RESEARCH TRIANGLE PARK, N.C. and DOUGLAS, Isle of Man (December 20, 2005) - The Isle of Man, located in the British Isles and internationally recognized for its pro-business environment, will be introducing zero rate corporate tax with effect from April 2006. After this date, all trading companies will qualify for the zero rate of corporation tax.
Recognized for its pro-business environment and responsive government policies, the Isle of Man has become the home to a flourishing interactive entertainment and technology industry. Many companies are establishing operations in the Isle of Man to access the UK and European Union markets. To assist in this process, the Isle of Man Government provides generous grant packages of up to 40% to help offset the cost of moving, setting up operations and acquiring new office equipment.
Scheduled to take effect in April 2006, the zero corporate tax initiative is part of the government's strategy in expanding the Island's technology community and enhancing its reputation as a AAA rated jurisdiction. This combines world-class standards of regulation, transparency and infrastructure with extremely beneficial rates of direct taxation.
"The zero taxation initiative supports our overall economic plan to ensure that interactive entertainment and computer game companies experience financial success in the Isle of Man," said Tim Craine, Director of E-Business for the Isle of Man Government. "Our pro-business government policies help companies minimize their operating and growth costs, which allows them to become more profitable. We encourage high-tech businesses with plans to expand into Europe to look closely at the Isle of Man as their preferred location."
In addition to progressive government policy, more than $90 million has been invested in the Island's telecommunications infrastructure over the past five years. The Isle of Man is leading Europe with innovative technology investments which include implementation of this Super Fast (HSDPA) 3.5G network, two self healing (SDH) fiber rings connecting the Isle of Man to both the UK and Ireland, 100 percent broadband coverage, and free ADSL and ISDN connections available for businesses and individuals.
About the Isle of Man
Located off the coast of the United Kingdom and situated in the center of the British Isles, the Isle of Man is recognized worldwide for its pro-business environment. The Isle of Man Government supports companies with a team of experts who advise on international tax, legal and banking issues. The Government's political stability and vibrant business economy, as demonstrated with AAA ratings from Standard & Poor's and Moody's, make it a perfect location for North American companies looking to establish a European headquarters. The Island's colorful heritage, diverse scenic beauty, enhanced by many annual cultural events, hotels, conference and leisure facilities provides the basis for its flourishing technology, tourist and film industries. With excellent educational, health and social amenities, the Isle of Man provides a unique quality of life, which is appreciated and treasured by all its residents both old and new. For additional information on the Isle of Man visit http://www.gov.im and to learn more about its E-Business Division, visit http://www.ebusiness.gov.im.
Dave Murray, ClearImage (For the Isle of Man)
919-863-2393 ext. 210