An island businessman has talked of yacht owners ’facing the unknown’ in an increasingly changing regulatory landscape.

James Porter, business development director at an island trust and corporate service provider, also spoke of the rise of ’millennial entrepreneurs.’

He said: ’Yacht owners face the unknown with an increasingly complex and ever-changing regulatory landscape, particularly within EU waters.

’Both existing and potential yacht owners need to ensure that they are working with experienced industry professionals who understand the landscape and have the requisite technical knowledge to ensure the smooth operation of the vessel whether it is operated privately or commercially.

’The owner profile is also changing and a younger demographic is coming to the forefront.

’These millennial entrepreneurs have a whole new set of buyer interests and passions, including the technology and eco-friendliness highlighted in a number of the Monaco Yacht Show’s more recent enhancements.

’Firms who wish to appeal to this new target audience need to adapt and evolve their business and service offerings if they want to remain an attractive proposition.

He added that the show’s growth made it a must-attend event for the company.

Mr Porter is with Knox House Marine and Aviation, a division of trust and corporate service provider Knox House Trust Ltd and will be leading a team at the 29th Monaco Yacht Show which takes place in Port Hercules from September 25 to 28.

Other island companies are expected to be attending the event.

KHMAis based in Douglas.

Another senior figure attending the show this year alongside Mr Porter is Patrick McCarrick, risk and compliance director, with the firm.

The four-day event offers visitors from around the globe the chance to explore more than 580 exhibits from across the full spectrum of the superyacht lifestyle market, including the ’Tenders and Toys’ area introduced a few years back to appeal to what has been described as ’a younger or more adventurous owner’.

There is also an exhibition of vintage, super and custom-built cars in addition to the more established aspects of the show, including the worldwide debut of more than 40 new launches which will be on display in Port Hercules.