500000 +
Happy Customer
500 +
CA & Lawyers
50 +
OfficesCIMA, which stands for Cayman Islands Monetary Authority, is a financial regulatory body established in 1999, operating for more than 20 years as the main financial services regulator in the Cayman Islands. You must secure a CIMA license in Cayman Islands if you want to run a business in the segments such as banking, financial services, cooperative building communities, trust institutions, insurance company management, corporate services, investment funds and securities services industries.
At Enterslice, we help business owners like you get the CIMA license in Cayman Islands with ease. The Cayman Islands are British dependencies in the Caribbean islands, including Grand Cayman, Little Cayman and Cayman Brac. While, CIMA (Cayman Islands Monetary Authority) is the local financial regulatory body, providing a sound and clear regulatory environment focusing on client asset protection, such as:
Stringent Anti-money Laundering Regimes
Strict Customer Funds Protection Regulations
Strict Net Assets Requirements
Strict Business Management Requirements
Strict Monitoring and Suspicious Reporting Requirements
Risk Support Capital for Increased Risk Exposure
Obtain your CIMA license in Cayman Islands with Enterslice experts and take your business to new heights.
The different types of CIMA License in Cayman Islands are as follows:
A banking license is defined by the Banks and Trust Companies, a business of receiving and holding on current, savings, deposit or other similar account money which is repayable by cheque or order and may be invested by way of advances to customers or otherwise.
There are, in fact, four classes of banking licenses, such as class A license, class B license, etc. While a foreign bank wanting a Cayman branch or subsidiary must obtain a confirmation from its home regulator and fit and proper checks as per the CIMA.
Anyone who wants to set up a business that administers mutual funds, such as a fund administration business, must obtain a CIMA license in Cayman Islands under the Mutual Fund Law. Some of the requirements are financial viability (net worth), local presence (like principal office) and fit and proper management.
As per the Directors Registration and Licensing Law, 2014, CIMA requires directors of certain regulated entities to either register or license. The different types of directors are registered director, professional director and corporate director. While this director must fulfill the fit and proper criteria since CIMA will evaluate its honesty, integrity, competence, financial soundness, reputation etc.
Companies that are engaged in the business of securities investment business in or from the Cayman Islands may need to obtain a registration or licensing under the Securities Investment Business Act (SIB Act).
Business engaged in a Virtual Asset Service Provider like crypto exchanges, custodial wallet providers, token issuance platforms, crypto trading and brokerage platforms need to obtain CIMA license in Cayman Islands.
Businesses engaging in private banks, corporate banks, and trust service providers need to obtain a CIMA license in Cayman Islands.
The list of benefits of the CIMA license in Cayman Islands is as follows:
In the Cayman Islands, there is no corporate income tax, capital gains tax, or personal income tax, making it financially attractive for businesses.
A CIMA license allows companies to operate at an international level, thus attracting diverse clients from around the world.
CIMA is a well-respected and internationally recognised regulatory body, building trust among its clients.
The Cayman Islands also has a stable and robust political and legal system, thus making it suitable for long-term business operations.
The regulatory framework is also designed to be competitive while complying with international standards, fostering innovation and market confidence.
The Cayman Islands, as a British Overseas Territory, has a legal system rooted in the English common law, thus making it a familiar and stable legal structure for many international businesses.
The CIMAโs regulatory approach also promotes good corporate governance, consumer protection and transparency.
The step-by-step process to apply online for CIMA license in Cayman Islands is as follows:
Firstly, determine the type of CIMA license your business requires, like investment business, fund administration, virtual asset service provider (VASP), securities investment activities or fiduciary services.
Secondly, choose the right legal structure available in the Cayman Islands, such as an exempted company, limited liability company (LLC), foundation company, etc.
Conduct due diligence checks on the key personnel of the applicant company, including directors, shareholders, and senior managers.
In this stage, you need to create a comprehensive Anti-money laundering and counter-terrorist financing system for preventing potential fraud. Such as AML/CFT policy, KYC/CDD procedures, transaction monitoring, risk assessment methodology, etc.
