A Big Year
20 December 2016
I can firmly say 2016 has been a memorable year for almost more reasons than I can count. Despite ongoing global changes, 2016 was yet another strong year for business in the Isle of Man. As the year draws to a close I have an immense feeling of pride and satisfaction in a job well done by the Island’s people.
From a Foreign Direct Investment (FDI) perspective, in 2016 we did more than ever before to support new and existing businesses in the Isle of Man.
To name just a few achievements, the team at the Department of Economic Development hosted the inaugural ISLEXPO, the largest business event of its kind on the Island and attended by over a 1000 people. The day showcased the very best the Isle of Man has to offer and included inspirational talks, training, business advice and much more.
The Isle of Man Government also extended its support for small to medium sized start-ups with the introduction of a new online Business Toolkit, providing all Island businesses access to resources, business guidance, statistics and trends to inform their decisions and support their growth.
New initiatives were also delivered in 2016. Collaborative work between Government, regulators and the private sector resulted in the launch of the Alternative Banking Regime (ABR), a new ‘Class 6’ licence and regulations for Debt & Investment Crowdfunding platforms to base their operations on island and the £50 million Enterprise Development Scheme (EDS).
To further improve our support for industry the financial and professional services team at the Department of Economic Development has now been restructured to reflect the changing needs of the sector. We enter the New Year with defined FDI and On-Island teams and a brand new strategy providing a clear picture of how to develop FDI for the Island and how better to support local industry.
The achievements made in 2016 by both the private and public sectors have put the Isle of Man into a strong position and even further improved the Island’s overall proposition. The Isle of Man remains a great place to do business and 2017’s the year we’re going to shout about it!
Find out more about Financial and Professional Services in the Isle of Man.