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
- Bank references from a current bank
- 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
- 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 already operating
- Tax declaration form
- All directors, members and signatories to supply all information needed for a personal bank account, including certified copy of partnership agreement.
If there are more than a nominal number of shareholders, the bank requires identification and references for the principal shareholders 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.