General Overview. There is not a particular sector which dominates financial services industry on the Isle of Man. This offshore jurisdiction is known for its banking, insurance, fund management and trust sectors. The Isle of Man government is concerned about jurisdiction’s good international reputation, therefore its laws and regulations are in a constant changing process, in order to adhere to international standards in the best possible way.
             
Banking Sector. Banking sector is well developed on the island, which provides efficient banking facilities for local and international banking institutions. The government has precisely outlined rules and procedures to which a license applicant must adhere, in order to obtain a government license for banking business activity of a chosen category.

Trusts. Active anti-avoidance legislation of the UK has significantly reduced a number of trusts used by UK citizens on the Isle of Man. However, offshore trust management from the Isle of Man continues to grow, providing offshore trust services to international entities. In addition, a big number of collective investment funds are based on a trust structure.

Fund Management. Different types of a fund management license may be obtained on the Isle of Man, depending on a fund administrator’s intended business. Mutual fund can take a form of different types of companies and the government authorities are open to a dialogue to understand and advise the most appropriate structure and license category in each particular case.

Insurance Sector. Authorization and a relative government license are required for local, foreign or international company, which wishes to conduct an insurance business from the Isle of Man. Such companies are strongly regulated and supervised.

Shipping Registry. Due to its zero-tax legislation for ship management companies and geographical location, the Isle of Man is a good alternative for European owners of vessels to choose this offshore country as a registration place for their ships. The Isle of Man offers fast, efficient and clear procedures for ship registration in comparison to other offshore jurisdictions for a competitive price.

 Aircraft Registry. The Isle of Man offers a big number of advantages for aircrafts registration, including high regulatory standards, fat and efficient services of local authorities, neutral nationality registration prefix, no insurance premium and good international reputation.