Equiom Unveils New IOM Aircraft Registration and Management Service

FlyMann, a new aircraft registration and management service from Equiom Trust Company Limited, has been unveiled at a series of presentations in Nice and London. The service was launched in conjunction with the start of the new Isle of Man Aircraft Register, which begins operation on 1 May 2007.
Equiom, formerly Anglo Irish Trust Company, was a major player in the establishment and development of the Island as a premier jurisdiction for the registration and management of Superyachts, and the company has similar hopes for the new Aircraft Register.

Commenting on the new initiative, Sheila Dean, Managing Director of Equiom, said: “The introduction of the Aircraft Register has great potential for the Island, its service providers, and their clients. It’s a natural progression from the highly successful Superyacht and Shipping Register, and will further raise the profile of the Isle of Man in the international financial community”.

In Nice, at the Equiom-sponsored “Future of Superyachts” conference, Equiom Director, Pauline Doyle, gave a presentation on the synergy between the Superyacht and private aircraft markets, she also outlined the new Isle of Man Register, and highlighted the services offered by FlyMann.
In London, FlyMann presentations were attended by leading aviation lawyers, city accountants, aircraft and fleet operators, plus owners’ representatives. Speakers included: Equiom’s Pauline Doyle; Brian Johnson, Isle of Man Director of Civil Aviation; Peter Duchars Head of VAT Services KPMG Isle of Man; and Katherine Ellis, Manager of Equiom’s FlyMann and YachtsMann services. The presentations were also attended by Shelia Dean, Managing Director of Equiom, and Larry Kearns, the company’s chairman.

Brian Johnson, informed the audience that the purpose of the new Aircraft Registry was to offer an exemplary service to the worldwide aviation market by building on the considerable financial and professional expertise available on the Island. He revealed that, in 2005-6, there was an increase of 24% in worldwide private aircraft sales, and that manufacturers were predicting further increases in the future. The phenomenal growth in the private jet market was fuelled by a number of factors, including security, convenience, and cost, he said.
Equiom’s Pauline Doyle underlined the potential for the Isle of Man by reporting that the worldwide market for private jets had increased from 4.5 million in 1996, to 8.7 million individuals in 2005, and that this market was continuing to grow at a remarkable rate.

Peter Duchars of KPMG explained some of the direct and indirect taxation issues which aircraft owners need to take into account, and how registering their aircraft in the Isle of Man could offer them a variety of flexible and attractive options.

Brian Johnson rounded off the presentation by outlining the many benefits of registering aircraft in the Isle of Man, some of which included, high regulatory and service standards, a secure mortgage registry, neutral registration prefix, competitive cost structure, and a registry that would be available 24 hours a day.
Asked why Equiom was launching the new FlyMann service, Katherine Ellis, said, “Owners and operators of private aircraft are looking for a tax efficient ownership structure, plus exemplary financial and fiduciary management of what are very valuable assets. There are many parallels with Superyacht ownership, and we have based the new service on Equiom’s market-leading YachtsMann Superyacht registration and management operation. We are confident that FlyMann will be equally successful”.

The new FlyMann service will be handled by a specialist team, augmented by Captain John Hills, former Head of General Aviation and Chief Flight Examiner of the United Kingdom Civil Aviation Authority, who has recently joined Equiom.

Equiom Trust Company Limited
Jubilee Buildings, Victoria Street, Douglas, Isle of Man, IM1 2SH
Email: enquiries@equiom.im www.equiom.im
Equiom Trust Company Limited is a Trust Corporation, licensed by the Isle of Man Financial Supervision Commission as a Corporate and Trust Service Provider