Isle of Man Government’s website.
As the Company expands its global operations, we have assisted the client in connecting with professional services in the Far East via our TAG alliance.
The Company is now considering applying for support from the Isle of Man Government as the Department for Enterprise offers a range of support schemes to assist starting, relocating, 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. Their schemes include a range of assistance including financial grants, loan and equity investments, in addition to training and business mentoring.
The Company is also seeking to employ local individuals to help grow the business, which will be a great way for the business to expand and to boost the local economy.
If you would like further information on how we can help you and/or your business, please do not hesitate to get in touch with us today and we will be delighted to help you.
T: +44 (0) 1624 626586
Peregrine is licensed by the Isle of Man Financial Services Authority.