A detailed guide to business relocation issued by Grant Thornton could assist firms move operations to the Isle of Man.
The Grant Thornton publication 'A Global Guide to Business Relocation' is a comprehensive 138-page document covering topics of importance for any business looking to unlock growth through greater efficiencies.
It explains that the key to successful business relocation is early planning, clear commercial objectives and careful execution, and provides pragmatic advice for executives, including outlining the drivers of relocation and the types of activity commonly relocated.
Martin Kneale, a director at Grant Thornton in the Isle of Man, said the guide will be a useful tool for companies looking at moving to the Island, or local businesses assisting firms with relocation.
He explained: ‘Many companies, from large multinationals to entrepreneurial businesses, are exploring relocating part or all of their operations to new territories. While there are a number of cost and commercial reasons why a group may consider relocating part of their operations, it is also very important to understand all the consequences. For example, there may be tax-related costs applied when exiting some jurisdictions, so the in-depth tax profiles of more than 25 countries will help to highlight such potential penalties.
‘Among the topics covered in the guide are the effect new regulations may have on international structuring, how relocation can add value, changes to risk models, operational issues such as customers, suppliers and markets, legal issues like employment law and contract renegotiation, as well as tax issues, including residency and controlled foreign corporations rules, transfer pricing and indirect taxes.’
Mr Kneale added: ‘A Global Guide to Business Relocation will be of great assistance to any firm considering moving operations to the Isle of Man, especially when supported by the expert knowledge offered by our Island office of Isle of Man taxation, trusts, company law and regulation.’
Grant Thornton's 'A Global Guide to Business Relocation' can be downloaded from www.grantthornton.co.im.
Photo - Martin Kneale.
