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How to open a corporate account in the Isle of Man in 2020

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Opening an account in the Isle of Man in 2020

The main advantages of opening an account in the Isle of Man:

  • One of the most popular jurisdictions;
  • Reliable banking system;
  • Ability to open an account for individuals and legal entities;
  • Ability to open a multi-currency account.
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As a popular financial services hub, the Isle of Man is also considered as an attractive jurisdiction for registering a business. The process of establishing a company in the Isle of Man is governed by a number of requirements that fall within the scope of the Companies Act.

When starting a business in this jurisdiction, it is important to know how to open a bank account in the name of a company. This material was written to notify you of some aspects of opening a corporate account in the Isle of Man.

Types of bank accounts in the Isle of Man

The Isle of Man has the same banking system as the UK. In addition, most of the banking institutions operating within this territory are British bank`s subsidiaries, which level of reliability attracts investors wanting to open an account for an Isle of Man company.

You can open bank accounts in the Isle of Man of the following types:

  1. personal accounts;
  2. savings accounts;
  3. corporate accounts.
Account opening requirements

The requirements for opening an account with an Isle of Man bank depend on whether the potential customer is an individual or legal entity.

In the case of companies intending to open corporate accounts in the Isle of Man the proof of identity (passport) and confirmation of existing local office are required.

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In order to open an account for a company in the Isle of Man, founders do not need to travel, but the presence of a responsible person (director) is mandatory. In addition, you must know that the minimum deposit is determined according to the bank rules.

Multi-currency corporate bank accounts

Although, the official currency of the Isle of Man is pound sterling (GBP), many banks of the island offer multi-currency services. Opening a multi-currency account in the Isle of Man make it easier for customers to conduct international business around the world.

How to choose a bank

When planning to open a corporate bank account in the Isle of Man, it is important to familiarize yourself with existing financial institutions. We offer you 3 prestigious banks that are currently active in the jurisdiction:

  1. Isle of Man Bank Limited. Among the products and services provided by this institution it is worth to highlight the following: corporate accounts, saving accounts, online stock exchange services, issuing of credit cards, financial planning, loans for individuals and SME, online banking;
  2. Standard Bank Isle of Man Limited. Those, who decide to open a business account in Standard Bank Isle of Man will enjoy personal and commercial banking services, as well as opening of savings, payment and investment accounts in GBP or foreign currencies;
  3. Cayman National Bank and Trust Company (Isle of Man) Limited. By choosing this institution, private and corporate clients will have an opportunity to use a wide range of financial services and banking products.
IQD Consulting legal services

We recommend that foreign investors who want to open an account for a company in the Isle of Man remotely, contact IQD Consulting specialists for personal advice. Lawyers of the company are ready to provide you with professional legal aid in opening an account in the Isle of Man.

In order to call our office, please use the contacts listed on the site.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
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