Top 5 Reasons To Set up your business on the Isle of Man and Not Germany If you are a
Nigerian entrepreneur looking to invest in a startup or existing business in Europe it would be more profitable and Less tedious to consider setting up in fast-rising Economies with less stringent migration rules, rather than trying to migrate to well established Economies like Germany with stricter
entrepreneur immigration processes.
One such rapidly growing Economy is the Isle of Man, a small country located 90 miles from the British Coast.
This tiny Island lies in the middle of the Irish sea and exists as an economically and politically independent state while under the sovereignty of the Queen.
From ease of setting up to a more business friendly climate, today I look at the top 5 reasons why you should
invest in a business on the Isle of Man rather than take your business to Germany.
5 Reasons to Invest in the Isle of Man A Fast Growing Economy with diverse business opportunities Unlike a lot of Economies in Europe including Germany that have witnessed years of stagnation or declining growth in the last few decades the Isle of Man in 2014 recorded its 4th decade of continuous economic growth.
The strength of this tiny Island's Economy is its diversity and ability to adapt to and embrace a wide range of business sectors.
From manufacturing of consumer goods, to a full range of financial services,shipping, e-commerce and even the aviation industry, the Isle of Man is a thriving hub of potentially viable businesses for foreign investors.
In recent years the tech and e-commerce business sectors have seen an impressive growth from 8% in 2016 to 30%.
Less Stringent Business Registration Requirements : The requirements for
migrating to the Isle of Man via the Innovator or start up Routes are pretty basic.
? Applicants applying for the business migrant route must be at least 18years
? Must have an innovative business idea( a business or service not currently existing on the island)
? Must be Non citizens of Britain or Ireland
? Must be able to show proof of funds with a minimum of NGN40.000.000 in savings to enable them pay for the various processing, legal and Government fees.
The Island has only one endorsing body, The Department of Enterprise. Once your business idea is deemed viable and innovative, an endorsement letter is issued and you can start the visa application process .
No fees are required for this endorsement German endorsement and Registration processes for entrepreneurs involve a number of administrative processes which vary depending on the kind of business you wish to set up. For example, there is a different process of registration for business immigrants who are deemed Freelancers by the German law and those who fall under the category of tradesmen.
The category you fall in would determine which body would endorse your business plan and the fees and subsequent taxes you'd be required to pay.
In addition to this, the financial requirements for setting up a business on the Isle of Man is £50,000 which is a lot less than the €250000 recommended for foreign German entrepreneurs.
Absence of Language Barriers English still remains the official language for business communication on the Isle of Man. This makes it easier for business migrants from Nigeria to adapt easily since they don't need to learn a new language.
The official language of Business in Germany is the German language and even though a German language proficiency test is not strictly required to apply for an entrepreneurship visa, you need to be fairly proficient in German to apply for residency status. You would also need to learn the basics of the language to communicate effectively with prospective clients.
Lower tax rates for organisations and individuals Germany is known for its fairly complex tax structure, although in recent years efforts have been made by the German Government to simplify this .
Corporate income tax is 15%. Personal income tax in Germany of 35% is also much higher than in The Isle of Man.
The Isle of Man is famous for it's simple and lower tax rates . The standard tax rate for most companies on the island is 0%; except for banks and financial institutions which are required to pay 10% tax . Personal income tax is between 10-20%.
A More Relaxed and business friendly Culture The Isle of man residents are famous for their easy going ways and dislike of bureaucracy.
The Island offers easy access to key decision makers within government, whether Ministers or senior officials. Change can be delivered far faster than in large jurisdictions.
The Isle of Man was ranked 4th “Most Business Friendly” area in fDi’s European Regions of the Future 2008/2009.
In contrast, new migrants to Germany can expect to encounter many rules and regulations and a low degree of flexibility and spontaneity. This could result in slow progress when it comes to making decisions.
Topic: Top 5 Reasons To Set up your business on the Isle of Man and Not Germany (Read 373 times)
