Obtain Cayman Islands Securities Investment Fund License

Cayman Islands Securities Investment Fund License

Mutual Fund Administrator License
The Cayman Islands are located in western Caribbean, and are known as one of the major financial centers in the world. In contrast to classic offshore jurisdiction, Cayman financial services industry is well-regulated thus having very positive reputation among investors.
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Timeframe: Up to 4 months

Minimum paid up capital: No minimum or maximum amount prescribed for authorised, issued or paid up share capital

Initial minimum subscription :

  • Not less than 100 000 USD (or its equivalent in another currency) per investor; or
  • Equity interests must be listed on a stock exchange approved by CIMA


Overview

In Cayman Islands the Mutual Funds Law does not impose any restrictions on investment objectives, risks, target rates of return, leveraging or other commercial matters, given the institutional and sophisticated nature of the investors in Cayman funds. Also, there are no prohibitive licensing and regulatory provisions or stringent measures calling for local custodians, managers or directors as the legislation recognizes that most service providers engaged in the industry are already regulated or  controlled in their home jurisdiction.

Benefits

  • Cayman Islands are one of the major financial hubs

  • No local presence required

  • Bank account can be held in any bank (not necessarily in local bank)

  • No local income, corporation, capital gains, profits or withholding taxes for Cayman exempted companies

  • High level of asset protection

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Facts & Info for Cayman Islands Securities Investment Fund License

Notable features
Procedure
Documents Required

General information

Company structure

  • At least 2 Directors

Registered Agent - Not required

Registered office - Required

Insurance - Not required

Secretary - Not required

Taxation 

  • The Cayman Islands have no direct taxes of any kind. There are no corporation, capital gains, income, profits or withholding taxes.

Accounting and Audit

  • All regulated mutual funds must have their accounts audited annually, and such audited financial statements must be filed with CIMA within six months of the year end of the relevant mutual fund in electronic format, together with an annual return form including prescribed details, signed by a director.
  • Such audited financial statements must be signed-off by an approved Cayman Islands-based auditor.

Company name:

  • Language: Any
  • Letters: From Roman alphabet
  • Names that are misleading or deceptive are prohibited
  • Company name is restricted to be identical or similar that of an existing company
  • Offensive names are prohibited

In order to obtain a license, the following steps will be carried out:

  • Gathering documents in agreed form
  • Drafting of the fund’s offering memorandum
  • Preparation of application forms
  • Initiation of the license obtaining process
  • Proof of local presence is not required but preferred for CIMA

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents. 

For that reason, please provide us with the following documents.

For each beneficial owner, shareholder, director, authorized signatory:

  • Certified list of names, addresses and nationalities of company’s directors and corporate officers
  • Details of principal office in Cayman Islands
  • Bank reference letter
  • 2 (two) character reference letters
  • 1 (one) reference verifying good financial standing
  •  Clean criminal records
  • Additional documents requested by the Authority

For directors and Shareholders:

  • Educational qualification certificate

N.B.

  • If documents are not in English language, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.
  • When Shareholders are legal entities, it is required to provide apostilled set of corporate documents and certificate of Good Standing.

  • Please be informed that the list of required documents is not exhaustive, and CIMA may require to submit additional documents depending on particulars of each application.