In this stage, the applicant company needs to draft and implement regulatory documentation like business plan & financial projections, corporate governance policy, risk management policy, internal controls manual, data protection & cybersecurity policies.
Finally, you need to pay the prescribed application fees along with annual licensing fees applicable to your license category.
Here, the CIMA may request the applicant for clarifications, additional documents or revisions. Timely and accurate responses are crucial to avoid delays.
After successfully fulfilling all the requirements and with completion of the CIMA review, CIMA will accordingly issue the license, thus officially authorizing the entity to conduct regulated activities in the Cayman Islands.
After obtaining the CIMA license in Cayman Islands, the applicant company should continue meeting the CIMA post obligations like AML/CFT monitoring, periodic regulatory filings, annual audits, economic substance compliance, etc.
The list of documents for CIMA license in Cayman Islands are as follows:
Passport & ID proofs of directors or shareholders
Address proof
Detailed business plan
Organisation chart
Source of funds declaration
Compliance & AML framework
Audited financials (if applicable)
Bank reference letter
Personal financial statements
After successfully obtaining a CIMA license in Cayman Islands, maintaining continuous compliance is mandatory for smoothly functioning businesses. The key areas of post CIMA license compliance are as follows:
With extensive global regulatory expertise, Enterslice is a trusted partner for obtaining a CIMA License in Cayman Islands and setting up compliant financial entities in the Cayman Islands. We simplify the entire licensing journey from selecting the right license category to drafting policies, company registration in Cayman Islands, and managing ongoing compliance.
Whether you are a fintech startup, investment fund, or international financial institution, our team ensures a smooth, accurate, and fully compliant process.
CIMA stands for the Cayman Islands Monetary Authority, a chief regulator of the local financial services industry that is responsible for supervising and regulating the countryโs entire financial services sector, including banks, investment funds, insurance companies, virtual asset service providers, company managers and other financial institutions.
No, Cayman Island is no longer in the grey list. In 2023, the Financial Action Task Force (FATF) confirmed that Cayman has satisfied the required reforms and was accordingly removed from the list of grey jurisdictions under increased monitoring.
Those entities engaged in the regulated financial services like investment funds, fund managers, insurers, corporate service providers, securities investment businesses, and virtual asset service providers (VASPs) must obtain approval from CIMA before offering services in the Cayman Islands.
The CIMA issues licenses to various entities depending upon the sector, such as:
Yes, overseas companies are allowed to apply online for CIMA license in Cayman Islands, provided they register a Cayman entity, followed by appointing local service providers when required and fully comply with AML and regulatory standards.
Once the entity or applicant obtains a CIMA license, it stays valid as long as the entity complies with regulatory guidelines like annual filings, fees and ongoing regulatory requirements. While non-compliance may result in suspension or revocation.
The annual compliance obligations for CIMA licensees are as follows:
CIMA licensing is important for entities in the Cayman Islands, as it enhances credibility, investor protection, and compliance with international AML standards, ensuring that the company or entity can legally operate in one of the world's leading offshore financial centers.
-- Testimonials
โI was looking for privacy and global flexibility, and Enterslice delivered. Their team handled my Cayman incorporation from A to Z. They knew the jurisdiction inside out and made sure everything was compliant. I appreciated their prompt replies and transparent pricing.โ
Verified Customer
โBig thanks to Enterslice for getting my Cayman entity registered efficiently. The communication was consistent, and their process was organized from day one.โ
Verified Customer
โI had a few specific requirements for setting up in the Cayman Islands, and Enterslice made the adjustments accordingly. Their team asked the right questions, stayed on top of things, and got everything done as promised. It felt like working with true professionals.โ
Verified Customer
โI chose Enterslice for my Cayman company based on a recommendation, and now I recommend them too. The team was easy to work with, knew local compliance well, and got things done without complications. Solid experience from start to finish.โ
Verified Customer
Stay updated with all the latest legal updates.
Just enter your email address and subscribe for free!
(+1) 6292766228