The Cayman Islands are a major international financial centre with a huge financial services industry. Obtaining a Cayman forex license is not an easy process and involves submitting a range of documentation. The license application process may likely involve a lengthy duration of time to reach its completion. Seeking the help and guidance of a professional consultancy is highly recommended, as this will ensure that you have a thorough understanding of the forex broker license acquisition procedures, and prepare all the needed documentation in due course.
Obtaining a Cayman forex license involves applying to the Cayman Islands Monetary Authority (CIMA), which is primary licensing body within the Cayman Islands. A CIMA license will enable you to trade in futures and securities under the legal obligations imposed by the body.
CIMA 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. 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, CIMA 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 CIMA license, CIMA also has a stringent set of AML (Anti Money Laundering) policies in place to ensure that all companies applying for a forex license are not engaged in any form of illegal practice.
To obtain a CIMA forex license you will need to have a company in Cayman Islands that is specifically formed for the purpose of providing foreign exchange 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 license is a fairly complicated procedure. Using an experienced consultancy firm to lead you through the entire license application procedure can ensure that the correct documents are supplied and all procedures are correctly completed, and in a timely manner.
Starting Business can fully assist you throughout the process and help you to successfully obtain a Cayman forex license from CIMA.
Use our Contact Form if you have any queries or require further information on our broker services.