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Online Offshore Bank Accounts

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Written by tolumi   
Friday, 05 December 2008 15:32

Online Offshore Bank Accounts

One company that has recently domiciled several of its third-party funds in the Caymans is IslamiQ.com, the internet-only Islamic fund provider.Rashad Yaqoob, business and product development officer, highlights several of the attractions the Caymans have: “You and the customers have two considerations: satisfactory regulation and practicality. Clearly an onshore domicile attracts cumbersome FSA rules and tax regulations, and as we market into the Middle East with its negligible tax on investments we couldn’t afford to attract those taxes,” he says.

Online Offshore Bank Accounts - Caymans

He explains that the company had a choice of domiciling either in Jersey or an offshore US jurisdiction. Of these the Caymans were chosen because of the ease of operating there: “The synergy of a smaller jurisdiction like the Caymans also has benefits for clients. In comparison with an area like the City of London, the lines of communication between inter-reliant parts of the fund business are well-defined.”

He adds that the Caymans’ flexible asset allocation rules also specifically suit the needs of Sharia-compliant funds.

 

   

 
Last Updated on Tuesday, 06 January 2009 14:00
 

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