Application Requirements for a Nominee (Trust) Licence under the Banks and Trust Companies Law (2018 Revision)

Summary

This document is a CIMA application checklist setting out the information and supporting documents an applicant must submit to obtain a Nominee (Trust) Licence under the Banks and Trust Companies Law (2018 Revision). A Nominee (Trust) Licence permits a company to provide nominee services solely to its parent company. The form lists the personal, financial, corporate and undertaking documents CIMA requires before it will process such an application, plus the associated fees.

• Who it applies to: Companies seeking to become licensed nominee (trust) companies, and their proposed directors, shareholders, managers, officers and controllers, each of whom must provide personal and reference information.
• Documents required: Personal, financial, corporate and undertaking documents, as specified in the checklist, along with the associated fees.
• Reference letters: An appendix sets out minimum standards for the financial and character reference letters that must accompany the application.

The document is purely a procedural application requirements list rather than a law or regulatory instrument creating ongoing regulatory obligations for licensees generally. Its obligations bind an applicant only during the licensing process, and post-grant, in relation to notifying changes and paying the annual fee.

Key obligations

• Submit the address of the applicant's principal/registered office
• For each proposed Director, Shareholder, Manager, Officer and Controller, submit a personal questionnaire, two character references, police clearance certificate, financial reference from a bank/trust company, evidence of two directors actively engaged in the business, and evidence of relevant director experience
• Provide a detailed statement of reasons for applying for a Nominee Trust Licence
• Provide confirmation that the applicant's sole purpose is to provide nominee services to its Parent Company
• Provide a guarantee with respect to the company's liabilities up to CI$200,000 in the prescribed format under Section 8(3) of the Banks and Trust Companies Law (2018 Revision)
• Provide a letter of consent from a CIMA-approved auditor confirming awareness of obligations under the Law
• Provide the applicant's financial year end date
• Provide a certified copy of the Memorandum and Articles of Association
• Provide an original certified copy of the Certificate of Incorporation
• Pay an application fee of CI$2,000
• Pay an annual fee of CI$6,000 upon receipt of approval for issue of the licence
• Provide a signed undertaking that the information supplied is true and correct
• Provide a signed undertaking by directors to inform the Authority of any changes to the information supplied if a licence is granted
• Ensure all reference letters (financial and character) are dated within six months of receipt of the application and meet the specified minimum standards
• Submit only complete applications, as incomplete applications will be returned

Applies to

Nominee (Trust) Licence applicants, trust companies, proposed directors, shareholders, managers, officers and controllers of applicant companies

Deadlines

• within six months of receipt of the application: All reference letters (financial and character references) submitted with the application must be dated within this period
• upon receipt of approval for the issue of a Nominee (Trust) Licence: The annual fee of CI$6,000 becomes due