The Isle of Man and Dubai Departments of Economic Development have announced the signing of a Memorandum of Understanding (MoU) aimed at promoting closer business, economic and trade relations between the two countries.
Colin Kniveton, Chief Executive of the Department of Economic Development, visited Dubai and held a wide range of discussions concerning international relations with his counterpart His Excellency Sami Gamzi, the Director General of the Dubai Department of Economic Development (DDED). The meeting was also attended by international lawyer, Dr. Mansour Malik and senior officials of the Dubai Government including H.E Mr. Khalid Alkasim, Deputy Director General of the DDED; H.E Mr. Ali Ibrahim Deputy Director General as well as Mr. Fahd Gargawi, the Chief Executive Officer of the Foreign Investment Office.
Mr. Kniveton had previously visited Dubai in October 2011 and attended key meetings with the DDED to discuss how levels of co-operation between both countries could be enhanced. On that visit he had paid tribute to the economic model created by the United Arab Emirates (UAE) and stated that the open door economic and investment policies of the UAE provided many incentives to foreign companies wanting to establish themselves in the Middle East. The significance to the Isle of Man economy of several Isle of Man companies that are already based in Dubai was also highlighted along with the aspirations of other companies that are seeking to obtain licenses to extend their business activities in the region.
John Shimmin MHK, Minister for the Isle of Man Department of Economic Development said:
"The Memorandum of Understanding involves the exchange of business information and expertise and I am confident that it will further strengthen the economic and business links to the Isle of Man bringing tangible benefits to both our countries."
Colin Kniveton Chief Executive, Department of Economic Development said:
"The signing of the Memorandum of Understanding will provide an excellent foundation for Isle of Man companies to build relationships with UAE businesses. It will further boost the Island's profile as a good place to live, work and do business and firms helping to attract investment."
Recent research commissioned by the Isle of Man Government has shown the Isle of Man continues to dominate the AIM market.
The research was conducted by Hemscott and has shown the Isle of Man to be in first place in respect of the largest number of non-UK incorporated AIM top 100 companies. The Isle of Man was shown to have a market share of 18.6%, up from 16.3% a year earlier (2010). Bermuda and British Virgin Islands took second and third place respectively.
In terms of total non-UK AIM companies, the Isle of Man has retained its market share over the last two years, leading overall with 50 companies, despite challenging market conditions.
The current market capital of non-UK AIM 100 companies registered in the Isle of Man stands at GBP1147 million (GBP1.14 bn).
Minister for the Department of Economic Development, John Shimmin MHK, commented:
"This research shows the Isle of Man performing very well in the AIM market despite difficult market conditions and serves to illustrate that the Island is the preferred gateway to London for international corporate capital raising requirements. This is another example of how the Isle of Man is a significant contributor to the City of London and why the Crown Dependencies are important to the UK economy as a whole."
"These findings are a great vote of confidence for the Isle of Man and represent an excellent return on the good work that the private sector and Government have invested into promoting our attractive proposition."
Mike Hennessy, Chief Executive Officer, IOM Chamber of Commerce, commented:
"It is encouraging to see that the Isle of Man has retained first place in relation to the largest number of non-UK AIM top 100 companies. In addition, to have increased this market share from last year is very positive news. There is every confidence that this success will be repeated in 2012 given the expertise base that we have and the environment that we provide."
The Isle of Man Ship Registry, one of the world's leading ship registries, has announced record tonnage for the year ending 2011.
Gross Registered Tonnage (GRT) is the datum used to compare the world's ship registers and a year on year comparison shows a 12% increase in total GRT, climbing steadily from 12.36m GRT at the end of 2010 to 13.84m GRT as we enter 2012.
With the new numbers, it is now among the top 15 ship registries in the world. This demonstrates significant growth in the larger types of vessels registering, given that the register topped 10m GRT for the first time in its history in April 2009. The area which saw a particularly rapid take-up rate was the Asia Pacific region, notably Japanese and Singapore-based corporations, who are now more cogniscent of the flag's value.
