Regulated Companies

Banks and Trust Company

No company in the Cayman Islands may include the words "Bank" or "Trust" in its name or carry on banking or trust business, without obtaining a license from the Government. This is regulated by the Bank and Trust Companies Licensing Law. The Law imposes certain conditions including the provision of banking and financial manager, and the setting aside of a fully paid up capital in the amount of   US$500,000.

Insurance Company

Similar restrictions are imposed by the Insurance Law on companies that are going to transact insurance business from the Islands including a minimum net worth of US$120,000 and audited accounts. The law has been largely responsible for establishing Cayman as an important base for captive insurance companies. However, the regulatory departments of Government do not necessarily limit themselves to the minimum requirements of the law.

Foreign Corporations

A foreign corporation may register an office to carry on business from the Cayman Islands. In this case, the initial Government fees are CI$850 and the subsequent fees are CI$850.

Mutual Funds

The Mutual Funds Law provides for the registration of mutual funds of different categories. At the end of 1999 there were over 2,000 mutual funds registered in the Islands.