Space Business. Locating your space business in the Isle of Man

What is the name of the IOMAC?
What business is the Isle of Man ideal for locating?
Which Isle is ideal for locating space business?

Transcription

1 Space Business Locating your space business in the Isle of Man

2 Why the Isle of Man? The Isle of Man is an ideal jurisdiction for locating your space business as it has: a pro-space Government a well-established cluster of space, aerospace and hightech industries an established professional infrastructure (which includes many of the world s leading companies in finance and insurance) zero tax on satellite businesses no Insurance Premium Tax access to orbital slots financial incentives and grant aid for businesses which create new jobs home to the International Institute of Space Commerce, established by the ISU, offering a Space MBA world-class telecoms infrastructure Taxation Overview of Company Taxation The standard rate of corporate income tax in the Isle of Man is 0%. A 10% rate of tax applies to income received by a company from any of the following sources: banking business land and property in the Isle of Man (including property development, residential and commercial rental or property letting) no Insurance Premium Tax Resident and non-resident companies are subject to Isle of Man income tax on the same basis and at the same rates. Personal Taxation The Isle of Man operates a clear and simple taxation regime with a standard rate of tax on individuals of 10%, a higher rate of 20% and generous personal allowances with a 115,000 tax cap on worldwide personal income. There are a number of significant differences between the United Kingdom and the Isle of Man taxation system. Here are a few of them: All taxpayers (with few exceptions) complete an income tax return form every year declaring their worldwide income. Tax allowances for jointly assessed married couples can be transferred during the tax year, and both spouses can be pursued for the joint tax liability. Tax relief is given on mortgage and loan interest, subject to certain conditions. Banks and building societies do not deduct tax at source, therefore all interest received must be declared on the income tax return form. There is no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax in the Isle of Man. Indirect Taxation Although not a member of the EU or part of the UK, the Isle of Man operates a Value Added Tax (VAT) system in collaboration with the UK. This provides Isle of Manbased companies with simplicity of VAT administration for European markets that other offshore jurisdictions cannot match.

3 Space Business Space Regulation and Satellite Filings In regard to orbital filings, the Isle of Man Government works on a sole and exclusive basis with ManSat. The Isle of Man Communications Commission, which licenses and regulates all telecommunications for the Isle of Man, works with the UK regulator, Ofcom, via ManSat and the UK Space Agency, when authorising space sector activities in the Island, for example geo-stationary satellite filings and telemetry, tracking and control under international treaties. The Island is home to the Space Data Association which is the first satellite operator-led association dedicated to sharing critical operational data in support of satellite operations, improving flight safety and preserving the space environment. Space and Professional Services The Isle of Man s professional services sector has developed strong expertise in the global space and satellite industry, reinforcing its ability to enter and operate successfully in niche sectors. Legal services: A growing number of Isle of Man advocates (lawyers) are developing a specialisation in space law. Accounting Services: The Isle of Man s status as one of the world s leading financial centres means that there are a large number of high-quality firms to help with space business. Insurance Services: Insurance companies in the Isle of Man are highly experienced in dealing with high value/low incidence risk. Isle of Man Aerospace Cluster The Isle of Man Aerospace Cluster (IOMAC) was formed in 2006 by the Isle of Man Government and Isle of Man Chamber of Commerce to provide a formal support structure for the Islands aerospace sector to move forward in the pursuit of worldwide recognition and world class standards. The cluster facilitates the promotion,development and coordination of Isle of Man aerospace companies to achieve and sustain an international market leading position within high technology and aerospace industries.