Dick Welsh, Director of the Isle of Man Ship Registry, said:
"The growth in numbers shows that we are well placed to provide a more cost effective solution for registration without any compromise in quality or service for ship operators and owners."
"Having just recovered from the global crisis of 2008, ship owners are bracing themselves for another rocky year in 2012. An oversupply of ships together with the global economic downturn is keeping freight rates down and making it difficult to keep vessels operating profitably in many sectors."
He went on to say:
"The uptake on the flag registration has been encouraging. We are seeing an increased level of enquiries for vessels under construction or in-service which are planning to register, or change to Isle of Man registration. This hopefully will translate to an increased level of activities for us over the next 2-3 years especially across the Asia Pacific region."
Alex Downie OBE MLC, the Department of Economic Development Political member with responsibility for shipping, said:
"2011 was another very successful year for the Ship Registry, despite continuing global economic pressures. These figures demonstrate that, due to its world class service and support, the Isle of Man Ship Registry continues to be a flag of choice for merchant ships. I would like to congratulate the team at the Registry on this success and for continuing to provide a high level of customer service throughout this growth period."
The ship registry's high quality and service levels combined with a low cost fee structure are continuing to attract larger corporations involved in wet cargo (oil and gas) as well as dry bulk trades. The cost savings offered by the Isle of Man Ship Registry are significant, especially for their larger vessels.
Maintaining the quality of the fleet and the Isle of Man's results in the world's port state control statistics and other quality benchmarks is still paramount. This year once again, the Isle of Man was recognised by the US Coast Guard and shared top place on the annual "Flag State Performance Table" issued by the industry bodies
MannBenham are pleased to announce that they have won the Acquisition International Legal awards for Isle of Man Banking & Finance Law Firm of the Year and Isle of Man Commercial Law Firm of the Year.
The Acquisition International Legal Awards (see www.acquisition-intl.com ) celebrate excellence and reward firms, teams and individuals for their contribution to client service, innovation and commitment to quality.
The Acquisition International awards are given solely on merit, they differentiate the winners as people nominated by their peers for outstanding work and chosen as leaders in their fields.
Commenting on the award Carly Park, a Commercial director at MannBenham said:
"I am delighted that we have won both Isle of Man Commercial Law Firm of the year and Banking and Finance Law Firm of the year.
Despite the recessionary conditions our Commercial team have had a busy year and have assisted various well know City firms with a variety of high Value transactional work.
We are continuing to grow our commercial and finance practice and we have just launched a new initiative whereby we will provide initial legal consultations at no cost for commercial matters. I would hope that this will be of benefit to the Island's business sector and will encourage businesses to feel free to speak with a Commercial lawyer with regards to any legal matters they may have."
As part of its drive to grow its Clean Tech sector, the Isle of Man Government, in conjunction with the Isle of Man Chamber of Commerce and energy networking service UbrainTV, will be hosting the inaugural UbrainTV 1st Anniversary Conference and Energy Tech Awards 2011 on the 10th October on the Isle of Man.
A number of 'green' businesses from Japan are looking to expand globally and the conference and awards will showcase the Isle of Man as a centre of excellence for R&D, innovation and financial services. The Island is committed to growing its Clean Tech sector and just last month, launched a 0% Green Business Loan Scheme, designed to help businesses operating on the Isle of Man lower energy costs as well as increase overall operational efficiency.
The event will be held at the Villa Marina in Douglas and will mark the Japanese company's first anniversary. The conference will host guest speakers from the UK and Japan including distinguished professors, leaders in the not-for-profit sector and developers of renewable technologies such as world renowned biofuel producer, Revo International. The conference programme will focus on the current status and future plans for clean energy from Japan and will include a lecture on Next Generation Energy from Japan by Dr.Yuzuru Ashida, Professor Emeritus of Kyoto University.
The award ceremony is designed to recognise pioneering, sustainable technology which has recently been brought to market, as well as an innovative environmental project which has engaged a local community and contributed to a more sustainable future.
