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Open a Cayman Islands Bank Account

Introduction

The Cayman Islands is a British overseas territory dependent on the United Kingdom. They are located northwest of Jamaica, between the island of Cuba and the coast of Honduras in the waters of the Caribbean Sea. The Cayman Islands is a member of the CARICOM single market.The Cayman Islands is one of the 5 largest financial centers in the world by deposits, and the world’s largest financial center for investment funds, with the presence of the global largest financial institutions.Main financial services available in the territory are private banking, hedge fund formation and investment, structured finance and securitization, captive insurance, and international business company services.In the Cayman Islands, corporate profits and capital income as interest or dividends, as well as personal income, are not taxed. Actually, the only existing tax forms in the Cayman Islands are business license fees, customs duties, a stamp duty on the transfer of real estate and a tonnage fee for vessels. In addition to the tax advantages, Offshore companies in the Cayman Islands benefit from maximum confidentiality and easy accounting requirements.
Bank Account Key details
Currencies: USD, GBP, EUR, CAD, JPN,CHF,AUD, SEK, KYD
Minimum deposit to open Bank Account: USD 25,000
Good For: Corporate Wealth Managment, Funds, Insurarance, Fund Managers, Transactional Banking, Trade Finance, Corporate Credit Cards, Crypto Business
Eligibility: Offshore companies, Foundations
Personal Visit: Not required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: £350
Corporate Bank Account Fee: £649

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
It is regarded as the 6th largest offshore banking center in the world, with a vast majority of its economy is sustained by its offshore finance industry making it the 14th largest GDP per Capita in the world.International financial and banking services constitute 55% of the Cayman Islands economy. There are a few reasons why companies and individuals have decided to pursue their offshore financial strategies in the Cayman Islands. The Cayman Islands represents the premier Caribbean offshore banking destination. Its long-standing offshore finance tradition goes back many decades attracting capital from across the world due to its open regulatory environment, access to an attractive investment fund and financial services. It’s likely the Cayman Islands will continue to dominate the offshore banking sector in years to come.
History
The Cayman Islands were first logged as sighted by Christopher Columbus on 10 May 1503 during his fourth and final voyage to the New World. He named the islands Las Tortugas after the large number of sea turtles observed there. The first recorded English visitor to the islands was Sir Francis Drake in 1586. He subsequently named the islands “Cayman” after caiman, the Neo-Taino nations’ nomenclature for “crocodile”.The Cayman Islands remained largely uninhabited until the 17th century. While there is no archaeological evidence for an indigenous people on the islands, a variety of settlers made their home on the islands. This grouping of people from various backgrounds included pirates, refugees from the Spanish Inquisition, shipwrecked sailors, and deserters from Oliver Cromwell’s army in Jamaica.
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