Appendix I - Application for a Trust Business Licence

Summary

This is the official BMA application form (Appendix I) that a company, partnership or individual must complete to apply for a trust business licence under the Trusts (Regulation of Trust Business) Act 2001. It sets out the licence types available, the supporting documentation required, and the declarations the applicant must sign, rather than imposing ongoing regulatory rules.

• Licence types: Applicants choose between an unlimited trust licence (companies) or a limited trust licence (partnerships or individuals).
• Formation and financial documents: Certified formation documents (Memorandum of Association, Bye-laws, Certificate of Incorporation or Partnership Agreement) and recent financial statements (audited where available) for the applicant and its group.
• Capital confirmation: An auditor's statement confirming the minimum capital of $250,000 has been paid up or is held in escrow pending licensing.
• Governance and policy documents: Client agreements, business plan, group structure chart, and written policies covering compliance, corporate governance, AML/ATF, sanctions compliance, disaster recovery/business continuity (including cybersecurity), outsourcing, internal systems/controls, and risk management.
• Questionnaires: Institutional Questionnaires for shareholder controllers and Personal Questionnaires for individual directors, controllers and officers.
• Insurance evidence: Evidence of comprehensive insurance coverage as required under the First Schedule of the Act.
• Fee payment: Payment or deposit receipt for the applicable application fee, per the BMA's published fee schedule.
• Disclosure of prior issues: Disclosure of any prior refusals, insolvency events, regulatory investigations, censures, litigation or liquidation petitions affecting the applicant or related entities.
• Signed declaration: A senior executive with legal capacity must initial each page, complete the declaration confirming compliance with the Act, and sign, subject to statutory penalties for false or misleading information under section 52.

Completed applications with all supporting materials must be submitted to trust@bma.bm; incomplete submissions will delay processing, and the Authority may request further information at its discretion.

Key obligations

• Applicants must submit the form typed or in block capitals in ink, with each page initialled and the declaration signed by an authorised signatory
• Applicants must supply certified formation documents, recent (audited where available) financial statements for the applicant and its group, and a business plan
• In the case of a company, an auditor's statement must confirm the minimum capital of $250,000 is paid up or held in escrow pending the licence grant
• Applicants must submit completed Institutional Questionnaires for shareholder controllers and Personal Questionnaires for individual directors, controllers and officers
• Applicants must submit written policies and procedures covering compliance, corporate governance, AML/ATF, sanctions compliance, disaster recovery/business continuity (including cybersecurity), outsourcing, internal systems and controls, and risk management
• Applicants must provide evidence of comprehensive insurance coverage as required by the First Schedule of the Act
• Applicants must pay the applicable application fee and provide proof of payment
• Applicants must disclose full particulars of any prior licence refusals, insolvency events, regulatory investigations, censures, disciplinary actions, litigation or liquidation petitions involving the applicant or related entities
• The signatory must declare that the particulars supplied are true and that the business will be conducted in accordance with the Act, Statement of Principles and Code of Practice, understanding that false or misleading statements are an offence under section 52 of the Act
• Completed applications and supporting material must be sent to trust@bma.bm

Applies to

applicants for a trust business licence (companies), applicants for a trust business licence (partnerships or individuals), trust businesses in Bermuda