Minister for Economic Development, Allan Bell commented:
"It is fantastic that we are able welcome UbrainTV to the Island and to play host to the inaugural conference and awards ceremony. The decision to host the conference on the Isle of Man demonstrates the Government's commitment to embracing and encouraging new technologies and innovation."
Isle of Man Department Member for Economic Development, Alex Downie, OBE, MLC said:
"The Clean Tech sector on the Island is growing rapidly with over 100 businesses currently active. Significant future growth is expected and the Ubrain TV first anniversary conference and Energy Tech Awards is certainly a great boost for the Island."
Dr Ken Milne, senior manager for energy policy, added:
"This event is the perfect opportunity for the Island to demonstrate to international businesses why it is an ideal location to trial technology whilst also offering protection to intellectual property generated by businesses. We are very excited by the collaboration with UbrainTV and look forward to exploring further opportunities to work with companies across the globe, cementing the Isle of Man's position as a world centre for cleantech business."
The Isle of Man Aircraft Registry today announces the appointment of Hartley Elder to the role of Director of Civil Aviation.
Already holding the position of Chief Surveyor and Deputy Director of Civil Aviation, Hartley's new role will see him working with the team of 22 who are responsible for the continuing development and growth of the Isle of Man Aircraft Registry. Hartley joined the Registry in 2008 bringing with him over 30 years of aircraft maintenance, airworthiness and engineering experience in both the public and private sector. Prior to joining Isle of Man Aircraft Registry, he was the Technical Officer - Airworthiness with the International Civil Aviation Organisation in Montreal. He has also held senior positions at the UK Civil Aviation Authority where he was in charge of a Policy and Requirements Section, leading Senior Airworthiness Surveyor's and previous to this, with British Airways, where he worked as a Technical Support Engineer in the Operations Centre.
The Isle of Man Aircraft Registry has been highly successful in attracting business since starting operations on 1st May 2007. The Registry is now the 8th largest business jet register in the world (according to Flightglobal), and has registered a total of 408 aircraft in the last four and a half years.
Commenting on his new position Hartley Elder said:
"When I joined the Registry in 2008 it was still in its formative stage and over the last three years I have seen it go from strength to strength, expanding more than 50% since May 2010 alone. This growth has happened without sacrificing standards, quality and service, and I am proud to have been part of the team, led by Brian Johnson. With the number of aircraft on the Register growing rapidly, the role of Director of Civil Aviation brings many challenges, but I believe I have the knowledge and experience to take on this role and develop the Registry, ensuring it remains a successful and well-regulated operation."
Isle of Man Minister for Economic Development, Allan Bell commented:
"Despite the global financial problems over the last few years, the Registry's high regulatory standards and unique "can do" service standards have proved to be a winning formula and we believe under Hartley's direction this is only set to continue."
Isle of Man Department Member for Economic Development, Alex Downie, OBE, MLC said:
"Having worked with Brian to establish the Aircraft Registry I am immensely proud of what has been achieved both in terms of the number of aircraft registered and the benefits this has had for the wider business community and I wish Hartley every success in continuing this."
MannBenham have again been recommended by the Legal 500.
The 2011 edition of the Legal 500 recommends MannBenham in the following 5 practice areas:
ISLE OF MAN
- Banking and finance
- Commercial
- Dispute resolution
- Investment funds and capital markets
- Private client and trusts
Published for over twenty years, the Legal 500 Series provides the most comprehensive worldwide coverage currently available on legal services providers, in over 100 countries.
Used by commercial and private clients, corporate counsel, CEOs, FDs and professional advisers - as well as by other referrers of work both nationally and internationally - the series is widely regarded as offering the definitive judgement of law firm capabilities.
MannBenham are pleased to announce that it has been chosen as the winner of the 2011 Isle of Man - Company Formation Law Firm of the Year Award by Global Law Experts http://www.globallawexperts.com/Home.aspx
During the recommendation stages Global law Experts received over 14,000 responses from business directors, in-house counsel, independent law firms, high net-worth individuals, bar associations, visitors to the GLE website and LinkedIn users. These recommendations were combined with GLE's own independent research to create a shortlist of firms for each key country and practice area.
