Isle of Man corporate bank account in 2021
Healy Consultants will be pleased to open a corporate bank account for our Clients’ companies in the Isle of Man. The Island has an established banking sector populated by large British and international banks including Barclays, HSBC, Standard Bank and RBS.
Specialist accounts for e-gaming and bitcoin companies
As a popular offshore centre and financial services hub, business banking services in the Isle of Man are well developed. The jurisdiction is also at the forefront of certain business sectors, in particular e-gaming. Consequently, banks on the island are more receptive to online gambling businesses, and offer banking products tailored to these kinds of companies.
In addition, the Isle of Man is moving to embrace and regulate bitcoin businesses. Most recently, the Tynwald (the Isle of Man’s legislature) has widened the Proceeds of Crime Act 2008, the island’s anti-money laundering (AML) law to cover businesses dealing in digital currencies. Healy Consultants expects that the increased regulatory oversight and implementation of KYC procedures will make Isle of Man banks more likely to provide bank accounts for bitcoin companies and other businesses working with the blockchain and digital currencies.
Banking services for digital businesses in the Isle of Man are expected to remain competitive, as these companies account for 20% of the island’s £4bn GDP.
Multi-currency corporate bank accounts
Although the Isle of Man’s official currency is the pound sterling, many accounts on the island offer multi-currency services that include euros and US dollars. These multi-currency accounts make it easier for our Clients to conduct international business in the UK, in Europe and across the world.
No tax on bank accounts
Companies establishing corporate bank accounts in the Isle of Man will pay no Manx tax on that income, due to the 0% rate of corporate income tax in the jurisdiction. As a result, the Isle of Man banking system is an efficient place for Clients’ businesses to maintain accounts. Deposits are also insured up to the value of £20,000 per institution thanks to the Isle of Man’s deposit insurance scheme (which is separate from that in place in the UK). However, privacy is limited since Manx secrecy laws no longer prevent disclosure of customer details to other countries’ governments.
When applying for a corporate bank account in the Isle of Man, the banks enjoys ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control, and included in our fee of £4,950, is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination.