Under the International Banking and Trust Companies Act, trust business means carrying on the business of acting as a trustee of property. There are two classes of trust licences:
- a general trust company licence, which may not be issued to an international business company.
- a restricted trust company licence, which is subject to the restriction that the licensee does not undertake trust business on behalf of persons other than those persons or classes of persons listed in the undertaking accompanying the application for the licence or any amendment to the list approved by the Commission.
A company, foreign company or international bank may apply for a trust licence.
Applicants must submit written applications to the Commission noting;
(i) the subsidiary’s name
(ii) evidence that the applicant wholly owns the subsidiary;
(iii) a description of the type of trust being, or to be undertaken by the subsidiary.