According to the Building Societies Law (2010 Revision), Section 3 (1):
Any group of individuals wishing to establish a building society may obtain a certificate of incorporation from the Registrar once its rules have been certified as required by this law.

There are no specific legal requirements for obtaining a building society license. However, an annual fee is required to be paid to the Registrar on each anniversary of the society's incorporation.

Yes, Section 21 of the Building Societies Act (2010 Revision) mandates:

"The secretary or manager of a society must prepare an annual account of all receipts, expenditures, and a general statement of the society's funds, liabilities, and assets at least once a year."

Currently, there is only one building society operating in the Cayman Islands.

You can access the Building Societies Law 2010 Revision through the provided link.

Please note that this link is for informational purposes only. Official copies of the laws and regulations are available from The Legislative Department for a minimal fee.

For details, please refer to the Cooperative and Building Societies Statistics.

A Credit Union is a type of cooperative society registered under the Cooperative Societies Law (2001 Revision) with the following objectives:

(a) Encouraging savings among members;
(b) Creating access to credit for members at fair and reasonable interest rates;
(c) Managing and utilizing members’ savings for their collective benefit; and
(d) Educating members on financial management and the wise use of money.

Currently, Credit Unions do not need to obtain a license from Cmrai. However, they must register with the General Registry and are subject to regulatory oversight by Cmrai under section 40 of the Cooperative Societies Law. To obtain a non-objection letter from the Authority when applying for registration, Credit Unions must provide the following documents:
 
• Business Plan (including proposed staffing, systems, controls, and risk management);
• Policies and Procedures to ensure compliance with relevant laws and regulations;
• A copy of the member Rules;
• Personal Questionnaire.

Additionally, each proposed Director, Manager, and Senior Officer must submit one financial reference, two character references, and a Police Clearance Certificate.

Credit Unions are not required to pay an annual license fee as they are not currently required to be licensed by the Authority.

Yes. Section 39(1) of the Cooperative Societies Law (2001 Revision) requires that:

"Every credit union must have its accounts audited annually, or as required by the Authority, by an auditor who is a chartered accountant, certified public accountant, or another professionally qualified accountant approved by the Authority."
 

Currently, two Credit Unions operate in the Cayman Islands: the Cayman Islands Civil Service Association Cooperative Credit Union Ltd. and the Telecommunications Employees Cooperative Credit Union Ltd.

You can access the Cooperative Societies Act (2001 Revision) by clicking the provided link.

This link is for informational purposes only. Official copies of all laws and regulations can be obtained from The Legislative Department for a minimal fee.

When assessing whether an individual is "fit and proper," the Authority considers their:

• Honesty, integrity, and reputation;
• Competence and capability; and
• Financial soundness.