The 2011 Awards Panel met earlier this month to discuss the shortlisted firms and reach a decision regarding this year's winners. The shortlisted firms were judged on client testimonials, key cases from the past 12 months, legal rankings, overall reputation, publication contribution, speaking engagements and the performance and standing of the team's individual attorneys.
Commenting on the award Miles Benham said "I am pleased to receive the award on behalf of MannBenham. We constantly strive to meet and then better our clients expectations. This award is as a result of the hard work and committment of our lawyers and support staff."
TREASURY Minister Anne Craine has welcomed feedback from the EU Code of Conduct Group that it had agreed in principle that the Isle of Man's business tax system will no longer be considered harmful if it goes ahead with its proposed withdrawal of the attribution regime for individuals (ARI). Abolition of the ARI from April 2012 was announced by Mrs Craine in her Budget speech in February this year and endorsed overwhelmingly by Tynwald.
The Code Group which monitors compliance with the EU Code of Conduct for Business Taxation met in Brussels on September 13, 2011. Isle of Man Treasury officials attended the meeting to assist Group members with their review, and agreed to keep the Code Group updated in relation to the progress of the legislation through Tynwald now that it was clear the proposal would meet the Groups requirements. The Groups conclusion is subject to formal confirmation by ECOFIN (the EU's Economic and Financial Affairs Council) in December.
Mrs Craine commented: "This is a positive development for the Isle of Man. It is an endorsement of Governments strategy of responsible engagement with international concerns while promoting the Island's legitimate interests.
The Department of Economic Development has just completed a successful visit to the People's Republic of China. The visit took place as part of the Department's country strategy which has been developed in conjunction with the private sector and which is designed to target those countries which have been proven to have the highest potential for developing new business.
The delegation consisted of Tim Craine, the Department's Business Development Agency Director, Michael Charlton, the Department's Executive Director of International Business Development and Steven Beevers, the Department's Head of Special Projects. The visit was designed to test and refine three specific propositions that have been developed to appeal to a Chinese audience, namely:
A model for importing goods into the UK and EU offering a cost effective, efficient and high quality service solution
Access to capital markets for Chinese companies looking to float on the stock market
Solutions for Wealth Management drawing on the Island's expertise and tried and tested solutions in this regard
The delegation visited Beijing and Shanghai and visited a range of Chinese Ministries including:
The Ministry of Commerce (MOFCOM)
National Development and Reform Committee (NDRC)
State Owned Assets Supervision and Administration Commission (SASAC)
China Banking Regulatory Commission
Chinese People's Association for Friendship with Foreign Countries (CPAFFC)
China Council for the Promotion of International Trade (CCPIT)
Shanghai Municipal Commission of Commerce
Meetings also took place with the China British Business Council (CBBC), the Big Four international accountancy firms, a Chinese Big Five Bank, international and local law firms, local Chinese lawyers, Ultra High Net Worth Individuals (UHNWIs) and a "boot camp" for entrepreneurs.
The feedback was uniformly positive and informative and will facilitate a further fine tuning of the three main propositions. There are already a number of individuals and groups who are planning to visit the Island on the back of this visit to find out more about how the Island can add value to their business interests.
The plan is to return to China in late October with representatives of the local business community and to take up the numerous offers of help to help publicise the benefits that the Island can bring to Chinese businesses and entrepreneurs. The October visit will take in Beijing, Shanghai, Hong Kong and Singapore.
Economic Development Minister Allan Bell said:
"I am delighted that the visit to China was such a success. The Island still needs to do more to raise the profile of its benefits in key market target areas such as China. Only by pro-actively looking further afield will the Island succeed in further geographically diversifying the economy."
