Banking in Cayman Islands
Cayman is a British dependent oversea territory located in the Caribbean. The Cayman Islands Monetary Authority (CIMA) regulates and supervises the country 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 a strong anti-money laundering and combating financing of terrorism, and have to comply with tax information exchange agreements signed with many countries.
CIMA adopts 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 allowed to conduct banking business to both inside and outside of Cayman. Class” B” licenses don’t allow banks to provide services within Cayman. As of March 2019, there are 133 banks in total, including 10 class “A”, and 123 class “B” banks. Nearly 90 percent of the total are branches and subsidiaries of large international banks from North, South America and Europe.
All banks offer a variety of corporate banking facilities such as multi-currency accounts without exchange control, debit/credit card, ATM, online/mobile banking, wire transfer, etc.
As a Cayman company is not obligated to open its bank account in the Islands, you can take advantage of great alternatives, such as opening an offshore bank account for Cayman companies.
A Cayman company can open a bank account in any places, namely other offshore jurisdictions or major financial centres. Or, some may go for fintech solutions as well.
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Each bank might demand a different set of documents for an account application process. Below represent commonly required documents by most banks.
Bank reference letter
Certified copies of passports, proofs of residence of all directors/shareholders
Company business evidence (sales/purchase orders, invoice, etc.)
Certified copies of Anguilla company incorporation documents
Government certification of company good standing status.
You had better consult BBCIncorp to know the exact documents needed for your case.