It has never been so cheap to start a bank…
Turnkey Bank for less than a million Euros inclusive of capital. It has never been so cheap to start a bank… Do not hesitate to contact us at connect@swissfintechpro.com for more information
Our exclusive package is inclusive of company registration, assistance with the business plan, assistance with the application for bank license, full banking software with ebanking and mobile banking, website, local office, hiring of 1 employee, local agent, local auditor, assistance for the application for a corresponding account in Europe or Puerto Rico, assistance for the application for a corresponding account in Switzerland, assistance with the Swift application and of the capital of 500,000 USD or 460,000 Euros
| LICENSING (Price in Euros at USD/EUR rate on proposal date) | Euros | |
| 1 | Incorporation of a company in Cayman | 5,550 |
| 2 | Financial advisor | 45,900 |
| 3 | Preparation of Application Package inclusive of all deliverables | 176,000 |
| 4 | Filling of Application Package and follow-up with regulator | 56,000 |
| GOVERNMENT AND OTHER EXPENSES | ||
| 5 | Government fees: License CIMA | 77,500 |
| 6 | Government Fees: Application Fees | 13,850 |
| 7 | Due diligence payments to the regulators (per person) | 13,850 |
| 8 | Legal Advisor consent fees | 27,700 |
| 9 | Registered Office and company secretary fees | 4,650 |
| ACTIVATION POST INCORPORATION | ||
| 10 | Full Suite of Banking Software Nexor One, inclusive of website development and mobile responsive on any mobile phone | 59,850 |
| 11 | Assistance with application for a Corresponding Account in Switzerland | 30,000 |
| 12 | Assistance with application for Corresponding Account in EU or Puerto Rico | 30,000 |
| 13 | Swift Our fees to assist with application | 10,000 |
| 14 | Swift Fees from 15,000 Euros for lite swift | 15,000 |
| 15 | TOTAL FEES and Costs | 538,850 |
| 16 | CAPITAL (remark capital is not an expense per se as it will remain with your bank) | 460,000 |
| 17 | Total for a readymade to operate bank inclusive of capital | 998,850 |
Advantage of Cayman
At Ovalor, we have a deep understanding of the Cayman banking landscape and a strong working relationship with the Cayman Islands Monetary Authority (“CIMA”) the local regulatory authority. We know what it takes to navigate CIMA complex regulatory environment.
Our team is composed of international and local seasoned lawyers with 30 years of experience in business and finance, and in handling financial licenses application and of a financial advisor with a wealth of experience in the banking industry with 8 years of experience as a bank auditor and 12 years as both a CFO and CRO of a fintech bank, and we are confident that we have the knowledge and expertise to guide you through this process.
We are committed to providing you with exceptional service and personalized attention throughout the entire process. Our goal is to ensure that your application is thorough, complete, and accurately reflects your business objectives.
We would welcome the opportunity to discuss your license application in more detail and to answer any questions you may have. Please do not hesitate to contact us at your convenience.
Thank you for considering our firm for this important project. Do not hesitate to contact us at connect@swissfintechpro.com for more information
