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.
Simcocks has 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 have included:
● Advising on aircraft leasing
● Advising on aircraft mortgages
● As well as acting for private clients we have experience of working with manufacturers in relation to the structured finance of their aircraft to various airlines
● Simcocks advise on finance documentation and the setting up and administration of Isle of Man entities (company and trust structures)
● Simcocks has considerable experience advising private jet operators on employment contracts and company employment handbooks
● The team has provided legal advice to the British Airline Pilots Association
● Simcocks' capability in corporate and commercial, trust and employment law is relevant to this practice area.
Simcocks 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 Mumbai and Bombay stock exchanges). 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.
Some of the 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.