Tim Craine, Director of the Business Development Agency said:
"It was encouraging that the propositions we were presenting received such widespread interest and that there is a real interest in learning more about the Isle of Man and how we can add value to Chinese businesses in a number of key areas."
Other tier one countries/regions which are included in the Department's country strategy are the Middle East and Russia. Tier two countries that will also form part of the strategy going forward include India and Singapore.
MannBenham are pleased to announce that they have been nominated and shortlisted for various awards in the Acquisition International Legal Awards.
The shortlisted categories are:
* Commercial law
* Offshore law
* Banking and Finance
The Acquisition International Legal Awards celebrate excellence and reward firms, teams and individuals for their contribution to client service, innovation and commitment to quality. The awards are given solely on merit and they differentiate the winners as people nominated by their peers for outstanding work and chosen by a panel as leaders in their fields.
MannBenham Advocates, as part of their lecture series, are holding a talk at the Empress Hotel, Douglas on 18th October 2011 on the up coming Triennial Sessions .
Registration and light refreshments will be made available from 10.00am, with the lecture starting at 10:30am for an hour which will include :-
An introduction and welcome.
Update on licensing laws in the Isle of Man and what needs to be included in an application to renew a licence by Martin Paterson and Carly Park.
Current licencing issues from a police perspective by Sergeant Darren Bradford.
Any Questions
If you wish to attend, please contact MannBenham Advocates on 639350 to book your place.
A copy of the invitation is available in our publications section http://www.mannbenham.com/publications.asp
The Isle of Man Government has introduced incorporated cell companies legislation, which will allow the Island to offer as broad a range of corporate structures as possible, and provide a further boost to the Island's captive sector.
The Incorporated Cells Act 2010 and the Insurance (ICC) Regulations 2011 came into effect on 23 June. At present the use of ICCs is restricted to the carrying on of insurance business, however, the provision exists within the Act for this to be extended in the future to include other types of business.
An ICC creates incorporated cells which are considered separate entities with their own legal identity. They can hold assets, sue and be sued in their own name. As a result, there is legal ring-fencing within an ICC structure which provides a stronger degree of certainly and protection of the assets of other cells.
The formation of Protected Cell Companies (PCCs) has been possible in the Isle of Man since 2004 for the carrying on of insurance business but was extended in October 2010 to allow PCCs to conduct any class of business.
Commenting on the new legislation, Minister for Economic Development, Hon. Allan Bell MHK said:
"The introduction of this new legislation will reinforce the Isle of Man's reputation as a competitive jurisdiction for captive insurance, by allowing companies on the Island to offer a wider range of options for captive insurance business."
Chairman of Isle of Man Captive Association, Gaynor Brough said:
"The Isle of Man is a leading destination for discerning captive owners and is home to an impressive number of FT100 and FT250 companies. We are pleased to now be in a position to add ICC structures to our existing stable of innovative captive products."
David Vick, Chief Executive, Insurance and Pensions Authority, said:
"An ICC structure offers a useful additional option for insurance and risk management programmes, there has been strong industry support for this move and we look forward to welcoming new companies who wish to take advantage of the ICC structure."
THE Isle of Man's thriving clean tech sector looks set for further expansion, according to projections outlined in the latest Quarterly Economic Report to the Council of Ministers.
It is envisaged that opportunities in areas such as renewable energy and low-carbon technology will encourage more business to the Island and create new job openings over the next three years.
The Economic Report, which covers the second quarter of 2011 from April 1 to June 30, refers to a recent independent survey conducted by PricewaterhouseCoopers. Its findings show that the Island's clean tech cluster is currently home to more than 100 companies, with an estimated annual turnover of GBP4.6 million. These businesses forecast their growth will rise to a turnover of GBP10.6 million (130% increase), a GBP1.2 million tax contribution (50% increase to Government) and a workforce of 125 employees (47% increase) by 2014.
