Government Grants and Financial Assistance
One of the main financial considerations for a business when relocating to the Isle of Man is the generous financial package that is potentially available from the isle of Man's Department of Economic Development (through its Financial Assistance Scheme). In order to benefit from the grants and financial assistance, various criteria are required to be met, such as the sector the business will be operating in, the diversification of the economy, the employment that will be generated in the Isle of Man and the expenditure / investment incurred on the island.
The amounts of financial assistance available to qualifying businesses varies but is limited to the following:
- 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
- Up to 40% of the costs of specific new marketing ventures
- Up to 40% of the costs of implementing quality standards or energy conservation
- 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.
Relocation Options is able to assist with arranging meetings with the Department of Economic Development, advising on grant and financial assistance requests as well as preparing and submitting applications.