Banking Offshore

AIL has access to a wide range of banks both in the Isle of Man and in other jurisdictions such as Gibraltar, Luxembourg and Switzerland. Since most companies administered by AIL are done so from the Isle of Man the vast majority of accounts are opened on the Island with one of the main UK clearing banks. An advantage of using these banks is that they are part of the UK clearing system therefore allowing for swift transfers of funds. Where requested AIL will open an account wherever a client requires although an additional fee may be incurred.

Offshore banks adhere to a code of confidentiality and will not disclose client details unless forced to by a court of law. In many jurisdictions this code of confidentiality is enshrined in statute.

Offshore banks operate in the same way as their onshore counterparts although their standard charges tend to be slightly higher. They offer a full range of services ranging from simple cheque accounts and deposit and investment accounts through to mortgages and credit cards. Where a credit card is needed banks generally require a security deposit of 200% of the card limit to be lodged in an interest bearing escrow account.

Where AIL provides directors to a client company we will arrange for a bank account to be opened and we will require that we are signatories to the account. A client may also be added as a co-signatory to the account for their added security. Where a client is providing directors we can effect bank introductions and facilitate the account opening process.