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IoM Clean Tech Industry Poised To Expand

Monday, July 4, 2011

A survey from the Isle of Man's Department of Economic Development has shown that the island’s clean tech sector is fast becoming a leading contributor to the Isle of Man economy, and is projected to double in size by 2014.

The report undertaken by PwC on behalf of the Isle of Man government indicates that in the Isle of Man there are 100 companies currently active in the clean tech sector, with an estimated turnover of GBP4.6m (USD7.4m).

These existing clean tech businesses on the island estimate their growth in the sector will increase to a turnover of GBP10.6m (130% increase), which is expected to amount to GBP1.2m in tax contributions annually by 2014.

The report, undertaken to show the estimated economic benefits to the Isle of Man economy from companies associated with the clean tech sector, showed that many companies expected the growth of the sector to come largely from changes in consumer behaviour (17%), as more people opt to use goods and services from companies that are acting in an environmentally-responsible way. Many of these companies are already taking action ahead of this, with almost three in ten investing in preparing their business for continued growth and one in five actually bringing in more staff to deal with increased demand.

Ken Milne, Senior Manager for Energy Policy, Department for Economic Development, commented: “The results highlight that our clean tech industry is an example of a real growth industry. Not only do companies look to benefit from the close public/private co-operation on the island, we also already have a flourishing manufacturing sector, a proven experience of trialling new technologies, and a supportive and experienced professional services sector. We look forward to helping these companies grow on the island.”

Minister for Economic Development, Allan Bell, commented: “The government has always embraced new technologies and encouraged innovation. The clean tech industry is a market that is growing rapidly – we are echoing this with our current expansion into the sector. To be able to offer companies a base to trial new technologies is a real gain for the Isle of Man.”

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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