The Isle of Man has established itself as a leading eGaming jurisdiction for more than a decade. So what makes the Island attractive for establishing an eGaming business?
The Island is a tier 1 responsible gambling jurisdiction and is the home to a growing collection of successful and diverse eGaming and software businesses. The Island retains a strong USP for start-ups offering a responsive and agile jurisdiction, a place to thrive and grow a business and a great platform to secure B2B partners, investment and financial services.
The Island has an international reputation for being at the forefront of the eGaming industry with an initiative-taking supervisory regime. With the simplicity of one licence covering all gaming, from casino and sports betting to poker, bingo and lottery, it makes sense to establish an eGaming business on the Island.
Digital Isle of Man, an executive agency within the Isle of Man Government’s Department for Enterprise, and created to support the tech sector, has reported the highest number of eGaming businesses ever licensed in the Isle of Man, with 75 licences having been granted by the Island’s Gambling Supervision Commission, signifying the most number of licenses ever supervised at any one time on the Island and marking a 79% rise over the past five years.
Contributing to a considerable proportion of the Isle of Man’s economy, the latest data shows the eGaming industry accounts for 21% of GDP, further demonstrating the Isle of Man as a jurisdiction of choice with favourable regulations, a stable economy and digital infrastructure for eGaming businesses.
What are the benefits of starting or re-locating your business to the Isle of Man?
There are many benefits of why the Isle of Man is a great place to re-locate or start a business as well as a highly desirable place to live and do business, some benefits are:
- Stable Government.
- Thriving economy.
- Strong regulatory environment.
- World Class Data Centres.
- Robust power and telecoms infrastructure.
- Experienced professional work force.
- Financial Government Incentives.
- Zero rate corporation tax, no Capital Gains tax and no Inheritance tax.
- Gaming duty between 0.1% and 1.5% based on profit or yield, not turnover.
- Relocation incentives.
The Island has a strong and vibrant economy, a stable legal infrastructure, the longest serving unbroken parliament in the world and an attractive tax regime, and as such the Isle of Man is an increasingly popular jurisdiction to relocate or start an eGaming business.
The Isle of Man has advantages for its residents with low-income taxes including a maximum income tax liability (a ‘tax cap’) of £200K (jointly assessed couple is £400K maximum) for High-Net-Worth Individuals. Additionally, there are no inheritance, capital gains or wealth taxes and most trading companies pay 0% corporate tax.
The combination of the Island’s political and legal stability, quality of life, attractive tax regime, availability of professional services and technological infrastructure combine to make the Isle of Man a compelling jurisdiction to relocate or start a business.
Do you need an Isle of Man Company to obtain an eGaming licence?
Yes, a company must be incorporated in the Isle of Man and have two local directors, although the Designated Officer can be resident outside of the Isle of Man, there must be a resident Operations Manager.
How can we help?
For technology-driven trading businesses, working closely with professional advisors, we offer a comprehensive support service from initial company incorporation and licence applications through to VAT compliance services, administration, bookkeeping and accounting. We can provide experienced local directors, Designated Officer, a resident Operations Manager and our experienced team can provide all aspects of company administration.
If you would like to find out more, please get in touch with us by email enquiries@bostonmfo.com or by phone +44 1624 692930.