Startups in the Isle of Man.
Isle of Man is named after a wealthy merchant which later became its King. Isle’s flag — three armored legs arranged in star-like manner (triskelion) on a red background — symbolizes an ability to keep the balance despite all adversities.
One of the main legs of Isle’s political system — the High Court of Tynwald — is purportedly the oldest continuous elected body in the world. It traces its roots to 979 AD. 24-members lower chamber of Parliament — House of Keys — is dominated by politically non-affiliated individual members. At present, The House contains only one small political party — Liberal Vannin Party (3 seats).
Isle, with its 0% capital gain, stamp duty and wealth taxes, is the popular off-shore destination for numerous corporations. Banking and tourism are two leading industries there. With local GDP exceeding $4.0 billion, 80,000 of Isle’s inhabitants are among the wealthiest people in the world (per-capita tops $50,000)
The Isle of Man is well recognized as a major destination for Internet gaming and e-sports companies. Zero corporate tax rate, friendly regulatory climate as well as multiple underwater cables, connecting this 570 square kilometers island to Europe and to UK, had made it highly attractive for European high tech entrepreneurs.
However, due to growing competition as well as to increased political pressure on Island’s government from part of Brussels’ bureaucrats, Isle of Man’s attractiveness for e-sports startup founders has been gradually diminishing in a past decade. As a result, new financial technologies companies are now slowly taking their place.
Business Notes for Startups Founders:
- political climate: relatively friendly;
- economic climate: relatively friendly;
- regions to focus: EU;
- industries to focus: FinTech, e-sports, e-games;
- major limitations: harshening EU regulatory climate, high costs of running business, increased competition;
- stimulus: low corporate income tax, excellent telecommunication infrastructure;
- opportunities: to build a FinTech company orientated on EU market.