Corporate Director Part IV of the legislation provides that a corporate director (defined as a body corporate acting as a director for a Covered Entity) shall not act in that capacity unless they are licensed as a corporate director under the Law. Penalties for non-compliance are the same as those for professional directors. CIMA may not grant a license to an applicant unless it is satisfied that the applicant is “fit and proper” and similar criteria to those used for a professional director are applied. Non-Cayman companies will not be permitted to act as directors of Covered Entities unless they register in the Cayman Islands under Part IX of the Companies Law (2013 Revision) and the Law provides detailed ongoing regulation for a corporate director with significant sanctions for non-compliance. Confirmation of licensing should be received within 4 weeks of making the application.
