To Open A Bank Account in The Cayman Islands, It is a Task.
July 4, 2008
The following is a list of items required for banks to review for acceptance prior to the opening of a personal account:
1. An original financial reference addressed to the Bank indicating a satisfactory relationship of over 3 years, and quoting approximate average balances maintained over the past 6 months.
2. For local residents, a letter from your current employer addressed to Butterfield Bank (Cayman) Limited confirming your salary and employment. For overseas residents, an original character reference addressed to the Bank from a Law or an Accounting firm indicating a satisfactory relationship of over 3 years.
3. Details regarding the purpose of the account.
4. Details regarding the nature and dollar volume of anticipated transactions through the account including the source of funding/wealth of initial and subsequent deposits.
5. A notarised legible copy of the passport photo page with clear details of full name, date of birth, nationality, signature, photo and expiration date AND driver’s licence (with photo showing).
6. Completed and signed Bank mandates.
7. Confirmation of physical address; example, copy of current utility bill with clear details of permanent address.
Certification of identification is not required of persons who have been personally interviewed at the Bank and from whom a photocopy of passport or driver’s licence has been taken by Bank personnel.
For Corporate/Business Accounts the following is required.
The following are required for review and acceptance by management of the Bank prior to the opening of a corporate account:
1. Certified Copy of Certificate of Incorporation
2. Certified Copy of Articles and Memorandum of Association
3. Copy of Register of Members and Register of Officers and Directors certified by the Registered Office.
4. Copy of Minutes of the Directors’ first meeting certified by the Registered Office.
5. The identity of each ultimate beneficial owner, director and signatory supported by a certified copy of a passport.
6. Copy of current Trade and Business Licence (if operation of business is conducted within the Cayman Islands).
7. A banker’s letter of reference addressed to Butterfield Bank (Cayman) Limited indicating a satisfactory relationship of over three years, and quoting approximate average balances maintained over the past six months, on: (i.) The company / individual: (ii.) Each ultimate beneficial owner and (iii.) The company directors, and (iv.) Authorised signatories on the account.
8. An original professional reference from an Accounting or Law firm addressed to Butterfield Bank (Cayman) Limited indicating a satisfactory relationship of over three years for each ultimate beneficial owner, the directors and authorised signatories on the account.
9. The business or profession of the beneficial owners and the directors and their current addresses. We will need proof of address in the form of a utility bill.
10. The purpose of the account.
11. The nature and dollar volume of anticipated transactions through the account including the source of funding of initial and subsequent deposits.
12. Properly executed Bank mandates.
13. Foot of resolution must be initialled by all signatories including Secretary of Company.
Certificate of Good Standing (obtained in the last 3 months), or a copy of the company’s last annual return stamped by the Registrar of Companies.
Certification of identification is not required of persons who have been personally interviewed at the bank and from whom a photocopy of passport or driver’s license has been taken by Bank personnel.
With respect to companies owned by Cayman residents a personal interview is necessary before an account may be opened.
In the case of companies with more than a nominal number of shareholders, the bank would require identification and references for the principal shareholders, directors and officers responsible for the operation of the account.
For companies incorporated in other countries, notarised copies of (1) and (2) or the equivalent are required, or other documentation to enable us to verify the bona fides of the company. The other criteria would apply except in the case of companies listed on recognised stock exchanges.
The minimum opening deposit required to open a corporate account is CI$1,000 or currency equivalent.
With these requirements how can anyone say that the Cayman Islands is involved with money laundering or tax evasion.
Jose Kirshman
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