To be a globally respected financial services centre of excellence.
To continuously improve our platform for competitive, transparent, and compliant financial services.
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).
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 function.
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, maritime and aviation. Guides the Ministry’s operational agencies in these areas in implementing strategic and operational policies.
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 team engages in community outreach to educate and encourage the public about how to protect their intellectual property, monetise their creative works, etc.
Department of Commerce and Investment (DCI): Every Cayman Islands business owner knows DCI. It’s where you get licenses and certificates and permits for a range of business activities (e.g. trade and business and special economic zone) and permits for music & dancing, the sale of alcohol, tobacco, precious metals & gems, and the public exhibition of films. DCI staff also monitor and enforce compliance with the terms and conditions of some licences, certificates and permits and issue sanctions for infractions.
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 130 other countries in support of international tax compliance. DITC staff also represent the Cayman Islands Government in global discussions on international tax cooperation.
The Cayman Islands’ reputation 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 needs arise the 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.
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.
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.
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.
Last updated: June 2024