DMS Bank and Trust (Ltd) is a specialist bank focused on providing banking, custody and trust services to the offshore financial services industry. DMS bank was first licensed in 1972 and is the second-longest established bank in the Cayman Islands. Over the decades, DMS bank has evolved into a modern banking institution offering a comprehensive range of mainstream banking and trust products. DMS Bank and Trust Ltd is regulated by the Cayman Islands Monetary Authority and its AA rated correspondent banking institutions are regulated by the U.S. Federal Reserve.
The bank offers flexible, client-driven account structures to meet the unique needs of each client. DMS bank is already recognized as a best-in-class provider, having received the Straight Through Processing award from the Bank of New York Mellon.
DMS Bank maintains all client funds in segregated account at AA rated correspondent banking institutions. This fully ring-fenced solution means that DMS maintains no legal rights of set off by the correspondent banks so DMS clients remain bankruptcy remote to avoid counterparty risk.
For institutions or high net worth individuals, DMS offshore custody products and services are designed to help manage and protect your assets. As an internationally oriented custody bank in the Cayman Islands, DMS’s global custody services provide a full range of offerings for traditional and alternative investment portfolios of exchange traded and hedge fund securities. Providing access to a global network of over 100 markets worldwide, including USA, Canada, Europe, Asia and Africa.
Segregating custodial arrangements, from trading arrangements and free assets from assets encumbered at another institution is a popular risk mitigation tool.
Focused on institutional clients and their specific needs, DMS bank administers all forms of trusts, including charitable and STAR trust structures, as well as private trust companies.
WHAT DMS BANK AND TRUST LTD IN CAYMAN ISLANDS OFFERS:
- Operating accounts in all major currencies.
- Escrow accounts.
- Foreign exchange.
- Risk Management.
- Complete SWIFT narrative on statements for all receipts.
- Client web application with straight through transaction processing and reporting.
- Extended cut-off time.
- Electronic Banking.
- Customer support in English.
The approximate timeframe for account allocation from 2 to 3 business days receipt of the original documents by the bank.
BANK TARIFFS AND CHARGES
DMS Bank & Trust Ltd. can be considered as a high-cost bank with respect to account maintenance and bank transfer fees.
The account opening fee is typically USD 500, however on the more complex structures this fee may vary. The monthly account maintenance fee is USD 60.
The outgoing wire transfer fee is USD 65 and the incoming wire transfer fee is USD 12. Commission for Manual requests for payment execution is USD 200.
- PLEASE NOTE that bank tariffs may be changed anytime at the sole discretion of the bank, we therefore suggest to contact us or visit the bank’s website for updated details on specific fees and charges.
- Agent Legal professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit or minimum balance.
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH DMS BANK IN CAYMAN ISLANDS:
- The client’s personal attendance in the bank is not required.
- Initial account opening deposit of USD 50,000, which must be funded within two weeks of account opening.
- Minimum account balance of USD 25,000 that must be maintained at all times.
- Account opening timeframe. The account will be activated within 2 – 3 business days, upon receipt by the bank of all duly completed forms and relevant information.
DOCUMENTS REQUIRED:
For the Company:
A set of legalized company documents consisting of:
- Certificate of Incorporation
- Memorandum and Articles of Associations
- Documents confirming the appointment of company directors and secretary (if any)
- document confirming the location of the registered office
- Share Certificate(s)
- Certificate of Good Standing if the company is more than 12 months old
- Copy of the Corporate Structure, identifying the ultimate beneficial owner(s)
- Valid License (if applicable)
For each director, shareholder, secretary, authorised signatory and ultimate beneficial owner:
- Notarized copy of valid passport.
The passport must be signed and signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of Banker’s reference letter, dated within 3 months
- Power of Attorney (where applicable)
- Personal CV
For each corporate officer (where the company directors or shareholders are legal entities), please provide:
A set of legalized company documents consisting of:
- Copy of constitutional documents (Certificate of Incorporation, Articles, etc.).
- Copy of Corporate Register (which shall include Register of Shareholders, Directors and Secretary).
- Copy of the Corporate Structure.
- Certificate of Good Standing.
Documents that are not in English must be accompanied by a certified translation.
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, Agent Legal will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.
SHIPPING COST
Shipping of banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75to USD 95. The fees depend on the jurisdiction where the bank is based as well as your destination country.
