Application Requirements for a Licence under the Companies Management Law (2018 Revision)

Summary

This document is CIMA's checklist of application requirements for anyone seeking a Companies Management Licence under the Companies Management Law (2018 Revision). It sets out the full package of documents, disclosures, fees and financial standards an applicant must submit before CIMA will consider licensing them to carry on companies management business in the Cayman Islands.

• Corporate and ownership information: Registered office, memorandum and articles, certificate of incorporation, beneficial ownership and shareholding details, and corporate structure charts.
• Fit-and-proper documentation: For directors, shareholders, managers, officers and controllers, including personal questionnaires, character and financial references, police clearance, and evidence of relevant experience.
• Business plan and projections: A detailed business plan and two-year financial projections.
• Capital and insurance: Minimum capital and insurance requirements.
• Auditor's consent: An auditor's consent letter.
• Undertakings: Signed undertakings as to accuracy of information and ongoing disclosure of changes.
• Appendix standards: An appendix specifies minimum standards for financial and character reference letters, such as independence of referees, minimum relationship duration, and recency of the letters.

The document applies to prospective applicants for a Companies Management Licence and, by extension, to existing licensees who must maintain the disclosed standards such as minimum capital and insurance. It functions as a procedural and administrative checklist rather than a law itself, but non-compliance with its itemised requirements will result in an incomplete application being returned unprocessed.

Key obligations

• Applicant must maintain paid-up capital of at least CI$25,000 and minimum net worth of CI$25,000, confirmed by the auditors
• Applicant must obtain proof of insurance coverage from an authorised insurer with minimum aggregate cover of CI$1,000,000 and CI$1,000,000 per claim
• Applicant must pay an application fee of CI$750 and, upon approval, an annual fee of CI$750
• Applicant must submit a letter of consent from a Local Auditor approved by the Authority confirming awareness of obligations under the Companies Management Law (2018 Revision)
• Applicant must submit personal questionnaires, two character references and a financial reference for all directors, shareholders, managers, officers and controllers, each reference dated within six months of receipt of the application
• Applicant must submit a detailed business plan, two-year financial projections, management structure details, and (if an existing company) audited statements for the past two years
• Applicant must submit certified copies of the Memorandum and Articles of Association and the Certificate of Incorporation
• Applicant must sign an undertaking that the information supplied is true and correct
• Directors must sign an undertaking to inform the Authority of any changes to the information supplied should a licence be granted
• If the applicant is regulated in another jurisdiction, it must attach confirmation of good standing, a letter of no objection from the relevant regulator, and the prior year's audited financial statements
• Only complete applications should be submitted; incomplete applications will be returned unprocessed

Applies to

Companies Management Licence applicants, company managers, directors, shareholders, managers, officers and controllers of applicant companies

Deadlines

• within six months of receipt of the application: All reference letters (financial and character) submitted with director, shareholder, manager and controller applications must be dated within this period.
• due upon receipt of approval for the issue of a Companies Management Licence: The annual fee of CI$750 becomes payable once the licence approval is received.