Places in Isle of Man

Isle of Man: Doing business & staying in touch

Doing business in Isle of Man

Businesspeople are generally expected to dress smartly (suits are the norm). Appointments should be made and the exchange of business cards is customary. A knowledge of English is essential.

Office hours

Mon-Fri 0900-1700/1800.

Economy

The island's economy relies principally on financial services; banking accounts for around 15% of the economy with insurance and other financial services accounting for a further 20% or so. Financial service businesses are attracted by banking secrecy laws that render assets deposited on the island less vulnerable to disclosure requirements than those on the mainland. That said, the Manx government has made strides to shake off the island’s reputation as a shady tax haven by improving financial transparency and signing tax information exchange deals with a dozen countries.

Taxation rates are also, on the whole, lower than those of the UK. There’s no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax on the island. Tourism accounts for around 5% of GDP, a figure that is improving all the time. The island has also attracted online gambling sites, a fact that has led to information technology being the fastest growing sector here.

There is a small agricultural and fishing sector, and limited manufacturing; once the mainstays of the local economy, the importance of these sectors continues to diminish. Financial incentives offered to film and television producers have led to an increase in the number of major productions shot on the island in recent years. The island’s landscape has starred in a number of movie genres, from sci-fi thrillers, romantic comedies, action adventures and period dramas as the sweeping coastlines, pretty towns and rustic countryside provide a wide variety of locations on which to shoot. The 19th century crofter’s cottages of Cregneash, the oldest village on the island, stood in for an Irish village in Waking Ned when filmmakers failed to find anywhere in Ireland that was ‘Irish enough’.

The unemployment rate was a mere 2.3% in 2012, substantially lower than elsewhere in the UK, and growth was a healthy 4-5% in 2011, a fact attributed to the island’s diverse economy.

GDP

US$2.1 billion (2010).

Main exports

Tweeds, herring, processed shellfish, beef and lamb.

Main imports

Timber, fertilisers and fish.

Main trading partners

UK. The Isle of Man has free access to the European Union markets for goods.

Keeping in Touch in Isle of Man

Telephone

The main telephone provider on the island is Manx Telecom. The island does not have its own country code but is accessed via the UK’s country code (+44). The island’s telephone numbers are part of the UK telephone numbering plan, with local dialling code 01624 for landlines.

Mobile phone

There are two mobile operators, Manx Telecom and Sure. Roaming agreements exist with most international mobile phone companies. Coverage is good.

Internet

There are a number of internet cafés on the island.

Post

Services are administered by Isle of Man Post, which issues its own postage stamps.

Post office hours

vary, but most are open Mon-Fri 0900-1730 and Sat 0900-1230. Some have half days on Wed or Thurs.

Media

Local papers include the Isle of Man Courier, the Manx Independent and the Isle of Man Examiner; all three are owned by Isle of Man Newspapers, part of the media group Johnston Press, and published weekly. The Isle of Man was a pioneer of commercial radio in the British Isles thanks to its local laws. Manx radio (Radio Vannin in Manx) is funded by advertising and a government grant; it launched in 1964, long before the UK authorities gave the green light to commercial radio. It carries some programmes in Manx. Other local radio stations include Energy FM and 3FM. There are no TV stations based on the Isle of Man; residents can receive UK channels. Although there has been talk of a Manx TV station, nothing has yet come to pass.

Visa and passport information is updated regularly and is correct at the time of publishing. You should verify critical travel information independently with the relevant embassy before you travel.