Offshore bank license in Cayman islands

March 21, 2023
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Commonly-chosen space for banking, largely dominating the rest due to high-quality private-banking. Offshore bank license in Cayman Islands gives entrepreneurs possibilities to provide banking-services legally, thereby strengthening assurance of partners and capital-holders.

Offshore banking licenses Cayman Islands

Presently, Caymans are a promising and desirable hub for Chinese establishments. Several new banks already applied for permits and are preparing to open.

To get offshore Caymans bank license, it’s needed to own capital-means of $10 mln. Taking into account all expenses and strong local normative points, initial capital can be approximately 1-2 mln dollars. Cost of completing all legal paperwork will be about $350,000 more, but in order to achieve a high level and perfection in practice, you will need an even larger budget. So if entrepreneurs are confident in their abilities and they possess a massive capital to establish a banking facility, start may be as soon as possible by applying for permits.

The country maintains high confidentiality – a closed shareholders and directors register. Organizations are established in 1-2 days. There’re usual commercial restrictions – it is forbidden to engage in banking-activities, insurance and reinsurance, and managing third party funds without obtaining a special permit.

Offshore Cayman Islands bank license requirements

Getting a permit takes from 6-months to a year. Most significant points when applying are:

  • a well-written business-plan explaining to regulative bodies company’s commercial prospects, needs firm may satisfy there, and path to profitability/stability;
  • the level of qualifications, as well as the reputation of all the workers you hire;
  • the sources of firm’s investments should be transparent and understandable.

While your license is being issued, entrepreneurs can start arranging the premises for the bank, purchasing technical equipment, as well as configuring it for the system and software.

After completing all preparatory works, entrepreneurs need to turn to Cayman’s Monetary Authorities. The state regulator will come to the bank with an inspection, after which it’ll either allow enterprise to function, or point out problems and inaccuracies to be corrected. Final permissions obtained, i. e. Cayman’s offshore bank licenses give official rights to carry out activities.

Mainly, period from organization approval to working permit-getting also takes approximately 6 months. But this period of time can also be reduced. If the company already owns technical equipment, manual-mechanisms and workers who may immediately start working, then the procedure takes a short time.

Privileges of Cayman Islands banking-license

  1. It’s relatively easy to connect a local correspondent-bank.
  2. Belonging to British market-spaces.
  3. Lower operating expenses.
  4. Lack of CRS-reporting.

Number of Cayman offshore banking-licenses is constantly increasing. As a result of such processes, today Caymans are one of most dynamic offshore banking-jurisdictions.

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