The Cayman Islands are a major international financial centre with a huge financial services industry. Obtaining a Cayman Islands broker license is not an easy process and involves submitting a range of documentation. Obtaining your Cayman Islands broker license can involve a lengthy duration of time to reach completion. Obtaining the help and guidance of a professional consultancy is highly recommended, as this will ensure that you have a thorough understanding of the Cayman Islands broker license acquisition procedures. In addition, a consultancy firm can guide you along the way and ensure that the relevant documentation is submitted in a timely manner.
Cayman Forex Broker Firms
Obtaining a Cayman Islands Forex License involves applying to the Cayman Islands Monetary Authority (CIMA), which is primary licensing body within the Cayman Islands. Obtaining a Cayman Islands broker license will enable you to trade in futures and securities under the legal obligations imposed by CIMA.
The Cayman Islands Monetary Authority is responsible for all of financial regulation in the Cayman Islands, including the issuing of Cayman Islands currency, which is printed on the islands. The Cayman Islands is a huge international financial centre that has strong relations with international financial companies. The CIMA also deals with overseas regulatory bodies to assist with the consolidation of supervision. In addition, it acts as an advisory body for the government of the Cayman Islands, for all affairs relating to monetary, regulatory and cooperative matters.
The Cayman Islands Monetary Authority is responsible for the regulation of individuals and companies that deal in the following areas: Banking in the Cayman Islands, Money Services Business, Cooperative and Building Societies, Cayman Islands Trusts, Corporate services, Insurance, Investment Funds and Securities.
In recent years, the Cayman Islands Monetary Authority has imposed stringent regulations to ensure that no money laundering or illegal tax evasion activity occurs. Along with a strict set of due diligence procedures in place for companies applying for a Cayman Islands Offshore Forex License, CIMA also has a stringent set of AML (Anti Money Laundering) policies in place to ensure that all companies applying for a Cayman Islands Forex license are not engaged in any form of illegal practice.
Obtaining a Cayman Forex License
To obtain a Cayman Islands Forex License you will need to have a company in Cayman Islands that is specifically formed for the purpose of providing Forex activities, with special Memorandum and Articles of Association. You will also need a full pack of documents which will include your company manuals for internal and external procedures, a full document that includes your compliance procedures and a detailed business plan. In addition, you will need to provide your fit and proper test details, which demonstrates the company’s suitability as a forex brokerage or investment business.
The procedure for applying for and obtaining a Cayman Islands CIMA Forex License is a fairly complicated procedure. Using a professional consultancy firm to lead you through the entire application procedure can ensure that the correct documents are supplied and all procedures are correctly completed. Using the help of a professional consultancy will also help to facilitate the procedure in a timely manner.