IOM company formation with bank account: setting up an overseas company is a good way to reduce financial costs and minimise burdensome regulation, and thanks to the advice and expertise of corporate services specialists like Coddan, the process is easier than ever.
One of the most popular jurisdictions in which to set up an offshore company is the Isle of Man. Situated between the UK and Ireland, this location offers a business-friendly environment, with low rates of personal taxation, a stable and secure legal environment and fast registration procedures.
When setting up an Isle of Man-based company, many people opt to form what is known as a 2006 Act Company, which offers many advantages, including streamlined legal and administrative requirements, zero-rate corporation tax, and considerable flexibility in structure and composition.
When incorporating a 2006 Act Company, you may also wish to open a business bank account in the Isle of Man; however, this can be difficult. Local banks are often reluctant to offer business banking to offshore companies due to concerns about dubious practices such as money laundering, which can make it particularly hard for those without local knowledge to get access to the business banking services they need.