Desfran provides a turnkey solution for financial licensing. To facilitate your process of applying for a Cayman Islands Securities Dealer license, we will:
- Promote your application to the Cayman Islands regulators
- Assist with answering questions regarding the application process and requirements
- Draft and review application documents and questionnaires
- Follow up with the application and ensure the submission of additional information required by the related department of Cayman Islands
Minimum paid-up capital of at least CID 100,000
Neither the SIB Law nor CIMA requires a SIB licensee to maintain a direct physical presence in the Cayman Islands, so all functions could be delegated.
However, the Company will be required to maintain at its registered office electronic copies of all procedural manuals, contractual agreements, insurance information, due diligence information, client correspondence, and client transaction information to be available for inspection by CIMA at any time upon reasonable notice.
A registered firm shall at all times maintain insurance policies in an amount appropriate to the complexity, size and nature of the securities business of the firm to cover at least professional indemnity.
Registration will not be granted should the Commission thinks that the coverage amount is insufficient.
However, this requirement does not apply to firms engaging exclusively in advising on securities.
Desfran shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant with the prevailing regulations. Desfran shall also advise on the possible questions that might be posed by the regulator.
Filing and Reporting Requirements
Maximum leverage of 1:500
Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:
Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to the Cayman Islands, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.
Bank Account Opening
Under the Monetary Authority Act, the Cayman Islands Monetary Authority (CIMA) began operations on 1 January 1997 and was created by the Cayman Islands Government to regulate and supervise the Cayman Islands’ financial services industry.
It is also responsible for enhancing Cayman’s ability to maintain a well-regulated financial services regime and monetary stability. CIMA was created from the merger of the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board and assumed the former responsibilities, duties and activities of these two bodies.
Since then, CIMA has taken on additional responsibilities and, through ongoing legislative changes, has been given more clearly defined functions, duties, powers and obligations, thus enhancing our ability to meet international standards as well as ensuring our accountability and transparency.
Desfran assists with the complete licensing application. Contact us to find out more about the Cayman Islands company registration and forex license application. Our team of experts will get back to within the next business day.