In addition to the existing sector, a number of other clean tech companies have expressed an interest in relocating to the Isle of Man, citing the opportunities to trial new technologies as one of the main attractions. The Economic Report highlights the role played by the TT Zero clean emissions race, held for the past three years during the TT Festival, in raising international awareness of the Isle of Man as a leading advocate of eco-technologies. It also points to the potential benefits to be derived from the "All Islands Approach" to renewable energy generation agreed at the British-Irish Council Summit in London in June.
The Report says:
"This joint approach could allow renewable energy projects in Isle of Man territorial waters to supply electricity to the UK market which would generate a significant long term revenue stream for the Island from leasing the seabed for offshore development. Furthermore, significant opportunities exist for the Island as a central hub for interconnectors linking wind farms in the Irish Sea to the UK electricity grid."
The Isle of Man Department of Economic Development has announced the launch of a 0% green business loan scheme. The scheme, which forms part of the Islands commitment to reduce its carbon footprint, has been designed to help businesses operating on the Isle of Man lower energy costs as well as increase overall operational efficiency.
The scheme - which offers a 100% loan of up to GBP20,000 towards the cost of projects that improve energy efficiency - is open to all business sectors where projects will involve energy efficiency improvements in Isle of Man business premises. Each project will be assessed on its potential to deliver energy savings and preference will be given to those that provide the greatest reduction in CO2 emission. Projects deemed suitable range from lighting/ lighting controls to compressed air systems/ controls to insulation upgrades.
For the last few years the Island has been committed to reducing its carbon footprint and to this end the Department of Economic Development already has in place Energy Champion training, which has been provided to 45 employees of Isle of Man businesses, and energy surveys for 25 businesses on the Island. The green business loan scheme will build on both these initiatives further enhancing the Island's "green" credentials.
Minister for Economic Development, Allan Bell commented:
"This initiative demonstrates the Government's commitment to working closely with local companies to introduce policies which not only make sound business sense but also generate work for them to deliver energy efficiency products and services."
Dr Ken Milne, senior manager for energy policy, added:
"Due to the capital costs of installing energy efficiency measures we sometimes find that businesses tend to only implement recommendations from a Department of Economic Development energy survey that have no cost or low cost. Furthermore, a recent report commissioned by the UK Carbon Trust (The Business of Energy Efficiency report) indicates that 80% of businesses are likely to only fund projects where the payback period is less than 3 years. With this in mind, the 0% green business loan scheme has been designed to try and assist companies in overcoming any investment hurdles. Added to this there is an overall economic benefit for the Island; by reducing energy usage, products manufactured on the Isle of Man will be more competitive for export."
Department Member with responsibility for Cleantech, Alex Downie OBE MLC said:
"The launch of this initiative is a positive step towards both assisting Isle of Man businesses with reducing their energy usage, and helping the Government achieve its targets in CO2 reduction."
The Department of Economic Development (DED) has today (1st September) announced a radical shake-up of Financial Services which will mean a more collaborative approach with industry and the creation of a new Public Private Sector promotional model allowing the sharing of resource and funding between all parties.
Working closely together the Chamber of Commerce and Government intends to create a new hybrid body to lead the development of the financial services sectors on the Island. The Government and private sector alliance will ensure that the sector can more effectively use the combined talents and resources of both industry and the civil service.
The new organisation called "The Isle of Man Finance Partnership" will be led by Mike Hennessy, current CEO of the Chamber of Commerce. Government will initially be represented on the Board by Chairman Juan Watterson and Tim Craine, Director of the Business Development Agency.
It will be funded by Government but the unique structuring will free the organisation to pursue marketing and other commercial opportunities. The new organisation will be able to draw on the resources and marketing support from Government and the expertise and skills of the private sector. It will replace the previous Civil Service staffed Isle of Man Finance.
The core focus will be on creating sales opportunities for Isle of Man finance sector, whether supporting those on the Island or assisting them promoting overseas. It will have a key role in generating inward investment into the Island in the Finance Sector.
