Licensing Requirements for Cooperative and Building Societies

Credit Unions

While credit unions are not mandated to obtain a license from Cmrai, they must be registered with the Registrar of Cooperative Societies (General Registry Department of the Cayman Islands Government). Additionally, they fall under regulatory oversight as per Section 40 of the Cooperative Societies Act.

Required Documentation for Credit Unions to Submit to Cmrai

To receive a non-objection letter from Cmrai for registration with the General Registry, credit unions must provide the following documents:

• Business Plan (including proposed staffing, systems, controls, and risk management);
• Copies of Policies and Procedures to ensure adherence to relevant laws and regulations;
• A copy of the Member Rules;
• Personal Questionnaire form, one financial reference, two character references, and a Police Clearance Certificate for each proposed Director, Manager, and Senior Officer.

Building Societies

Building societies are not legally required to be licensed by Cmrai. However, they must be incorporated by the Registrar of Companies (General Registry Department of the Cayman Islands Government) and are obliged to pay an annual fee upon each anniversary of their incorporation.

These societies are subject to Cmrai regulatory oversight according to Sections 33-37 of the Building Societies Act.

Required Documentation for Building Societies to Submit to Cmrai

For Cmrai to issue a non-objection letter for registration, building societies must provide the following:

• Business Plan (detailing proposed staffing, systems, controls, and risk management);
• Copies of Policies and Procedures to ensure compliance with applicable laws and regulations;
• A copy of the Member Rules;
• Personal Questionnaire form, one financial reference, two character references, and a Police Clearance Certificate for each proposed Director, Manager, and Senior Officer.