As if you needed a further reason to relocate your business to the Isle of Man, were you aware that the ‘FAS’ (The Department of Economic Development’s Financial Assistance Scheme) provides a range of grants and soft loan support to eligible businesses.
The criteria is pretty straightforward. If your business undertakes, or will undertake, an economic activity in the Island and the assistance is likely to encourage sustainable economic growth in the Island, you could be eligible to receive a grant (guidelines are, of course, available – see here).
Here’s how the numbers stack up.
- Up to 40% of costs of new buildings, building improvements, new plant and machinery, including hardware and software.
- Up to 40% of non-recurring costs associated with the establishment of a project (eg. special first year expenses and excluding statutory changes)
- Up to 40% of the costs of specific new marketing ventures
- Up to 40% of the costs of implementing quality standards, energy conservation etc
- Up to 40% of training costs directly associated with purchased plant and equipment
- Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project. For finance and professional services, ICT, creative and e-business where 80% of turnover is off-Island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area excluding Douglas.
Not too shabby. And, that’s just the start of it – a range of other grants are also available – see here.
In particular, the Enterprise Development Scheme is a £50m fund available over 5 years which comprises of both an Accelerator Scheme and a Relocation Scheme offering loan or equity based support. In a nutshell, those on-Island businesses entering the next phase of expansion and/or entering the commercialisation phase of growth could benefit from investment.
You have to ask yourself, is it time to book the removal men?
For any further assistance and/or guidance regarding Isle of Man work permits, please contact us on +44 (0) 1624 648500 or at firstname.lastname@example.org.