To open a business bank or trust account in the Cayman Islands, you will need to complete a very detailed application, as well as provide the following information:
- Full incorporation paperwork
- Written request to open a new account on company letterhead giving an overview of the business (e.g. clients, number of staff and how revenue is generated) and reason for needing the account
- Certificate of Incorporation, certified by a Notary Public
- Articles and Memorandum of Association, certified by a Notary Public
- Annual report, financial statements, auditors reports or business plan
- Certificate of Good Standing, if business is older than one year
- Register of Members, Officers and Directors, certified by the registered office or a Notary Public
- The identity of each ultimate beneficial owner, director and signatory; this must be supported by a certified copy of their passports and proof of residential address
- If the business is conducted within the Cayman Islands, a copy of the current Trade and Business licence and/or relevant operational licence will be required
- Professional reference from an accounting or law firm and a professional reference from a bank that indicates a good relationship of over three years
- Nature and dollar volume of anticipated transactions, including source of funding of initial and subsequent deposits. This can be provided from a copy of the Business Plan if the company is new or latest Financial Statements if the company is operational
- Tax declaration form for the company/trust/beneficial owners
- All directors, members and signatories to supply all relevant information for a personal bank account, including a certified copy of the partnership agreement.
Depending on the bank, there may be additional due diligence for trust accounts, including:
- Full information regarding the trust, e.g. nature and purpose, country of establishment, proof of regulation, etc.
- Certified copy or certified extract of trust deed
- Statement/nature of assets of the trust and value
- Identification and verification of all connected parties, i.e. beneficiaries, settlors, grantors, controllers, etc.
If there are more than a nominal number of shareholders, the bank requires identification and references for the principal shareholders (those who own 10% or more of the shareholding), directors and officers responsible for the operation of the account. Companies incorporated in other countries require notarised documents to verify the bona fides of the company. Each bank in Cayman will have a minimum amount required to open a business account.