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

Summary

This is a CIMA application checklist form setting out the documentation and information an applicant must submit to obtain an unrestricted Trust Licence under the Banks and Trust Companies Law (2018 Revision). An appendix sets minimum standards for the reference letters (financial and character references) that must accompany applications for individuals.

• Corporate details: Registered office, agent, and letters of consent/recommendation.
• Due-diligence documents: Personal questionnaires, references, police clearance, and financial references for shareholders, directors, managers and controllers.
• Business plan: A detailed business plan.
• Capital confirmations: Capital and net worth confirmations.
• Auditor consent: Consent from the auditor.
• Incorporation documents: Documents relating to incorporation.
• Fees: Applicable fees.

The form applies to any person or company applying to CIMA for an unrestricted trust licence under the Banks and Trust Companies Law, as well as to the individuals proposed as shareholders, directors, managers and controllers of the applicant, and to auditors and financial institutions providing supporting letters. It does not itself amend the underlying law but operationalises the licensing requirements by specifying exactly what CIMA expects to see in a complete application package.

• Capital and net worth: Applicants must maintain paid-up capital and net worth of CI$400,000.
• Fees: An application fee of CI$2,000 is payable, plus an annual fee of CI$70,000 upon licence approval.
• Undertakings: Signed undertakings are required regarding accuracy of information and ongoing notification of changes.
• Reference letters: Reference letters must be dated within six months of the application and meet specified minimum content standards.
• Incomplete applications: CIMA will return incomplete applications rather than process them.

Key obligations

• Submit a complete application package containing all 21 itemised categories of information/documents before CIMA will process it (incomplete applications are returned).
• Provide personal questionnaires, two character references, police clearance certificates, financial references and evidence of relevant experience for all proposed shareholders, managers, controllers and directors.
• Ensure all reference letters are dated within six months of receipt of the application and meet the minimum standards set out in the Appendix (financial reference from an institution covering at least a two-year relationship; character reference from an independent person who has known the applicant at least three years, addressing honesty, integrity, reputation and competence).
• Provide confirmation from the applicant's auditors that the company has paid-up capital of CI$400,000 and maintains minimum net worth of CI$400,000, with an opening balance sheet.
• Obtain a letter of consent from an Authority-approved auditor confirming awareness of obligations under the Banks and Trust Companies Law (2018 Revision).
• Pay an application fee of CI$2,000.
• Pay an annual fee of CI$70,000 upon receipt of approval for issue of the unrestricted Trust Licence.
• Submit signed undertakings from the applicant confirming the information supplied is true and correct.
• Submit signed undertakings from directors to inform the Authority of any changes to the information supplied should a licence be granted.
• If involved in regulated business activities in another jurisdiction, attach confirmation of good standing, a letter of no objection from the relevant regulatory authority, and audited financial statements for the previous year.
• Provide confirmation from parent Supervisory Authorities of no objection to licensing and confirmation of consolidated supervision, where applicable.

Applies to

applicants for a Trust Licence, Trust Companies, Banks, shareholders, directors, managers, controllers, auditors