Cayman Islands Bank License

The process of obtaining a Cayman Islands bank license is long and complex thus it is advised to seek the assistance of a professional consultancy firm. A Cayman Islands bank license will allow its holder to engage in banking activity with clients depending on the type of license that is acquired.

Acquire a Cayman Islands Bank License

All applications to obtain a Cayman Islands bank license are filed with the Cayman Islands Monetary Authority (CIMA). They are the regulatory body responsible for reviewing applications and issuing the bank licenses to successful applicants. CIMA follows the Bank and Trust Companies Law 2009 and the Development Bank Law 2004.

There are three types of banking license that the CIMA issues, these are as follows;

  • Class A
  • Class B
  • Class B Restricted

The type of banking license an applicant requires is determined through the services they wish to offer and the clients they wish to target.

Cayman Islands banks need to have a minimum of two directors as well as two individuals or corporate bodies to act as the registered agent in the Cayman Islands. Relevant documents containing details of all directors, shareholders and agents needs to be submitted with CIMA.

The procedure can be intense and complex thus it is vital to seek the guidance of experienced professionals in order to complete the process in a professional and timely manner.