4 Working in collaboration with the North West Aerospace Alliance (NWAA) in the UK, the IOMAC is directly linked to one of Europe s largest, most proactive Aerospace Clusters. IOMAC s customers already include NASA, Airbus, BAE Systems, Boeing, and Rolls-Royce, working on projects such as the Phoenix Mars Lander, Airbus A380 and Boeing 787 Dreamliner. Supported by the Isle of Man Government, cluster members have invested in lean cellular manufacture as well as flexible manufacturing systems and research and development capability. Space-Related Companies in the Isle of Man Four of the world s top 10 satellite companies have a presence in the Isle of Man: SES, Inmarsat, Avanti and Telesat. Other companies involved with space that are based in the Isle of Man include Odyssey Moon, one of the Google Lunar X Prize competitors, and Excalibur Almaz, who are developing a space tourism venture. International Space University & International Institute of Space Commerce The International Space University (ISU) is located in Strasbourg, France and specialises in the education of postgraduates and professionals to prepare them for work in Space-related activities. The ISU is in a partnership with the Isle of Man Government and has developed the International Institute of Space Commerce (IISC) based on the Isle of Man. It is intended to be the intellectual home for the space industry and for space academia around the world with the ultimate aim to promote and enhance space commerce to the general public. IISC s vision is to act as a resource for all, being an international and non partisan Think Tank drawing upon new ideas and solutions to existing and future problems the space industry faces by drawing together experts from academia, government, the media, business, international and non-governmental organizations. Full caption

5 Telecoms The space industry is critically dependent on costeffective and reliable telecommunications services. The Isle of Man has world-class fixed and mobile telecoms infrastructure designed to meet the current and future needs of the most demanding global businesses. Supporting this strong market sector is an extremely robust and reliable power network which is the envy of the UK operators in terms of its customer minutes lost performance. With plenty of spare generating capacity, diverse fuel supplies and connection to third party electricity and gas grid systems, there is no barrier to growth. The Isle of Man telecommunications infrastructure may be summarized as follows: Resilient high capacity fibre optic cables connecting the Island to the North of England and Ireland with multiple carrier diversity State of the art business continuity/disaster recovery facilities widely available Part of the UK numbering range High broadband penetration First country to launch HSDPA high-speed mobile broadband Quality of service to world standards High quality web hosting/co-location 100% broadband availability Short lead times for telephone and broadband installation Higher speed connectivity for business available via extensive Island wide fibre and radio networks Financial Assistance The Department of Economic Development s Financial Assistance Scheme (FAS) aims to encourage diversification of the local economy. The FAS provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down. The FAS is a key tool to encourage existing businesses to adopt new technologies and practices and for new businesses to develop on the island. The opportunity exists not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts. The FAS is discretionary and can offer a generous package of support to qualifying businesses. Assistance available includes: Capital Grants Up to 40% of costs of new buildings, building improvements, new plant and machinery, including hardware and software. Operating Grants Up to 40% of non-recurring costs associated with the establishment of a project 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 the cost of renting a factory from a private developer for the initial period of a new project Training grants are considered, but must relate to a project with which financial assistance is being given. The above incentives apply to existing and new ventures and can be applied for on an annual basis. Applicants should make clear to the Department the likely frequency and nature of potential future applications to help assess the appropriate level of support. Eligibility The Department of Economic Development may provide assistance to an eligible business where, in its opinion, the eligible business undertakes, or will undertake, an economic activity in the Island; the assistance is likely to encourage sustainable economic growth in the Island; and the form and amount of the assistance is reasonable having regard to all the circumstances.

6 Getting to the Isle of Man The Isle of Man enjoys excellent links to 20 major airports in the UK, Ireland and Channel Islands, making it an ideal base for onward travel to Europe and beyond. Isle of Man Average travel times by air include: London Manchester Dublin Paris (via London) Amsterdam (via London) 75 minutes 45 minutes 30 minutes 135 minutes 145 minutes United Kingdom Contact Adrian Moore, Development Manager Industry & Space Tel: +44 (0) Department of Economic Development, St George s Court, Upper Church Street, Douglas, Isle of Man, British Isles, IM1 1EX Tel: +44 (0)

Space Business. Locating your space business in the Isle of Man

What is the name of the IOMAC?

What business is the Isle of Man ideal for locating?

Which Isle is ideal for locating space business?