With a strong digital sector and a tax programme that rewards businesses and innovators, the Isle of Man is one of the world’s most attractive commercial centres. The European spoke to Rob Kirkham, Director at Baker Tilly Isle of Man, about the island and the benefits it offers as a tried and tested offshore jurisdiction.
Describe the range of services and expertise that Baker Tilly can offer those exploring opportunities on the Isle of Man.
Rob Kirkham: Baker Tilly Isle of Man operates through Baker Tilly Isle of Man LLC and Baker Tilly Isle of Man Fiduciaries Limited. The LLC is a leading firm of chartered accountants and business advisors providing a full range of auditing and general practice accounting services to a diverse portfolio of local and international clients.
Our fiduciary arm provides all other services and is licenced by the Isle of Man Financial Services Authority as a company and trust service provider. It is also registered as a professional retirement benefits scheme administrator. We provide a wide range of company, trust and pension administration and advisory services.
The firm’s membership of Baker Tilly International allows, where necessary, to draw on industry specific experience of other member firms, giving us significant global reach. In addition to our substantial national presence, we often collaborate with other member firms to help our clients grow both locally and internationally. Client satisfaction and long-term relationships are core to our philosophy and culture, and we work hard to retain these.
Summarise the benefits the Isle of Man offers as a commercial jurisdiction.
RK: The island is an award-winning, internationally respected centre of excellence. Its robust regulation is amongst the best in the world and we should all be extremely proud of that. The Isle of Man has long-standing, varied financial and professional services sectors. These encompass banking, insurance, fiduciaries, funds and wealth management, pensions, professional services and the eGaming industry. It is also renowned for its innovation, professionalism and long-standing policy of positive engagement with international initiatives and standards.
The island is also home to a diverse and thriving range of companies from large, internationally recognised brands to local industries, demonstrating the island’s well-developed business ecosystem.
Which markets do you see developing strongly?
RK: South Africa has always been an excellent jurisdiction with whom we have great connections, and we are continuing to develop our working relationship through some new initiatives. Despite the current furore, the UK marketplace is also still providing a lot of opportunities for our clients.
The Isle of Man already has a great reputation for fintech. We are seeing increased activity from new clients coming to the island, so with the Isle of Man Government’s adoption of blockchain technology, we see this still as a growth area, with the added benefits of new people and new ideas moving here.
Fintech is a complex area and we can support clients in a variety of areas including licence applications, banking solutions, structuring, corporate governance and accounting.