The Isle of Man is about 10,000 km from South Africa, but for many companies it has become their new base of operations and an opportunity to expand or set up workplaces.
South Africans visiting the Isle of Man will be greeted by a number of household names, Standard Bank, Microgaming, Nedbank and Derivco to name a few.
In fact, more than 35 of South Africa’s largest companies currently operate on the island, said Marnie Delaney-Parker, director of IOM Opportunities.
“Many business people consider both the economic and business environment in South Africa to be somewhat precarious, as such the Isle of Man is seen by many as the ideal destination to expand on. other markets in order to diversify their operations and potentially their profits.”
She added that the Isle of Man Government is being proactive in ensuring businesses choose the island as their preferred choice.
“The Department of Enterprise has an initiative that provides funding to businesses looking to bring people to the island. This helps cover the costs and investments associated with the relocation and emigration of staff and the overall costs of setting up a business in a new location.
“The visa process is simple and straightforward for businesses, especially for entrepreneurs and startups where there are none of the usual restrictive capital requirements that other destinations insist on.”
“Feedback from some of our clients indicates that access to finance is the biggest hurdle for many South African businesses. With a world-class reputation for economic stability, infrastructure and business-friendly governance, establishing a presence on the island opens up a whole new world of funding opportunities.
She added that the common language, conducive business environment, excellent access to the global economy and long and deep history are just some of the benefits of moving to the Isle of Man.
Delaney-Parker said the island is facing a skills shortage in many sectors: jobs in digital and finance are by far two of the main sectors, with a huge talent drain causing employers to search frequently to recruit off the island.
“A growing number of South African companies are also settling on the island. Unlike the more common destinations for relocating as a business owner, entrepreneur or startup, the island allows for relocation without the generally high investment criteria that other countries do.
“With some of the lowest tax rates in the world, including no corporate tax, capital gains tax, inheritance tax and low personal tax rates – capped at 20% – this is the perfect place to start, expand or relocate your business.”
Delaney-Parker added that the island is known for its good work-life balance, outstanding education, world-class medical facilities and several leisure options, which has led to an increase in the number of people and tourists. companies moving, with South Africans firmly leading the way.
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