🚨 The new Confirmation of Employment (CoE) requirements in the #IsleofMan are a disaster for employers! 🚨
Banks won’t provide the required letters, and finding two Manx referees with 5 years of knowledge about a business is near impossible. Did anyone consult businesses before this policy change?
Here’s what employers are now required to provide under the new CoE rules:
(a) A letter on headed paper from an Isle of Man licensed bank, signed by a senior official, confirming the nature of the account holder’s business activities in the Isle of Man.
(q) Employers must provide two professional referees who:
•Have known the employer for at least 5 years
•Have knowledge of the business
•Are Isle of Man residents
This is completely unrealistic! 🚨
•Banks will never issue letters confirming business activities.
•Many businesses (especially startups) won’t have two Manx referees with 5 years’ knowledge—they need new talent to grow!
This policy is out of touch with how businesses operate.
A company can grow from 1 to 100+ employees in 5 years. How are they supposed to find referees who meet this outdated requirement?
Even the @IOMDfEnterprise or the Chamber seems clueless about how this happened. How do they not have prior knowledge of this? 🤯
This needs urgent revision before it damages the economy.
•Hurts startups & scaling businesses
•Deters foreign investment & talent
•Creates unnecessary red tape
The government should be supporting businesses, not making hiring impossible. Employers need practical solutions, not bureaucratic obstacles.
This policy needs urgent review. Who’s going to fix it before it causes serious damage?
#IsleOfMan #Business #CoE #PolicyFail