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IoM Aerospace Sector Receives Boost

by Jason Gorringe, Tax-News.com, London

11 October 2011


The International Institute of Space Commerce (IISC), based in Douglas, the Isle of Man, has been accepted as a member of the International Astronautical Federation (IAF), the most prestigious institution in the space community.

The announcement was made during the 62nd International Astronautical Congress, held in Cape Town, South Africa.

The IAF is the world’s leading space organisation, grouping all main space agencies, space companies and space related institutes worldwide. The Federation advances knowledge about space, fostering the development and application of space assets by advancing global co-operation.

The proposal for the IISC to become a member of the IAF was made in Cape Town by Prof. W. Peeters, Executive Director of IISC, representing the Institute at that meeting.

The not-for-profit ISSC was formed with the aim of becoming the leading think-tank in the study of the economics of space. Capitalizing on, and facilitating the growth of the Isle of Man aerospace industry, the Institute aims to establish itself as the intellectual home for industry and space academia around the world to perform studies, evaluations and provide services to promote and enhance space commerce.

Allan Bell, Minister for Isle of Man Department of Economic Development, welcomed the news, stating:

“This is another milestone for the island’s space industry. We are proud of this accolade and the Department intends to expand our support to the IISC and to continue to play a prominent role in the space arena.”

“On behalf of the Isle of Man government, we express our thanks to IAF for accepting an Isle of Man organisation into this very prestigious body.”

Alex Downie, Political Member for the Isle of Man Department of Economic Development with responsibility for space and the Isle of Man government’s representative for the IISC, said:

“The Isle of Man is constantly expanding its efforts to become a central location for the new space economy. The recognition of IISC, an Isle of Man based institution, in the prestigious IAF is another important step towards providing recognition of the increasing efforts of the Manx government to consolidate this position.”

The Isle of Man government - keen to continue to diversify the island's economy and capitalize on the territory's comparative strengths - has in recent years been facilitating the expansion of the aerospace industry, with the offer of a supportive government, world-class infrastructure and a low-tax regime.

The Department of Economic Development offers a generous package of support for qualifying businesses, through its Financial Assistance Scheme (FAS), which may provide:

  • Up to 40% plant and machinery grants, including hardware and software;
  • Up to 40% building grants for new buildings, extensions or modifications of existing buildings; and,
  • Up to 40% first year expenses incurred in relocating a business or key individuals, consultancy, marketing, quality and environmental standards.

In addition, the rate of corporation tax for companies trading from the Isle of Man is zero. Research and development expenses are tax deductible.

TAGS: Isle of Man | tax | business | commerce | aviation | international financial centres (IFC) | corporation tax | offshore

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