Cayman Islands Exempt Company Formation

The Cayman Islands lie in the western Caribbean Sea and are comprised of three islands; Grand Cayman, Cayman Brac and Little Cayman. A British Overseas Territory located south of Cuba and northwest of Jamaica.

The economy of the Cayman Islands is strong, most of their revenue is derived from the financial services sector and tourism. The type of Company used for the Cayman Islands offshore, international business and investment is an Exempt Company.

  • Asset Security
  • Privacy – Non disclosure – Confidentiality and Anonymity
  • Minimum Capital requirements
  • Minimum of one Director
  • Minimum Shareholders is one
  • Corporate Directors and Shareholders are permitted
  • No requirement to hold Annual General Meetings
  • Local Tax and Stamp Duty Exemption
  • E-Commerce Companies
  • Management Companies
  • Holding Companies
  • Asset Protection
  • International Trading Companies

A Cayman Islands Exempt Company is restricted from conducting business with residents of the Cayman Islands or own to own real estate in the Cayman Islands.

There is also a restriction on conducting business in banking, trusts, insurance or to provide company management services without the appropriate license being granted.

A few of the requirements are the submission of the Memorandum and Articles of Association and registration fee to the Registrar of Companies, together with a sworn statement declaring that the business activities of the proposed Exempt Company shall be undertaken mainly outside the Cayman Islands.

A few of the requirements are the Name of the company to be incorporated, a physical address, certified copies of valid passports or national ID cards, such as those issued in the European Union. These need to be certified by either a Notary Public, Bank or by the issuing country’s Embassy. A Character reference may also be required.

There is a requirement for disclosure to the Registrar, of the names and addresses of the proposed first directors.

Overview
Company TypeExempt
Country LawEnglish Common Law
Company Law

Companies Law 1961

Companies Law (2007 Revision)

Companies (Amendment)(No 2) Law 2009

Companies (Amendment) Law 2011

Companies (Amendment) Law 2013

Registered Office RequiredYes
Local Registered Agent RequiredNo
Shelf Companies PermittedYes
Migration Of DomicileYes
Average Time To Form Company2 to 3 Business Working Days
Government Fees
Minimum Government Formation Charge$731.71 - $3,009.76 USD
Recurring Minimum Annual Company License Fee$854 USD
Annual Return Filing Fee$250 USD
Corporate Tax
Corporation TaxNo
Access to Double Taxation TreatiesNone

Cayman Island Exempt Companies are exempt from taxes such as Corporation, Inheritance, Capital Gains and Estate Tax, to name a few.

Directors
Minimum Required Directors1
Local Director RequiredNo
Records PublicNo
Board Meeting LocationAnywhere in the World
Corporate Directors PermittedYes
Privacy - Publicly Available RecordsNo

There is a minimum requirement of one Director, of which may be the only shareholder. Directors can be either individuals or corporate bodies of any nationality and resident of any country.

Company Secretary
Secretary RequiredNo
Local or Qualified PositionNo
Share Capital
Standard Currency

US Dollar

Permitted Share CurrencyAny
Minimum Paid Up Shares$1 USD
Usual Authorised$50,000 USD
Bearer Shares PermittedYes - Held by an Authorised Depository
No Par Value Shares PermittedYes
Shareholders
Minimum Number Of Shareholders1 Shareholder
Corporate Shareholdes PermittedYes
Meeting LocationsCan be held anywhere in the world
Privacy - Publicly Available RecordsNo
Company Accounts
Requirements To PrepareYes
Audit RequiredNo
Keep Financial RecordsYes
Requirement To File AccountsNo
Requirement to File Annual ReturnYes
Accounts Publicly AccessibleNo

There is no form of taxation in the Cayman Islands for individuals and no taxation for corporations or trusts.

Cayman Islands Facts
Location

British Overseas Territory in the western Caribbean

The territory is comprised of three islands;

Grand Cayman, Cayman Brac and Little Cayman

Located south of Cuba and northwest of Jamaica

SizeApproximate area of264 sq. km
PopulationApproximately 56,732
Languages SpokenMain and Official Language is English
CurrencyCayman Islands dollar (KYD), however the US Dollar use is widespread
Politics

Parliamentary dependency under a constitutional monarchy.

Economy

Main Industries:

Tourism

Shipping

Financial Services Industry

Transport

Air

Road - Driving on the Left

Boar

Time Zone

UCT GMT -5

The Cayman Islands does not utilize Daylight Saving Time

International Dialling Code+1-345
Internet TLD.ky

Contact us today to enquire about the Cost of Formation or if you have further questions regarding the application process.

Cayman Islands Exempt Company Formation Enquiry

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