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. The legal
market for offshore work is dominated by two
large local firms, . Four of the 'Big Five'
international accountancy firms are also represented
in Gibraltar.
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.
