The Isle of Man is one of the key international aviation centres for registering private and corporate owned business jets and Simcocks has developed specialist skills to keep pace with the global nature of this sector.
Our Isle of Man advocates have considerable expertise delivering advice on the relevant legislation, regulatory and commercial issues connected with this sector.
Some of the typical activities in which Simcocks has been involved in include:
- Advising on aircraft leasing
- Advising on aircraft mortgages
- Experience of working with manufacturers in relation to the structured finance of their aircraft to various airlines
- Advising on finance documentation and the setting up and administration of Isle of Man entities (company and trust structures)
- Advising private jet operators on employment contracts and company employment handbooks
The team at Simcocks have provided legal advice to the British Airline Pilots Association and advised the Isle of Man registered company Tail Winds Limited which was the majority shareholder of the major Indian carrier Jet Airways (India) Limited (listed on the Bombay stock exchange). Simcocks acted on behalf of Tail Winds in connection with its participation in a $600 million investment and co-operation agreement entered into between Jet Airways and with the Abu Dhabi-based Etihad Airways PJSC, the national carrier of the United Arab Emirates. Simcocks has also acted in CALC matter.
Our capability in corporate and commercial, trust and employment law is relevant to the aviation sector.
The Isle of Man has established itself as an important location for global aviation business, particularly with regard to the registration of private and corporate jets. Benefits of registering an aircraft in the Isle of Man include:
- Corporate tax rate of 0 per cent and within the EU VAT area
- High regulatory standards
- Competitive scheme of charges
- High service levels and quality international reputation
- Neutral Nationality registration prefix ‘M’
- Secure mortgage register
- No insurance premium tax (6per cent in UK)
- Stable legal and political environment
- Professional infrastructure with experience in aviation finance
- Growing cluster of aviation-related businesses.