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Last Updated: Tuesday, 13 December 2005, 12:39 GMT
Satellite firm 'to invest 1bn'
Satellite dish
The firm provides television satellites across the world
One of the world's biggest satellite providers said it will invest at least 1bn in its new Isle of Man operation.

SES Global Satellite Leasing LTD is opening an office in Athol Street, Douglas, it announced on Monday.

The move is good news for the government which has set a 0% rate of corporate tax on the space industry in a bid to attract investment.

SES chief financial officer Mark Regolle said the tax perks were central to its decision to move to the island.

Five satellites

"The tax infrastructure and rate that for us was a very convincing argument and any questions we had were very diligently and in a very friendly and welcoming fashion replied to and that gave us encouragement," he said.

"The total investment running through the Isle of Man is in the order of 1bn.

"Given the fact that the Isle of Man will be the vehicle through which we will be funding our growth for the next several years, we hope that amount can only increase."

The Isle of Man office will oversee the development of five new satellites.

SES Global helps to provide satellite television signals to homes across the world.

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