Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CIMA decision, including banking and payment rails.
Get a forex license in the Cayman Islands.
The hedge-fund capital licenses its dealers under SIBA: a CIMA securities investment business licence for broker-dealers and market makers - CI$100,000 base financial resources, CI$1,000 application and CI$10,000 annual fees, and a Registered Person lane for institutional-only models. Fund-world credibility, offshore economics.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Cayman in brief
The fund capital's dealing licence.
The Cayman Islands regulate forex and CFD dealing under the Securities Investment Business Act: carrying on securities investment business requires a full CIMA licence, with broker-dealers and market makers held to a base financial resources requirement of CI$100,000 (about US$122,000) and other licensees to CI$15,000. The fee mechanics are published in the Licence Applications and Fees Regulations: CI$1,000 on application, CI$10,000 on grant and CI$10,000 annually for a broker-dealer or market maker. Alongside the full licence runs the Registered Person regime - a lighter registration for firms dealing exclusively with the institutional and high-net-worth categories in Schedule 4 - the lane much of Cayman's B2B dealing world actually uses.
What Cayman adds is the neighbourhood: this is the domicile of a majority of the world's offshore hedge funds, with the administrators, auditors, prime brokers and law firms that ecosystem feeds. A CIMA dealing licence sits inside that infrastructure - fund-adjacent flow, institutional counterparties and service providers who read Cayman documents daily. There is no corporate income tax; the state charges through fees. The hard boundary: retail books for ring-fenced markets still need onshore licences, and CIMA examines people and AML with fund-world thoroughness. We build the entity, the financial-resources file and the licence - or the Registered Person route where the model fits it - end to end.
CIMA SIB licence under SIBA: broker-dealer/market-maker at CI$100,000 base financial resources, CI$1,000 application + CI$10,000 grant/annual - or the Registered Person lane for Schedule 4 institutional-only books.
No corporate income tax; the hedge-fund capital's ecosystem next door. We fix the lane first, then build.
The two routes
The full SIB licence - or Registered Person.
Two lanes into Cayman dealing: the full CIMA licence for broker-dealers and market makers, or Registered Person status for firms serving only Schedule 4 institutional and sophisticated categories. We fix the lane first. It changes everything downstream.
The full licence for dealing - or Registered Person for Schedule 4 books.
01 - FULL SIB LICENCE
The broker-dealer licence
The complete CIMA permission: dealing in securities as broker-dealer or market maker at CI$100,000 base financial resources. CI$10,000 annual fee, AML and people vetted to fund-world standard.
The complete CIMA permission: dealing in securities as broker-dealer or market maker at CI$100,000 base financial resources. CI$10,000 annual fee, AML and people vetted to fund-world standard.
- ✓Broker-dealer / market-maker scope
- ✓CI$100,000 base financial resources
- ✓CI$1,000 application · CI$10,000 annual
- ✓Retail and professional clients
- ✓CIMA-vetted directors and AML
- ✓The fund capital's dealing stamp
02 - REGISTERED PERSON
Institutional-only laneThe B2B registration
SIBA's lighter lane: registration for firms dealing exclusively with Schedule 4 categories. Institutions, funds and sophisticated investors. The route Cayman's B2B and liquidity desks actually run on.
Institutional-only registration: funds, institutions, sophisticated investors; no retail; same AML; faster to stand up; upgrade path.
- ✓Schedule 4 clients only - no retail
- ✓Registration, not full licensing
- ✓Faster to stand up
- ✓Same AML obligations
- ✓Natural fit for fund-adjacent flow
- ✓Upgrade path to the full licence
Costs and timelines are confirmed for your case before any work begins. Fees follow the Licence Applications and Fees Regulations; financial-resources and substance costs are itemised in your quote.
Why Cayman
The infrastructure is the argument.
Cayman sells its ecosystem. The fund world's administrators, primes and counsel, available to a licensed dealer next door.
✓
The hedge-fund capital
The majority of offshore funds domicile here. A dealing licence sits beside the flow, administrators and primes that ecosystem generates.The ecosystem next door.
✓
Defined financial floors
CI$100,000 base financial resources for broker-dealers and market makers, CI$15,000 for others. Flat, published, plannable.CI$100k / CI$15k.
✓
A published fee schedule
CI$1,000 to apply, CI$10,000 on grant and annually. The running cost is a regulation, not a negotiation.CI$10k a year.
✓
The Registered Person lane
Institutional-only models register rather than license. The pragmatic B2B lane that keeps Cayman's dealing world moving.Register, not license.
✓
No corporate income tax
No income, capital gains or withholding taxes. The state charges through fees, and distribution is a transfer.Fees, not rates.
