The International Space University, the only learning establishment dedicated to space science, is to launch the International Institute of Space Commerce (IISC) in the UK.

The new body will be located at the Isle of Man International Business School following a five-year commitment by the Manx government to establish and host the facility.

"Welcoming the IISC to the Isle of Man is part of our overall strategy to encourage space innovation," said Alex Downie, Isle of Man Minister for Space.

"We have attracted some of the space industry's most successful companies along with several niche players to our island over the past few years.

"We offer a perfect combination of a pro-space government, an established professional infrastructure, access to orbital slots and zero per cent tax on space and satellite business."

The International Space University said that it will work with the International Business School to strengthen links between the two institutions with the goal of engaging in academic and student exchanges.

The IISC will initially be predominantly internet based, but there are plans to co-sponsor annual conferences with other institutions on the Isle of Man, and to actively host and exchange students from all three institutions.