Isle Of Man Overhauling IP Law

by Jason Gorringe, Tax-News.com, London

06 June 2011

The Isle of Man Department of Economic Development has released a consultation document which sets out extensive proposals to modernize and bolster existing intellectual property law in the Isle of Man.

The consultation, which has a deadline of July 31, sets out at length a number of possible amendments to update the island's legislation and reflect amendments that have been made to this area of law in the United Kingdom and the European Union.

Commenting on the proposals, Minister for Economic Development, Allan Bell, said:

"In the island’s diverse economy areas such as e-business, e-gaming, space industry, clean technology, software development, and high-tech manufacturing are all underpinned by intellectual property. It is important that businesses in these sectors should have the confidence that their intellectual property will be sufficiently protected in the island and elsewhere. In addition, even where intellectual property is not exploited in the Isle of Man by its owners, it is desirable that the island be regarded as a suitable location for the establishment of companies for the holding of intellectual property."

"Updating the island’s IP legislation will assist in driving further development for our economy and it will also ensure that we can continue to compete with other jurisdictions."

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