2/9/2010
By Kalpana Fitzpatrick
The Isle of Man (IoM) government has teamed up with industry experts to provide a one-stop-shop for employee benefits of international companies that have employees in various locations across the globe.
The government has brought together existing services and packaged them as an employee benefits solution, which includes pensions, as well as life insurance, captive insurance, accountancy services, banking, legal and trust services. The Island is home to a range of major global companies who can provide these services.
Aimed at international companies, the service will enable employers to provide pensions to workers from one location, where the relevant regulation and expertise exist.
John Batty, business development manager at the IoM government’s department of economic development, said: “The IoM is a suitable location for these services as we have the expertise in various areas of benefits as well as dedicated pensions regulation.”
The IoM said the service was launched following demand from organisations across the world who are increasingly seeking more accessible and sophisticated employee benefits environments.
Batty said the IoM has already attracted a lot of business from the Far East as well as the Middle East, where there is little if any pensions legislation.
There has also been a lot of interest from Europe.
“Although we are not allowed to sell into the EU directly, we have had a lot of interest from European companies that are interested in setting up pension provision for their employees in various non EU countries."
He added: “The IoM also helps overcome tax obstacles as it is a tax neutral environment for international pensions as well help minimise currency risk by providing plans in the home currency of the individual if required. We can offer bespoke arrangements, and can also provide bank accounts for employees for example.”
