Why is it important for those using e-business and Cloud solutions to be able to demonstrate location?
Increasing use of e-business channels, by companies in various economic sectors, to deliver business worldwide and development of “Cloud” computing means that there are particular issues in determining where companies are based. When it is unclear where business is located, with no specific location for servers and with different elements spread throughout the world, it is sometimes difficult to determine where the residence is deemed to be for tax, regulatory and other purposes. ReallyManx will enable those who wish to demonstrate both their commitment and their residence in the Isle of Man to provide evidence that their company’s presence on the Island really is one of substance.
“Manx companies” in the legal sense of being entities established under Isle of Man law, while potentially very useful providers of income to those corporate service providers, lawyers, accountants and others who provide services, may not produce significant other benefits to the Island. In order to be really effective, policies aimed at supporting and encouraging employment and business growth on the Isle of Man need to be more sophisticated than merely expecting the existence of a Manx legal entity. In order to maximise overall, sustainable contributions to the Isle of Man of companies trading on the Island, it is important to understand their ownership structure, employment, training and procurement policies. Buying from entities with ReallyManx status will enable companies, government and individuals to know if they are buying in a way that ensures their spending has maximum economic value to the Island and will enable suitable strategies to be initiated to encourage such rational behaviour.
In addition to the advantages to the economy, there are specific benefits to companies of being able to evidence the fact that they are entities of substance with a real presence on the Isle of Man. The Isle of Man Government wishes to encourage business that will have a real operating presence on the Island as part of its continuing economic objective to expand the locally-based commercial activities of Manx companies and thereby raise levels of local employment, spending and tax revenue Additionally, owners and their advisers may find it a useful way to confirm that companies have a real operational presence in the Isle of Man by acquiring ReallyManx status.
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