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HN11 - Grant Assistance Schemes Available to Companies Relocating to or Establishing a Presence in the Isle of Man
A wide variety of schemes are available with the following three being the most relevant to business moving to or establishing a presence on the Isle of Man:- Department of Trade and Industry (DTI) Financial Assistance Scheme
- Economic Development Fund
- Business Support Scheme
Investment grants of up to 40% relating to:
Building work, plant and machinery, first year expenses, training costs, marketing costs, rent, quality standards, energy conservation and waste costs
Business Plan
A detailed plan is required for most schemes and must cover:
- Background of business, three years historical information if available
- Details of beneficial owner(s), where the capital is coming from (source of funds)
- Three year forecasts, a breakdown of what is being requested
- Market and competitor information, employee numbers and average salaries
- New fund created and made available since 1 March 2008
- Supports businesses not eligible under any other Government scheme
- Provides grants to eligible projects
- Level of assistance dependent on the benefits to the Island’s economy
- Financial assistance with the specific purpose of helping businesses become more efficient
- A wide range of disciplines within the applicant business are deemed eligible
- Eligible businesses are those involved in manufacturing, import substitution and e-business
- 50% of the value of a project up to a maximum of £4,500
For further details on the availability of Grant Assistance please contact Simon Kelly or Bruce Watterson in the Dixcart office in the Isle of Man 01624 615598, bruce.watterson@dixcart.co.im or contact us.