Isle of Man Professional Services
There is a wide selection of most types of professional
firm in the Isle of Man. See the Isle
of Man Services Directory for listings of contact details.
The Isle of Man is a well regulated offshore jurisdiction
with a sophisticated professional infrastructure benefiting
from an open-door immigration policy. This means that Manx
enterprises can recruit good people - something which has
become increasingly difficult in the Channel Islands.
The legal market is dominated by the two largest firms
and one large London practice has a local office. Its main
attraction as an offshore jurisidction must be its highly
developed system of client protection ranging from mandatory
professional indemnity insurance for law and accountacy
firms, to the Depositor Compensation Scheme for bank depositors
and the Collective Investment Schemes (Compensation) Regulations
1988 providing for the establishment of a Compensation Fund
for investors.
Furthermore, the Island has designated territory status
under the UK Financial Services Act 1986. New legislation
is also envisaged for the licensing of 'corporate service
providers'. Such a level of client protection and regulation
has made the Isle of Man an attractive jurisdiction for
the investor by attracting top of the range professional
firms.
Lawyers are not permitted to work on a contingency fee
basis. Partners' time is usually charged at GBP225-275 per
hour. Other fee earners are charged at from GBP50-150 dependent
on the work type.
The business community in the Isle of Man is strongly
supported by approximately 70 chartered accountancy practices
ranging from the sole practitioner to representatives of
the 'Big Five' accountancy firms. The Isle of Man Society
of Chartered Accountants represents the interests of approximately
350 members and acts as a voice for the profession in liaison
with government.
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