Following on from the appointment of Michael Charlton (Head of International Sales), working closely with industry, the new organisation will be looking to coordinate a programme of international visits focusing on both the private individual and corporate financial solutions which the Isle of Man is renowned for, in key business centres throughout Middle East, China and UK. It is intended that the programmes extended over the next two years will ensure that the reputation, commitment and the expertise of the Isle of Man is properly showcased in these key market areas.
The new body will have the ability to use a combination of internal staff, and use of highly expert contract resource to provide the optimum mix of skills and Government support. It will allow the individual finance sectors to mix and match the best solution to fit their industry and circumstances.
With this creation of an integrated Public Private Initiative, it will take the Isle of Man to new levels of public private cooperation and bring it in line with the best practice deployed in many of the leading business centres throughout the world. A new strategic body consisting of industry representatives will be instigated to help provide the required business focus.
Commenting on the appointment of the Chamber of Commerce, Mike Hennessy CEO, said:
"I am absolutely delighted that "Chamber" will be spearheading this proposition on behalf of the Private Sector. The expertise on the Island is second to none and it will be our full intention to leverage every opportunity by utilising such a vast resource. Much has changed at Chamber in recent times and the timing of this partnership is perfect in many ways."
Commenting, Minister for Economic Development, Allan Bell said:
"I am committed to a close working relationship between public and private sector. I really want to focus on tangible results and I am delighted that we will build on the current close working relationship and create a new era in Public Private Sector partnership. Success will be measured on results and we have the right structure in place to deliver them now."
Commenting, Colin Kniveton, Chief Executive of Department of Economic Development, said:
"As I have always said, to be successful we need to support our businesses both in the products they sell and where they sell them. This change combined with other developments put in place during the past 12 months means we are putting together a structure which puts business at the heart of the Island's future. We have a fantastic story to tell and that needs to be supported with the right resources and in the right international market places working hand in hand with the private sector"
Commenting, Juan Watterson, Political Member for Financial Services, Department of Economic Development, said:
"I am delighted to be leading this project on behalf of the Department with the Chamber of Commerce. The next five years are going to be challenging times for the Isle of Man Government. We need to be committed to growing the economy to help bolster public funds. I am confident that this new dynamic model will provide the impetus for continued and consistent growth in the Financial Services Sector."
His Honour the Deemster Doyle, Her Majesty's First Deemster and Clerk of the Rolls, has recently launched a Code of Conduct for Members of the Judiciary of the Isle of Man.
The Code covers six main areas namely (1) judicial independence, (2) impartiality, (3) integrity, (4) propriety, (5) equality of treatment and (6) competence and diligence.
Deemster Doyle commented:
"It is hoped that the publication of this Code of Conduct will assist in underlining to the community the high standards of conduct rightly expected from judges in this jurisdiction. It will also be a useful document for the Manx Judiciary in considering the high standards expected of them in their judicial and personal lives."
A copy of the Code is available to download below.
http://www.gov.im/lib/docs/courtservice/PressRelease/judiciarycode.pdf
The directors of MannBenham are pleased to announce that Advocate Martin Paterson has been made a director of MannBenham Advocates Limited and MannBenham Fiduciaries Limited.
Martin is head of MannBenham's busy Private Client practice.
Miles Benham said "I am pleased to announce that Advocate Martin Paterson has joined the practice as a director. Martin is well liked and respected by his clients and peers. As the director in charge of our Private Client department Martin is now positioned to oversee the growth of our private client offerering and the provision of first class legal services to our private clients on and off the Island. I wish Martin success in his new role."
The Isle of Man on July 18, 2011 continued with its programme of developing closer economic and taxation co-operation with other countries by signing a Tax Information Exchange Agreement (TIEA) and a Joint Declaration with the Czech Republic.
The TIEA is the Isle of Man's 25th TIEA and its 29th agreement that meets the OECD international standard on tax co-operation and transparency. The signing ceremony took place at the Czech Embassy in London between Anne Craine MHK, the Isle of Man's Treasury Minister, and His Excellency Mr Michael Zantovsky, the Czech Ambassador.
