Cooperative and Building Societies Licensing Requirements

Credit Unions

Although credit unions are not required to be licensed by CIMA, they have to be registered with the Registrar of Cooperative Societies (General Registry Department of the Cayman Islands Government) and they are subject to regulatory oversight in accordance with Section 40 of the Cooperative Societies Act. 

Documents Credit Unions Must Submit to CIMA

Credit Unions must submit the documentation listed below in order for CIMA to issue a non-objection letter to the General Registry when the credit union is applying for registration.

• Business Plan (containing the proposed staffing, systems, controls, and risk management);
• Copies of Policies and Procedures to ensure compliance with the relevant acts and regulations;
• A copy of the member Rules;
• Personal Questionnaire form, one financial reference, two character references and a Police Clearance Certificate for each of the proposed Directors, Managers, and Senior Officers.

Building Societies

There are no legal requirements for building societies to be licensed by CIMA. However, they must be incorporated by the Registrar of Companies (General Registry Department of the Cayman Islands Government) and pay an annual fee to the Registrar upon each anniversary of the building society's incorporation.

Building societies are subject to CIMA's regulatory oversight in accordance with sections 33-37 of the Building Societies Act.

Documents Building Societies Must Submit to CIMA

Building Societies must submit the documentation listed below in order for CIMA to issue a non-objection letter to the General Registry when the building society is applying for registration.

• Business Plan (containing the proposed staffing, systems, controls, and risk management);
• Copies of Policies and Procedures to ensure compliance with the relevant acts and regulations;
• A copy of the member Rules;
• Personal Questionnaire form, one financial reference, two character references and a Police Clearance Certificate for each of the proposed Directors, Managers, and Senior Officers.