Based in Raffles Place, the ambitious plan is for the Isle of Man to represent a growing number of its business interests in the region.
A key player with a presence already in Singapore is the Isle of Man Ship Registry which, since 2009, has put its flag on 20 vessels operated from Singapore.
Earlier this year the registry joined the newly formed Asia Pacific Superyacht Association as founder members and it will have a stand at Singapore’s yacht show in April.
Anne Blythe, senior registrar at the Isle of Man Ship Registry, said the show attracts high net worth individuals and she hopes that fiduciary services and other businesses from the island will come over for the event. The aspiration is to replicate the success of a similar yacht show in Monaco where the Isle of Man is already established.
Singapore hosts more than 5,000 shipping companies and maritime professional services providers which contribute more than 7% to Singapore’s GDP.
Law and financial services group Cains is the other Isle of Man business already with strong links having operated an office from Singapore for three years.The fiduciaries arm of Cain’s business has in excess of $12.5bn under management and administration.
Cains will provide the Isle of Man with office services from its new office. Alex Downie, Isle of Man Department of the Economic Development’s political member, said: "Cains have established themselves in Singapore and are blazing a trail for the Isle of Man in Asia. This new agreement will build on that reputation and provide a point of contact for any businesses looking for access to the Isle of Man and to the Department."
