Isle Of Man Continues To Promote E-Commerce Opportunities To International Community

Amanda Banks, Tax-news.com, London

27 March 2001

Representatives from the Isle of Man's e-commerce community were busy last week promoting the Island's e-commerce possibilities to interested parties from central Europe and India in two separate presentations in London. Spear-headed by the Island's e-commerce director, Tim Craine, the presentations are the latest step towards achieving the jurisdiction's aim of becoming a world-class leader in the e-commerce arena.

Treasury member Sir Miles Walker MHK, a key speaker at the presentations, explained to the Isle of Man local press: 'The theme for the Central European countries is very much on trading links and the legitimate use of offshore structures in the international market place. For them it is really a question of learning more about our international services and business opportunities, but of course not at the expense of the revenues of their own countries. We're highlighting the use of Isle of Man trading companies with a real tangible base here, captive insurance and treasury management, and the use of the Island as as a springboard for opening up new world markets.'

The first presentation concentrated on the Island's international services and took place at the Czech embassy last Wednesday with an audience comprising embassy officials, businessmen and bankers from Czechoslovakia, Slovenia, Slovakia and Hungary.

The second presentation, hosted by the HSBC bank in association with the Confederation of Indian Industry took place on Thursday of last week and highlighted the Island's e-commerce opportunities to an audience representing international Indian software/e-commerce companies. The meeting was chaired by Sir David Gore-Booth, former High Commissioner to India and special adviser to the chairman of HSBC.

Key note speakers at the presentations included Sir Miles, Tim Craine, Chris Hall of Manx Telecom, e-commerce adviser David Sherlock from Manx advocates Cain's and Arthur Lancaster from the Isle of Man Ernst & Young branch of accountants.

Sir Miles added: 'These countries are all seeking to join the EU and they are seeing significant changes taking place — privatisation of banking systems, telecommunications deregulation and the dismantling of the old communist economy for a more open free market. A changing economy offers opportunities for new investment which could make use of international structures, but in the first instance there has to be some awareness of what those opportunities may be.'

Recommended