Financial Business Innovations in The Cayman Islands

October 2017 has been an innovative month for the Cayman Islands. Therefore, we are ready to reveal the governmental initiatives that will transform doing financial business in this country.

First of all, we should mention the new AML/CTF country whitelist. What is the main point of this legal change? Business registered in the Cayman Islands will now be spared of the long and complicated due diligence while working with chosen countries. Government considers ones in the whitelist as territories that have anti-money laundering policies and counters the financing of terrorism - same as in the Cayman Islands. Financial business receives more freedom and ability to choose foreign partners that will be more reliable and at the same time the most beneficial to work with.

The second innovation is The Foundation Companies Law, which officially entered in force in October 2017. From now on, foundations will work in the same way as other companies, for example LLC’s. At the same time, this type of business will have not only advantages of a simple company, but also the ones of the trust fund. Starting a foundation in the Cayman Islands will mean being more versatile than ever. It will offer simpler structure to clients and will be suitable for nearly every type of business. The opinion of the Cayman Government is that equating foundations and other company types will attract more clients and help to evolve the business.

And the last but not least of the innovative marathon is the new trader portal that started working on 1st of November. Importers in the Cayman Islands will now have a special technical solution to perform electronic deals and clear goods. This is a project of the Cayman Islands’ Customs Department and it is aimed at easing traders’ life and start reformation of the e-trading. New clearance rules are attractive for the new importers and facilitate trading for existing ones.

Generally, new legislative initiatives in the Cayman Islands are the first steps to making this country a business heaven. Financial companies will receive access to modern, effective and safe trading ecosystem.

Offhorelicense Ltd is always ready to consult you on doing business as well as to help with the establishment.