Technology And Innovation Guide – Isle Of Man – Finance and Banking – Isle of Man – Mondaq News Alerts

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Technology and Innovation

1. Are there any “sandbox” or other regulatory neutral
zones?

The Isle of Man Financial Services Authority may, in some
instances, grant a restricted licence to carry out a financial
services activity subject to stringent conditions.  Persons
interesting in establishing a technology business in the Isle of
Man should contact Digital Isle of Man, part of the Department for
Enterprise, who may be able to provide assistance and financial
support.

2. Is there a Digital “incubator” or hub?

Yes, Digital Isle of Man, part of the Department for
Enterprise.

3. Are there any barriers to entry for foreign technology
companies?

A foreign company must register as a foreign company under the
Foreign Companies Act 2014, if that company carries on, or is held
to carry on, business from an established place of business in the
Isle of Man.

4. Have traditional institutions embraced new technologies?

The Isle of Man Department for Enterprise is welcoming of
technology businesses, with Digital Isle of Man focussing on key
sectors of blockchain, e-gaming, e-sports, internet of things,
digital media and innovative technology

Some financial service providers in the Isle of Man have
embraced new technology in how they operate and onboard
clients.  The AML Handbook issued by the Isle of Man Financial
Services Authority (IOMFSA) provides
Source…

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