The Isle of Man’s Unique Position in the Aviation World
The Isle of Man Aircraft Registry (IOMAR) continues to show a sustained position in the world of aviation – Abacus considers the reasons for its success and popularity.
Since its establishment in 2007, the Isle of Man Aircraft Registry (“IOMAR”) has experienced significant growth; growth some may consider remarkable given the economic backdrop during the seven years it has been operating.
This growth, irrespective of unstable economics, is down to the fact that the IOMAR in comparison to some traditional national registries, understands that there is a direct correlation between aircraft ownership and wealth creation, and that private jets are now considered more than a luxury asset, they are in fact an invaluable tool for servicing the needs of corporations.
To use a cliché, ‘Time is Money’ and a significant tangible benefit of using a private aircraft is to save time. Such understanding of the private jet market is reflected in IOMAR’s fast and efficient registration processes, effective registry support, high safety standards, robust legislation and solid ‘can do attitude’ which remain to satisfy the individual needs of aircraft owners whether individuals or corporates; all of these features are key contributors to its continued success.
The Future of Business Aviation and the IOMAR
It is known in business aviation circles that for national business jet fleets to expand, the respective Gross Domestic Product (“GDP”) of those countries needs to expand in excess of 3%. Markets with 3% GDP growth in 2013 represented only 4% of the world’s business jet fleet.
It is therefore of some comfort to see the majority of aviation analysts agreeing that the aviation market has reached its ‘low point’ and that in the economic cycle the worst of the economic downturn appears to be behind us.
As previously suggested, today’s private jets are not just assets for the super-rich, but assets to ensure that a corporation is successful over its rivals. Time is money and in today’s globalised economy, with business being conducted daily in different countries, a private jet is a tool which has transformed from being something of luxury to something of necessity.
With long term market growth forecasts showing expansion away from the mature economies of Europe and North America to wealth creators in high economic growth regions such as Russia, Eastern Europe and South East Asia, the need for a registry with the ability to service the expansion of the private jet fleet is becoming more apparent.
The IOMAR understands this necessity and these needs. As the first and largest private registry in Europe, with high quality services and a competitive scheme of charges, IOMAR is well positioned and prepared to service such expansion effectively and efficiently.
For more information on registering an aircraft in the Isle of Man or to discuss the opportunities the Isle of Man offers aircraft owners, please contact Abacus on firstname.lastname@example.org.