Isle of Man is one of the most sought destination by foreign investors interested in establishing offshore companies because of the trading facilities they can benefit from in the European Union. Setting up a company in the Isle of Man is subject to several requirements which fall under the governance of the Companies Law.
Among the requisites for opening any type of company in Isle of Man, the legal address and the bank account opening is mandatory. Below, our company formation agents in Isle of Man explain the procedure for opening bank accounts here.
The banking system in the Isle of Man is based on the UK system. Also, most of the financial institutions operating here are branches of UK banks which gives a high level of confidence to those who want to set up various types of bank accounts.
Among the types of accounts with can be opened with Isle of Man banks are:
One of the most popular type of account sought by foreigners is the non-resident Isle of Man bank account.
Our company registration advisors in Isle of Man can help you create any of the bank accounts mentioned above.
The requirements for setting up a bank account with a local bank depend on whether the future client is a natural or legal person. In the case of individuals, an identity card or passport will be required as identification documents.
In the case of companies seeking to have bank accounts with Isle of Man banks, the requirements are different. The following are required to present passports and evidence of a local residential address:
The great advantage of opening a non-resident bank account in Isle of Man is that local banks do not require the physical presence of the applicant. Also, a minimum deposit must be considered depending on the bank.
In the case of corporate bank account openings, our company formation consultants in Isle of Man can represent you. Do not hesitate to contact us if you need assistance in starting a business in Isle of Man.