The Isle of Man Treasury, in collaboration with Isle of Man Finance, is to open an office at No 1 Cornhill in the City of London.
The office, which has been taken primarily to offer a base of operations for the Island's finance and business community and to encourage stronger links with the City, Europe's largest international finance centre, is the first off-island established business premises this Isle of Man has opened.
"This new facility will provide Isle of Man businesses with a permanent base in the City from which to conduct business," says Treasury minister Alan Bell. "The continued growth and development of the Island as a premium international business centre demands a stronger presence in London, through which so much of our business flows. We are delighted to be able to provide these facilities to enable Isle of Man businesses to forge stronger links with their clients and potential customers."
The operation will be managed by Isle of Man Finance, the division of Treasury responsible for the development and promotion of the island as a centre for financial services. The offices will offer both private meeting rooms for Isle of Man companies and also a general office area. In addition, the managed facility offers a clubroom for informal meetings and access to boardroom and further meeting rooms.
Whilst this facility is primarily designed to provide office services for Isle of Man companies to operate from whilst working in London, staff from Isle of Man Finance will also use the premises as their London base. The office suite and the wider No 1 Cornhill facilities will be utilised to increase marketing and promotion of the Island's financial services in the City and to host UK and international media briefings.
"These offices are exceptionally well appointed and reflect positively on the image of the Island," says Bell. "I very much look forward to Isle of Man businesses joining our team and working with Isle of Man Finance to increase business undertaken between the two centres."
The office will be officially launched to City of London business by the Treasury Minister during January 2006 and will be operational in the New Year.
'I am delighted with this new initiative to raise the profile of the Island in what is generally accepted to be our primary market," adds Andrew Ashworth, chairman of the Finance Committee of the Chamber of Commerce.