Under the Fourth Schedule of the Securities Investment Business Law (SIBL) in the Cayman Islands persons and entities meeting certain criteria can be identified as “Excluded Persons” and excluded from the management of SIBL upon the conclusion of the relevant application form, the making of an annual report and payment of an annual fee to the Cayman Islands Monetary Authority.

One of the rules for exclusion is that the investment company is presented solely to, amongst other things, high net worth or sophisticated persons as specified in the Law. This exclusion can be utilized to many Investment Managers and Advisors.

Time frame: around 6 months

Minimum paid-up capital: 93,000 pound

Overview

The company incorporated in the Cayman Islands that requires to conduct brokerage firm is obligated to hold a license allowed by Cayman Islands Monetary Authority (CIMA). Financing projects are organized by the Securities Investment Business Law (SIBL) (latest amendment of 2015).

Cayman Islands Securities Investment license enables to:

  • Receive and transmit funds
  • Execute commands on behalf of the clients
  • Support financial instruments
  • Securities management

Among other advantages, the candidate will be ready to experience the following advantages:

  • The Cayman Islands are one of the significant financial centers
  • No local proximity required
  • A bank account can be held in any bank.
  • No local income, corporation, capital gains, profits or withholding taxes for Cayman exempted organizations
  • High level of asset protection
Notable features

Company name

  • Language: Any
  • Letters: From the Roman alphabet
  • Names having royal, state, foreign, and economic or other signs are banned
  • Names that are misleading or vague are prohibited
  • Offensive names are prohibited
  • Identical or almost identical names are prohibited
  • An only suffix “Limited” is recognized. Prior incorporation, the suffix “Ltd” can be utilized everywhere
Procedure

In order to get a license, the following steps will be carried out by Startupformations:

  • Gathering of personal due application documents
  • Development of statutory declarations and application forms
  • Submission of the application
  • Custom-drafting of Anti-money laundering procedures and business plan
  • Development of all necessary ad-hoc documents
  • Supervision of the process
  • Opening of a bank statement for capital deposit
  • Help with receipt of expert indemnity insurance
  • Finalization of the method
Documents

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

  • A notarized proof of a valid passport
  • A photocopy of proof of residential address
  • A bank Recommendation Letter
  • CV
  • 2 Character Recommendation Letters
  • 1 Recommendation confirming the good financial standing
  • Clean criminal records

For directors and shareholders:

  • Educational eligibility certificate

N.B.

  • If documents are not in English language or language of a particular country, then they need to be brought by a notarized translation.
  • Please guarantee that notarization is in the English language if not then kindly present with notarized English translation.
  • Additional papers may be asked by the regulatory authority or local Bank at any point to certify specific information