✓
Fund-world credibility
CIMA's name is read by every allocator and prime on earth. A licence here converts in rooms where the islands' peers do not.Read by every allocator.
How it compares
How Cayman differs from other routes.
The comparison that matters: the strongest institutional brand in the offshore tier. Priced in diligence and annual fees.
Cayman vs other jurisdictions
| Feature |  Cayman Islands | Other jurisdictions |
|---|---|---|
| Regime | SIBA - CIMA licence | MiFID desks or offshore |
| Financial floor | CI$100,000 broker-dealer | US$0-2M spread |
| Institutional lane | Registered Person | Rarely available |
| Corporate tax | None | 3-30% spread |
Regime
Cayman IslandsSIBA - CIMA licence
Other jurisdictionsMiFID desks or offshore
Financial floor
Cayman IslandsCI$100,000 broker-dealer
Other jurisdictionsUS$0-2M spread
Institutional lane
Cayman IslandsRegistered Person
Other jurisdictionsRarely available
Corporate tax
Cayman IslandsNone
Other jurisdictions3-30% spread
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Cayman Islands | CIMA SIB licence | No corporate income tax | CI$100k net worth, CI$10k annual |
 BVI | FSC Category 1 dealing | No corporate income tax | Code capital, vetted people |
 Bahamas | SCB registration + CFD Rules | No corporate income tax | 0.5% retail margin cap, NBP |
 Belize | FSC Trading in Securities | Territorial business tax | US$500k capitalisation |
Cayman IslandsLicense typeCIMA SIB licence
TaxationNo corporate income tax
RequirementsCI$100k net worth, CI$10k annual
BVILicense typeFSC Category 1 dealing
TaxationNo corporate income tax
RequirementsCode capital, vetted people
BahamasLicense typeSCB registration + CFD Rules
TaxationNo corporate income tax
Requirements0.5% retail margin cap, NBP
BelizeLicense typeFSC Trading in Securities
TaxationTerritorial business tax
RequirementsUS$500k capitalisation
Before you apply
Requirements for the Cayman licence.Requirements for the licence.
CIMA examines skills, facilities, management and AML with the thoroughness the fund world expects. The checklist below is what a passing application contains.
01
Cayman company. Structured for securities investment business, with fit-and-proper owners to UBO level.
02
Base financial resources. CI$100,000 for broker-dealers and market makers, maintained and evidenced continuously.
03
Competent management. Directors and senior officers whose skills and knowledge CIMA assesses against the business.
04
Appropriate facilities. Premises, systems and record-keeping capable of running the model CIMA licenses.
05
Business plan. The dealing model, client categories and financials the Authority can interrogate.
06
Current liquid capital reporting. The financial detail in the application maintained as an ongoing discipline.
07
Client asset arrangements. Segregation and safeguarding designed before launch where client money is held.
08
AML/CFT programme. KYC, screening and reporting under the Anti-Money Laundering Regulations, with named officers (AMLCO, MLRO).
09
Registered office. The statutory Cayman presence with records available to the Authority.
10
Lane discipline. Full licence for retail-capable models; Registered Person only where every client sits in Schedule 4.
01
Cayman company, fit owners.
02
CI$100,000 resources held.
03
Competent, assessed managers.
04
Appropriate facilities.
05
Interrogable business plan.
06
Liquid capital reported.
07
Client assets designed.
08
AMLCO and MLRO named.
09
Registered office, records.
10
Right lane. Licence or RP.
Reflects SIBA, the Licence Applications and Fees Regulations (2026 Revision) and CIMA practice as of 2026.SIBA + Fees Regs (2026 Rev.) + CIMA practice.
How it works
From first call to the CIMA register.
01
Lane and model
Full licence or Registered Person, client categories and financial plan. Fixed in writing before any drafting.Licence or RP - fixed.
02
Company and people
Cayman entity, CI$100,000 resources evidenced and the managers CIMA assesses.Resources evidenced.
03
The application file
Business plan, liquid-capital detail, AML programme. Complete at filing with the CI$1,000 fee.Complete, CI$1,000 fee.
04
CIMA review
Question rounds answered - 6-12 months realistic for the full licence; the registration lane moves faster.6-12 months full licence.
05
Grant and launch
CI$10,000 grant fee, register entry, banking and prime relationships live. The fund capital's stamp at work.CI$10k, ecosystem on.
Quick facts
RegulatorCIMA
FrameworkSIBA
Broker-dealer floorCI$100,000
Other licenseesCI$15,000
Application feeCI$1,000
Grant / annual feeCI$10,000
Institutional laneRegistered Person
Realistic timeline6-12 months
CIMA licenses businesses it has examined like a fund regulator. Complete files and credible people are the entire game, and our job.
On the ground in Cayman
Run from our George Town office.
