The Isle of Man Government and members of the Isle of Man finance sector recently travelled to the Middle East for the Island's first ever trade mission in that region. The delegation was led by Chief Minister Donald Gelling and Sir Miles Walker, Isle of Man Government Treasury Minister, and visited Abu Dhabi, Dubai, and Bahrain.
Chris Tushingham, senior offshore services manager with Deloitte & Touche, was amongst the speakers and gave a presentation on Isle of Man corporate structures for use in international tax planning. Chris made the point that Isle of Man companies can often be used to reduce the overall tax burden whenever companies are involved in cross-border transactions and companies and individuals are involved in activities outside their home jurisdiction. Chris went on to explain about Isle of Man exempt companies, non-resident companies and international business companies and possible uses to which they can be put. Chris also covered the slightly more unconventional companies such as guarantee companies, hybrid companies, and limited liability companies which have the characteristics of both a company and a partnership.
Chris concluded that, in the appropriate circumstances, Isle of Man companies can:
- Offer tax efficiency
- Provide flexibility
- Take advantage of the political stability and the central time zone of the Isle of Man and its proximity to Europe
- Provide confidentiality
- Take advantage of the well educated professional workforce that exists on the Isle of Man already which ensures that the necessary accounting, legal and tax support is always readily available
Amongst the dignitaries in attendance was His Excellency Mohamed Omar Abdullah, director general of the Abu Dhabi Chamber of Commerce and Industry, who told the assembled guests that he was pleased that many businessmen in Abu Dhabi had taken the opportunity to hear about the opportunities available to them from the Isle of Man and that he felt confident that a strong relationship can be established between the two jurisdictions.
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