People power is a major factor in making it easier for people to set up their own businesses in the island, the Topical Talks gathering heard

Chairman Richard Butt asked whether it was easier to set up a business and be entrepreneurial here.

The panel agreed it was.

Asked what helps this to be the case Tracey Bell said: ‘It’s the people.

‘I have to say they either love you or they hate you.

‘And sometimes they go between both.’

Gillian Christian suggested the networking aspect was easier in the island so that relationships could be built, quicker and easier.

She said: ‘Most of us round this table have heard of each other and that makes the contacts so much easier.

‘Everyone is on your doorstep. You can do business so much quicker.

‘It is easier to get an idea off the ground and moving forward.

‘I think that’s the key.’

And echoing Dr Bell’s previous point she added: ‘Not everyone might like you but they know how to get hold of you or the right person to assist.’

Gary Lamb said: ‘It does depend on your business and your aspirations.’

Dr Bell talked about how she started her own practice in Kensington Road, Douglas. And she suggested she might not have been able to do that if she had been in the UK.

She also praised the Isle of Man Bank, which helped her with the financial aspects of starting the business which has grown to be a great success.

She said: ‘I would never have got the money without that help.’

Mr Butt, in his role as chairman, asked the panel if there were any examples where things had become more difficult over the years.

Mrs Christian said while the networking was great the downside was that there was a ‘massive’ employee shortage in the island.

She said: ‘We desperately need to get people over here to fill specialist roles.

‘And also in banking, where we are regulated so much, it is very difficult for new businesses to get a bank account.

‘And it is far easier to be a UK entity and open a bank account than for an Isle of Man company’

Mr Butt noted there had been a noticeable change with the banks over the last 20 years or so with ‘know your customer’ (KYC) rules and so on.

Mr Boot said banks used to work differently than to how they do now. He said in the old days he found that often his bank manager would use his own ‘discretion’ .

Mr Boot added there were a lot more regulations generally these days. He claimed: ‘As a young person 30 or 40 years ago it was a lot easier to start a business.

‘Nowadays whatever you want to do you are asked: ‘‘Have you got qualifications? ‘‘Do you know about health and safety? Do you know about employment law?’’

‘I’m not saying it’s wrong, I’m just saying it’s different.’

David Butterworth said that to set up any type of business you need people.

‘And the one thing the Isle of Man does not have at the moment is people. I think unemployment is something like 0.7% . That is good from a government point of view and it looks well for their figures.

‘But for a business trying to grow, and I know from businesses that come to us who are trying to set up in the island, is the question: ‘‘Where am I going to get people from?’’

‘I don’t want to have to poach them from somebody else or to bring them in from the UK and go through the permit system. People are the lifeblood of any business.’

‘Unless we can alter that and attract people to the island I don’t see how we are going to have the same opportunities that we all had when we were younger to grow businesses and scale them quickly.

‘I have come to the conclusion that this is a great place to live and work.

‘But if you want to grow a business and scale it, at the moment you are probably going to do that off-island rather than in the island.’

Mrs Christian said: ‘It’s disappointing really because, in fairness to the government, they have lots of tax advantages and incentives designed to attract new businesses and key employees to start up or relocate here and we are doing so. But a big part of the issue is that a lot of them are techies.

‘We need to improve facilities in the island that will attract the younger generation to set up a business here, enjoy the lifestyle we have and then stay.’

Mr Lamb said there had been some changes in the tax rules that made it harder for some companies to stay

here.