Isle of Man banking introductions

Opening a bank account is becoming increasingly difficult. Many banks will not open accounts for non-resident companies. Others will only open bank accounts for companies that have been introduced to them by a recognised and licensed service provider that is on an ‘approved list’.

All banks now undertake increased due diligence not just when opening accounts but also when operating them. Some banks may require a business plan that outlines the company’s operations, financial projections, and other details.

The applicant will need to provide identification documents and proof of address for all company directors, shareholders, and beneficial owners. Different banks require different documentation and have different procedures in respect of certification or notarisation.

Your entity will almost certainly require an Isle of Man business bank account and it is therefore strongly recommended that Sovereign is asked to assist with a bank introduction and with the preparation and submission of the necessary paperwork for opening a bank account.

Sovereign Trust (Isle of Man) is licensed Licensed by the Isle of Man Financial Services Authority and is able provide introductions to a number of banks in the Isle of Man and elsewhere in the world with which we have long-term relationships. We have a good understanding of their eligibility criteria and the different bank accounts and banking services that they offer.

Of course, clients are free to choose their own banks but generally the account will be opened far more quickly, cheaply and efficiently if banks known to, and recommended by, Sovereign are used.