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Obtain a Trust License in the Cayman Islands

Published:
July 5, 2024

An authorization such as trust license Cayman Islands, issued by the jurisdiction’s Monetary Authority, allows organizations to offer a full range of trust services to private and corporate clients. For this category of business in the Caymans, permission to conduct trust activities is important for the establishment of international business, the expansion of corporate interactions and the establishment of funds. With such a license, the firm can offer trust services to clients throughout Europe, Asia and the Caribbean. Below we will consider the main aspects relating to obtaining such a permit and the characteristics of such a business in a given jurisdiction in general.

Our team are professional experts in the field of Cayman islands trust services. We provide full consulting and practical support in establishing and licensing businesses around the world. We also have many options for ready-made trusts for sale.

Trusts in the Cayman Islands: regulation, licensing and further operation

The Cayman trust license provides scalability for serving the company’s international client base and opens up new areas of interaction with client assets. Under Cayman Islands trust law, such an entity has a separate legal personality and must be incorporated as an LLC. Among other things, a Cayman trust offers greater flexibility, allowing its owner to determine the rules of the business, its structure and management goals. There are also distinct benefits from maintaining a high level of confidentiality in terms of internal operations and administration.

A trust company can be used by consumers for charitable or commercial purposes, as well as for the preservation of private wealth. The assets are held for the benefit of the beneficiaries in accordance with the governing documents of the trust. Thus, how to get trust license in Cayman Islands? Let’s talk about this issue below.

As part of trust license requirements Cayman Islands, several aspects can be highlighted.

  1. The liability of such a firm is limited to shares or guarantees, with or without share capital. With shares and authorized capital, shareholders exercise ownership of the company. If there is no shareholding in the firm, the company is managed by members (also called guarantors) and is created without share capital.
  2. Another important requirement is the existence of a memorandum of trust, which acts as a deed of trust and governing document. This document must state that the company is a constituent company, describe the purposes of its activities, state expressly or by virtue of the articles of association that excess assets can be used in the event of liquidation, and indicate any distribution of profits or assets among its members.
  3. The trust must adopt bylaws and employ a qualified secretary.

The process of establishing and initiating licensing consists of the following steps.

  1. Select the type of trust structure: Investors have several options for setting up a trust in the Cayman Islands. Among all the options, the most popular are firms that can manage and store client assets. It’s also worth noting that investors can choose between an open-ended or closed-end type of trust.
  2. Appointment of directors. Subject to the local legal framework, directors of any Cayman Islands trust must be registered with the relevant register or hold a financial sector license, as appropriate.
  3. To register a trust in the Cayman Islands, a minimum of 2 investors and a corporate account with a local bank are required.

To obtain trust license Cayman Islands, the following documents must be properly prepared and submitted to the regulator.

  1. Certificate of registration of the company.
  2. Corporate documents, in particular the charter and memorandum.
  3. Letter of consent from independent auditors.
  4. Confirmation of account availability.
  5. Personal information of founders and shareholders, if any.
  6. Completed trust license application Cayman Islands.
  7. Confirmation of the legality of existing capital.
  8. Business plan and internal policies of the company to combat illegal circulation of funds.

Trust license fees Cayman Islands required to pay range from 2 thousand euros.

Our lawyers are ready to provide you with professional assistance in opening a trust in Luxembourg, Germany, Sweden, Denmark, Ireland and other countries. We have extensive specialized knowledge and experience, constantly improving our skills and achieving the most effective results for our clients.

Benefits of a trust License in the Cayman Islands

  1. Sustainable financial infrastructure. The Cayman Islands are one of the world’s major international financial centers. Therefore, the jurisdiction has created a financial infrastructure that minimizes risks and promotes ease of doing business.
  2. Favorable political and economic climate. The islands are called “a paradise” not only because of their natural wonders. The Cayman Islands Government has correctly and rationally taken advantage of its established political stability, resulting in a favorable and relatively predictable economic climate.
  3. Favorable tax regime. This jurisdiction has no capital gains tax, no withholding tax on profits received.
  4. Commercial security and confidentiality. The Cayman Islands has established and implemented rules and internal mechanisms that have helped position the jurisdiction as one of the safest places to do business in the world.
  5. Simple requirements. The requirements for creating and administering a trust in the Cayman Islands are so simple that it is difficult to find a jurisdiction that can rival them in terms of convenience.

Our lawyers will become your reliable allies on the path of your commercial development. We offer professional trust services Cayman Islands, achieving only the most effective results for our clients. Trust license cost Cayman Islands is calculated individually in each case before the start of cooperation. We also have an extensive list of ready-made trusts for sale with a license in Hong Kong, Antigua, China, Malta and other countries.

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