The Department for Enterprise’s Financial Assistance Scheme (‘FAS’) aims to encourage diversification of the local economy. The FAS provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down.
The FAS is a key tool to encourage existing businesses to adopt new technologies and practices and for new businesses to develop on the Island. The opportunity exists not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts.
- Up to 40% of costs of new buildings, building improvements, new plant and machinery, including hardware and software.
- Up to 40% of non-recurring costs associated with the establishment of a project (eg. special first year expenses and excluding statutory changes)
- Up to 40% of the costs of specific new marketing ventures
- Up to 40% of the costs of implementing quality standards, energy conservation etc
- Up to 40% of training costs directly associated with purchased plant and equipment
- Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project. For finance and professional services, ICT, creative and e-business where 80% of turnover is off-Island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area excluding Douglas.
Training grants are considered but must relate to a project with which financial assistance is being given.
The above incentives apply to existing and new ventures and can be applied for on an annual basis. To read about the Digital Creation Financial Assistance Guidelines and to learn whether your business is eligible, click here. Applicants should make clear to the Department for Enterprise the likely frequency and nature of potential future applications to help assess the appropriate level of support.
The Scheme is also designed to encourage job growth and the import of skills from outside of the Isle of Man in certain sectors, where businesses have been unable to recruit locally. The Employee Relocation Incentive (ERI) provides a 20% grant of up to £10,000 towards the cost of a relocating employee’s first year net salary (minimum salary must be £25,000) paid 1 year in arrears. Eligible sectors include:
Financial and Professional Services
- fund Management
- management of ships, yachts and/or aircraft
- legal and accounting
- other financial services
- quantity surveyors and architects only
- import substitution
- information and communication technology (ICT)
Tourism and Hospitality
- head housekeepers
All applications must be submitted by 31 March 2019 with the employee starting on or before 30th June 2019.