Prifinance - Cayman Islands
George Town · Grand Cayman
George Town, Grand Cayman
01
Cayman company formation
Incorporation, structure and the corporate layer CIMA expects. Built for the licence from day one.Built for the licence.
02
The CIMA file
Business plan, financial-resources computation, AML framework and people papers. Drafted end to end and defended through the rounds.Fund-standard papers.
03
Lane strategy
Full licence or Registered Person. The Schedule 4 analysis done cold before a dollar is spent on the wrong lane.The Schedule 4 analysis, done cold.
04
Ecosystem introductions
Administrators, auditors, primes and banks from the fund world next door. Sequenced with the licence.Primes and admins next door.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in the Cayman Islands.
No corporate income tax. The state charges through fees, and the modelling moves to the owners' level.
No corporate income tax
Cayman levies no tax on corporate profits. The licensed dealer's P&L is a business question, not a computation.P&L keeps itself.
No capital gains or withholding
No CGT, no withholding on dividends, interest or fees. Distributions are transfers, not filings.Transfers, not filings.
Fees as the state's charge
CI$10,000 a year plus company fees. The jurisdiction charges through published schedules, not rates.Published schedules.
Tax-neutral by design
The same neutrality that hosts the fund world - no leakage layer between the dealing book and its owners.The fund world's base.
Economic substance rules
Cayman's substance legislation applies to relevant activities. The licence's own presence expectations serve it, planned once.One presence, twice used.
Owner-level planning
Zero local tax shifts the modelling to shareholders' jurisdictions. CFC and residency rules above the entity set the outcome.CFC modelled above.
Tax summary
Corporate income taxNone
Capital gains taxNone
Withholding taxesNone
State chargesLicence + company fees
SubstanceRequired - planned once
*As of 2026. Owner-level CFC and residency outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Cayman company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed dealer.
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Cayman · CIMA
Launch your forex project in the Cayman Islands with expert support.
Full-service assistance - from incorporation to the SIB licence or Registered Person status, AML architecture and ongoing compliance - run through our George Town office.
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Is Cayman the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Cayman forex licence: quick answers.
What licence does a forex broker need in Cayman?+
A securities investment business licence from CIMA under SIBA - broker-dealer or market-maker scope for dealing models - unless every client sits in Schedule 4's institutional and sophisticated categories, where the Registered Person regime applies instead.
What capital is required?+
The base financial resources requirement: CI$100,000 (about US$122,000) for broker-dealers and market makers, CI$15,000 for other licensees - maintained continuously, with liquid-capital detail reported to CIMA.
What does the licence cost?+
Per the Fees Regulations: CI$1,000 on application, CI$10,000 on grant and CI$10,000 annually for a broker-dealer - plus company fees. The registration lane runs lighter.
What is a Registered Person?+
SIBA's institutional lane: firms dealing exclusively with Schedule 4 categories - funds, institutions, sophisticated and high-net-worth investors - register with CIMA rather than take the full licence. No retail, same AML duties, faster to stand up.
How long does licensing take?+
Realistically 6-12 months for the full licence - CIMA examines skills, facilities and AML in depth. Registered Person status typically moves in a fraction of that.
Can a Cayman licence serve EU, UK or US retail?+
No - ring-fenced retail markets need their own licences. The Cayman book is global and institution-heavy; groups pair it with onshore entities where regulated retail matters, and we structure both ends.
How are Cayman dealers taxed?+
There is no corporate income tax, capital gains tax or withholding - the state charges through licence and company fees, and owner-level rules set the group outcome.
What substance does CIMA expect?+
Appropriate facilities, competent management, named AML officers and records the Authority can examine - plus the economic-substance rules for relevant activities. One presence, planned once, serves both.
Cayman or BVI for a Caribbean dealing base?+
Cayman posts flat floors (CI$100k, CI$10k annual) and carries the fund world's brand; the BVI calibrates capital to model and runs cheaper annually. Fund-adjacent flow points to Cayman; corporate-structure flow to Tortola. We model both.
Why Prifinance for Cayman?+
A George Town presence, the lane analysis done cold before spend, AML files built to fund-world standard and the ecosystem introductions that make the licence convert - under one roof.
What licence?+
CIMA SIB - broker-dealer.
Capital?+
CI$100,000 base resources.
Cost?+
CI$1k app + CI$10k/year.
Registered Person?+
Schedule 4 only - no retail.
How long?+
6-12 months full licence.
EU retail?+
No - global/institutional.
Taxes?+
None on profits.
Substance?+
Facilities, people, AML.
Or BVI?+
Brand vs calibration.
Why you?+
Cold lane calls, fund-grade files.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Cayman Islands Monetary Authority (CIMA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.