Isle of Man News - POSTED Wed 22-01-2014

Aircraft Registry is thriving, says DED

by Joanne Clague

Aircraft Registry is thriving, says DED - picture

A new IT system and the recruitment of additional specialist staff to the Aircraft Registry is helping maintain the Isle of Man's position as a market leader.

Concerns about potential threats to the sector have been raised in Tynwald this week.

Douglas North MHK Bill Henderson sought reassurance over competition from the Channel Islands, with Jersey looking at creating a new registry.

Department of Economic Development Minister John Shimmin said the DED had not identified any immediate threats and had poured more resources into the registry.

Mr Shimmin said: 'Since its inception seven years ago, the Aircraft Registry has established an enviable reputation worldwide. Last year, it was voted the best such register in the world by an international association of private aircraft lawyers.'

Mr Shimmin said the Manx registry had grown so quickly it was now the ninth largest of its kind, ahead of France and the UK. He said the Island's professional and financial services had built enviable capabilities to support the needs of private jet owners worldwide, something in which any other jurisdiction would need to invest heavily to replicate.

Mr Shimmin said: 'We are in a strong position in this sector. When we commenced our register there was no clear industry leader. We are now that leader. We will watch developments elsewhere with interest but do not foresee significant threats from this quarter.'

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