The Cayman Islands Monetary Authority (CIMA), regulates and supervises the registration and operations of Fund Administrators licensed in the Cayman Islands under the Mutual Funds Law.

Key Features

Mutual fund administration is defined as the management, including control of all or substantially all the assets of a mutual fund, or the administration of a mutual fund, or the provision of the principal office of the mutual fund in the Cayman Islands, or the provision of the operator (which is, as mentioned before, either the director, trustee or general partner) to a fund.

Currently, the Authority supervises the following types of Mutual Funds Administrators:

  • Full Administrators: Can perform administration to an unlimited number of mutual funds.
  • Restricted Administrator: Can provide services for a maximum of 10 funds; must receive approval from the Authority for each fund for which they provide administration.

Legal Requirements

Requirements

Description

General

  • Corporate¬† vehicle permitted

Company or Partnership

  • Application fee

USD 24,400 (Administrator of 1-50 registered funds)

USD 30,500 (Administrator more than 50 registered funds)

USD 8,600 (Restricted Administrator)

  • Annual license fee

USD 36,600 (Administrator of 1-50 registered funds)

USD 42,700 (Administrator more than 50 registered funds)

USD 8,600 (Restricted Administrator)

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

None

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholder allowed

Yes

  • Local shareholder required

No

Service Providers Required

  • Company Secretary

No

Tax Treatment

Tax neutrality: no capital gains, income, profits, corporation or withholding taxes

Duration to Set Up

About 3 months

Distinctive Benefits of Licence

  • Tax neutrality: no capital gains, income, profits, corporation or withholding taxes.
  • Ease and speed of set up
  • Credible global reputation of license

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers