Cayman Islands Administered Fund
The distinctive difference between an administered fund and a registered fund is that there is a statutory obligation upon the administrator to conduct due diligence on the promoter and investment manager so that they can give an undertaking to CIMA. An administered fund must therefore appoint a fully licensed Cayman Islands fund administrator (as principal office), who must confirm to CIMA that the promoter has a sound reputation, relevant experience and that the fund will be operated in a proper manner.
Legal Requirements
Requirements |
Description |
General |
|
|
Company, Unit Trust or Partnership |
|
USD 370 |
|
USD 4,700 |
|
No |
Share capital or equivalent |
|
|
None |
|
More than 15 investors |
Directors |
|
|
2 |
|
Yes |
|
No |
Service Providers Required |
|
|
No |
|
Yes (from anywhere) |
|
Yes (CIMA-licensed) |
|
Yes |
|
No |
- No Minimum subscription
- No preapproval required, the registration form (MF2/MF2A) is simply submitted to CIMA together with the offering document, auditors consent letter, the administrators consent letter – there is no waiting period as the fund can offer its shares for sale on the day it files with CIMA.
- The auditor must be a Cayman Islands approved auditor although the audit work does not require to be conducted in the Cayman Islands. It is normal for a foreign audit firm to do the actual audit and for the Cayman Islands office to do a signoff. However a Cayman Islands auditor’s consent letter is required for the CIMA registration.
- There is no requirement to have a custodian, prime broker or Cayman Islands resident director.
- The investment manager can be located anywhere and is not required to be licensed or registered.
- Tax neutrality: no capital gains, income, profits, corporation or withholding taxes
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers