Cavendish is amongst an exclusive number of trust companies qualified to provide all-inclusive solutions to the international space companies looking to take advantage of the many benefits available to the space sector businesses operated from or covered by the Isle of Man’s jurisdiction.
Our senior team also offers considerable industry related experience: One of Cavendish’s founder shareholders Pritesh Desai is a graduate of the International Space University in Strasbourg. Pritesh along with his colleague James Cunningham-Davis are members of the Society of Satellite Professionals International (SSPI).
The Isle of Man – an international front runner in the commercial space industry
As a result of strong Government support stretching back to the 1990’s, together with the island’s outstanding reputation for the provision of international services to the entrepreneurial and private sectors, the international space industry is now strongly aligned with the Isle of Man.
Today, the Island is up amongst the front runners in terms of commercial space achievement – today, 30 of the world’s 50 satellite companies are represented on the island and, currently, there are 20 satellites in orbit owned by Manx based businesses. Furthermore, 40% of the UK’s Registry of Space Objects are either owned or operated by Isle of Man companies. In 2008, Island based space and satellite companies had a combined turnover of £62m. For the period 2012 to 2014, official forecasts predict that a staggering £1.6bn in turnover will be generated by the sector.
The influential February 2011 Futron Report on ‘Innovative Strategies for Space Competitiveness: Assessing the Isle of Man’s Space Policy and Results’ (http://www.futron.com/resources.xml ) stated that the Isle of Man had developed a unique governmental approach to space, focussed on economics tied to developing private sector financial, regulatory, legal and administrative services that supported international aerospace companies.
The Report continued: “The Isle of Man’s unique approach to space activity allows it to punch above its weight in terms of global visibility in the space industry.” And also: “[We] imagine other nations and jurisdictions will look to the Isle to replicate its success”. High praise indeed!
The Economic Policy Centre was commissioned to review and report on the UK Space Policy. The EPC Report made a number of recommendations, one of which was – The UK should seek to learn and copy from the Isle of Man’s favourable operating environment for space commerce. To read the EPC report re space, click below:
http://www.economicpolicycentre.com/2010/09/27/space-britains-new-frontier-a-new-paper-from-the-epc
Advantages of doing space business on the Isle of Man:
- a corporate tax rate of 0%, which results in satellite and space companies being able to achieve significant savings by structuring the operations of group holding companies or subsidiaries in the Isle of Man or by establishing R&D or manufacturing centres on the Island
- no insurance premium tax
- access to orbital filing slots
- access to launch licenses via the UK Space Agency
- an established base of space, aerospace and high tech industries
- an established captive insurance market
- the Island is recognised as being British for the United States’ ITAR purposes
- a ‘pro-space’ government with a political commitment to develop space commerce
- space friendly legislation
- an established and highly regarded professional services network
- world class telecommunications infrastructure
- free movement of goods within the EU
- financial incentives and grant aid for businesses which create new jobs on the Island
Please contact the following member of our team with any space and satellite services enquiries:
James Cunningham-Davis – Email: jcd@cavendishtrust.com
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