Minister Craine commented:
"The past month has seen the Isle of Man demonstrate very clearly the strength of its ongoing commitment to tax co-operation and transparency particularly with its neighbours in the European Union. The TIEA with the Czech Republic I signed today is the Isle of Man's 25th TIEA and its second with an EU member state in two weeks. The Isle of Man now has agreements signed with 15 EU Member States and is actively negotiating with others. Equally important was last week's move by the Isle of Man to full automatic exchange of information under the EU Savings Directive."
Also signed at the ceremony was a joint declaration in which the two countries have stated their intention to continue negotiations on measures to alleviate undesired tax barriers and other obstacles of a discriminatory nature that may be included in their domestic legislation. The countries also stated their intention to commence negotiations to conclude a comprehensive double taxation agreement as soon as possible after the TIEA enters into force.
As part of the Isle of Man Government's ongoing programme of signing Tax Information Exchange Agreement (TIEAs), Treasury Minister Anne Craine MHK has signed agreements with Japan and Indonesia.
The TIEA with Japan was signed by His Excellency Mr. Keiichi Hayashi, the Japanese Ambassador and by the Treasury Minister at the Japanese Embassy in London on 21st June 2011. The TIEA with Indonesia was signed the following day by His Excellency Mr. Yuri Octavian Thamrin, the Indonesia Ambassador and Minister Craine, at the Indonesian Embassy in London.
These two new agreements mean the Isle of Man now has 23 TIEAs and 27 agreements in total that meet the OECD international standard on tax co-operation and transparency.
Minister Craine commented: "The Isle of Man has been committed to tax transparency and effective exchange of information for a long time. Less than three weeks ago the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes published its report on the Isle of Man and concluded that our existing agreements are working effectively and efficiently in practice. The Isle of Man has very good relationships with its existing exchange of information partners and this week's agreements create the perfect opportunity to develop the relationship between the Isle of Man and its two new TIEA partners, Japan and Indonesia."
Two tax agreements between the Isle of Man and the Republic of Slovenia were signed today by His Excellency Iztok Jarc, the Slovenian Ambassador, and by Manx Treasury Minister, Anne Craine MHK, in Douglas.
The two agreements are:
1) a Tax Information Exchange Agreement (TIEA);
2) an agreement for the Avoidance of Double Taxation with respect to Individuals.
The TIEA is the Isle of Man's 24th TIEA and its 28th agreement that meets the OECD international standard on tax co-operation and transparency.
Minister Craine commented: "I understand that the TIEA we signed today is Slovenia's first and I am delighted that we are able to welcome the Ambassador to the Isle of Man for such a significant event. Tax transparency and effective exchange of information are topics the Isle of Man takes very seriously, as the recent report by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes shows. Continuing to expand its network of tax agreements, particularly with its neighbours in the European Union, remains important to the Island."
MannBenham have been awarded "Top Commercial & Civil Litigation Law Firm - Isle of Man" by InterContinental Finance Magazine.
Advocate Miles Benham in accepting the award on behalf of the practice said " We are pleased to be recoginised by Intercontinental Finance Magazine for our commercial and civil litigation practice which has experienced a very busy year."
MannBenham provide a full range of litigation services to both individuals and companies. For more information see http://www.mannbenham.com/practiceareas_litigation.asp
The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with Mexico.
The TIEA was signed by Mexico's Minister of Finance and Public Credit, Ernesto Javier Cordero Arroyo, in Mexico City on 18th March 2011 and by Manx Treasury Minister, Anne Craine MHK, in Douglas on 11th April 2011, and exchanged by post. This is the Isle of Man's 21st TIEA and its 25th agreement that meets the OECD international standard on tax co-operation and transparency.
Minister Craine commented: "The signing of this agreement is an important step in building closer relations between Mexico and the Isle of Man. Mexico is an OECD member and G20 country, so this is a significant addition to the Isle of Man's network of international tax agreements. By continuing to expand our network of agreements we demonstrate the Isle of Man's commitment to tax transparency and effective exchange of information."
