Open bank account for
Cayman Islands Company
Banking In the Cayman Islands
Cayman is a British-dependent overseas territory located in the Caribbean. The Cayman Islands Monetary Authority (CIMA) regulates and supervises the country's financial services industry to which the banking sector makes a major contribution. The bank and trust company laws are the main legislative documents governing banking activities. All banks operate under strong anti-money laundering and combating financing of terrorism and have to comply with tax information exchange agreements signed with many countries.
CIMA adopts the Basel II framework which requires banks to maintain strong capital adequacy. Cayman Islands banking laws classify the banking sector into 2 tiers. Class “A” unrestricted banks are allowed to conduct banking business both inside and outside of Cayman. Class” B” licenses don’t allow banks to provide services within Cayman. As of 2023, there are 94 licensed banks in total, including 11 class “A”, and 83 class “B” banks. Most of these are branches and subsidiaries of large international banks from North, South America and Europe.
Wonder which can be the best bank for your Cayman Islands company? Let's find out with our Banking Tool
Need more references? Here is a Banking Tool to make your decision easier!
Try NowRequired Documents
Application forms
Bank statements
Bank reference letter
Certified copies of passports, proofs of residence of all directors/shareholders
Business plan
Company business evidence (sales/purchase orders, invoices, etc.)
Certified copies of your Cayman company incorporation documents
Government certification of company good standing status
Additional supportive documents beyond the listed above might be requested to open your Cayman company bank account depending on each local regulation, your business fields, and on a case-by-case basis.
Please get in touch with us to know the exact essential documents for your case.
