About Us
About Us
Ministry Vision
To be a globally respected financial services centre of excellence.
Mission
To continuously improve our platform for competitive, transparent, and compliant financial services.
What We Do
- We are the Ministry's elected officials. The Ministry of Financial Services and Commerce Ministry, or MFSC) assists elected officials in developing and implementing policies and legislation for financial services and commerce.
- Our work supports the local economy. Because financial services and commerce are the Cayman Islands' primary economic pillar, our work supports the Cayman Islands' economic growth and social development.
- Our work supports global financial services in keeping with successive Governments' commitment to global AML/CFT and tax cooperation standards, our work also contributes to the stability of global financial services.
Our Staff
Staff members have diverse academic backgrounds and private sector experience including in public administration, policy and legislative development, human resources, finance, law, communications, information technology, business analysis, and project management.
The Ministry of Financial Services and Commerce's responsibilities are distinct from those of the Ministry of Finance and Economic Development (MFED).
Core Units, Operational Agencies and Overseas Offices
Core Units
Policy, legislation and good governance are at the heart of any government's activities. Three core units in the Ministry are responsible and accountable for these functions.
• Operations and Administration Unit:
Ensures that the Ministry and its agencies' human resource management, financial management, and information management comply with respective government policies, legislation, processes and best practices.
• Financial Services Unit:
Provides financial services policy advice and legislative development. Guides the Ministry's operational agencies in these areas in implementing strategic and operational policies.
• Trade and Commerce Unit:
Provides policy advice and legislative development in the areas of commerce, marketing and aviation. Guides the Ministry's operational agencies in these areas in implementing strategic and operational policies.
Operational Agencies
To be effective, policy, legislation and good governance must be put into action – and this is what the Ministry's five operational agencies do. They work closely with the Ministry's core units to help ensure that the intent of the policy and legislation is actually delivered through our public services.
• Cayman Islands Intellectual Property Office (CIIPO):
The core of CIIPO's business is to register trademarks, extend UK patents and design rights, and provide licenses for the issuance of orphan works. In addition to registering intellectual property in the Cayman Islands, the CIIPO manages the public record that is available to provide information to the public about how to protect their intellectual property monetise their creative works, etc.
• Department of Commerce and Investment (DCI):
The Cayman Islands business owner knows DCI as where you get licenses and certificates and permits for a range of business activities (eg, trade and business and special economic zones) and permits for music & dancing, the sale of alcohol licences, precious metals & gems, and the public exhibition of films. DCI staff also monitor and enforce compliance with the laws and conditions of some licences, certificates and permits and take enforcement action when necessary.
• Department for International Tax Cooperation (DITC):
DITC's work helps ensure that the Cayman Islands is a trusted international partner in tax matters. Its staff administer and manage the Cayman Islands' obligations under its network of international tax agreements, including by exchanging information with more than 150 other countries in support of international tax compliance. DITC also participates in Cayman Islands Government's global discussions on international tax cooperation.
• General Registry (Registr):
General Registry oversees the registration of legal entities, financial services businesses, beneficial ownership, and charges on property. Additionally, the General Registry has delegated authority as the Beneficial Ownership Corporate Authority and impose administrative fees for beneficial ownership breaches and is the Non-Profit Organisation (NPO) registration and supervision of NPOs.
• National Maritime Affairs Secretariat (NMAS):
NMAS provides strategic oversight, coordination, development and implementation of the Cayman Islands National Maritime Transportation Strategy. This is essential to ensure compliance with relevant international maritime conventions and instruments related to Maritime Administration and encompasses all Coastal, Port and Flag State activities.
Overseas Offices
The Cayman Islands acts as a well-regulated, cooperative global partner in financial services is supported by the work of three Government representatives - in Europe, including the UK, Asia and the US. As these are the key representatives also represent broader Government.
The representatives also maintain a two-way channel of international engagement and business development between international stakeholders and the Ministry/Government.
Statutory Authorities and Government Companies (SAGCs)
Owned by Government and yet legally separate from it, SAGCs deliver services on behalf of the people of the Cayman Islands. While their governance structures give them a level of independence to deliver their services, SAGCs remain ultimately accountable to Cabinet and Parliament.
Statutory authorities
These are entirely or partly funded by Cabinet, and Cabinet has the power to appoint or dismiss the majority of the statutory authority's governing body. The Ministry oversees four statutory authorities:
Government company
A company in which the core government has a controlling interest. The Ministry oversees one government company:
The Ministry has two primary responsibilities for the SAGCs under its remit:
- Negotiate, agree and monitor purchase and ownership agreements with its SAGCs on behalf of Cabinet and the Minister of Financial Services and Commerce.
- Support the Minister and Cabinet with the SAGC's policy development.
Last updated: June 2024