Expand your business
The Department of Economic Development offers help and support to existing businesses on the Island to help them grow and expand.
We do this in a number of ways:
Business Development Managers
Our team of Business Development Managers liaise with industry representatives such as local business associations and clusters to engage directly in two way feedback on industry trends and issues.
Financial Assistance and support
The Department offers a number of different grants and schemes which businesses can apply for to enable them to invest in new technologies and working practices in order to be more efficient and competitive.
The aim is to encourage the growth and diversification of the economy through the development of existing businesses and the pursuit of new opportunities. Promotional and marketing activities are undertaken to encourage the development of high added value manufacturing and services, film and media activities, e-Business and company headquarters.
Exhibition and event attendance
The Department attends a number of exhibitions and country visits each year in conjunction with industry partners – you can view these on our events page. If your business would like to attend, please contact your relevant Business Development Manager.
UKTI Support for Isle of Man Firms
Following discussions between the Chief Minister and Minister for UK Trade and Investment (UKTI) Lord Green on renewing arrangements, the rules governing the extent to which Isle of Man based businesses may access services provided by UKTI have been clarified, this reflects the benefits which Isle of Man businesses bring to the UK economy as a whole.
As Isle of Man businesses do not pay UK tax they can’t therefore benefit from services at the expense of the UK taxpayer. However, there are certain circumstances in which they may participate in UKTI events/programmes, provided the UK does not incur any additional costs. All applications for assistance and support will therefore be considered by the UKTI on a case by case basis.
Examples where assistance may be provided are as follows –
Liaising with a foreign government – as outlined above, applications for assistance will be considered on a case by case basis.
Participation in UKTI Missions or Trade Events overseas - (any Isle of Man business would be expected to meet its own costs, and could not access bespoke services provided by UKTI to UK businesses) – examples might include participation as part of the North West Aerospace Alliance, or as part of Financial Services Missions run by the Lord Mayor of London, or when specialist foods are being promoted and could be deemed to be part of the wider British food ‘offer’. UKTI and its partners stage events in every region of the UK and every country of the world. Identify the right events for your business by using their event search tool.
UKTI support for inward investors into the UK – for example a business based in the Isle of Man may have branches in the UK, and so UKTI support may well be of potential benefit to the UK operation (although these benefits should be made clear).
UKTI support for UK businesses with operations overseas – this is particularly relevant to many of the financial institutions based in the UK, which have operations in the Isle of Man. Some UK businesses will, therefore, seek support for a range of services and this might include an element from its Isle of Man operation. UKTI support can be offered to a UK business even if some of the benefit might be to the Isle of Man operation, where it can be seen that the UK base will ultimately benefit from the wider business.
If you are interested in attending any of these events you may wish to contact the UKTI in the first instance at the UKTI team for more information.
In addition to the above UKTI events link, a list of overseas events to be undertaken by the Lord Mayor of London in 2014 may also be of interest to potential Isle of Man participants.