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.
|Country Law||English Common Law|
Companies Law 1961
Companies Law (2007 Revision)
Companies (Amendment)(No 2) Law 2009
Companies (Amendment) Law 2011
Companies (Amendment) Law 2013
|Registered Office Required||Yes|
|Local Registered Agent Required||No|
|Shelf Companies Permitted||Yes|
|Migration Of Domicile||Yes|
|Average Time To Form Company||2 to 3 Business Working Days|
|Minimum Government Formation Charge||$731.71 - $3,009.76 USD|
|Recurring Minimum Annual Company License Fee||$854 USD|
|Annual Return Filing Fee||$250 USD|
|Access to Double Taxation Treaties||None|
Cayman Island Exempt Companies are exempt from taxes such as Corporation, Inheritance, Capital Gains and Estate Tax, to name a few.
|Minimum Required Directors||1|
|Local Director Required||No|
|Board Meeting Location||Anywhere in the World|
|Corporate Directors Permitted||Yes|
|Privacy - Publicly Available Records||No|
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.
|Local or Qualified Position||No|
|Permitted Share Currency||Any|
|Minimum Paid Up Shares||$1 USD|
|Usual Authorised||$50,000 USD|
|Bearer Shares Permitted||Yes - Held by an Authorised Depository|
|No Par Value Shares Permitted||Yes|
|Minimum Number Of Shareholders||1 Shareholder|
|Corporate Shareholdes Permitted||Yes|
|Meeting Locations||Can be held anywhere in the world|
|Privacy - Publicly Available Records||No|
|Requirements To Prepare||Yes|
|Keep Financial Records||Yes|
|Requirement To File Accounts||No|
|Requirement to File Annual Return||Yes|
|Accounts Publicly Accessible||No|
There is no form of taxation in the Cayman Islands for individuals and no taxation for corporations or trusts.
|Cayman Islands Facts|
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
|Size||Approximate area of264 sq. km|
|Languages Spoken||Main and Official Language is English|
|Currency||Cayman Islands dollar (KYD), however the US Dollar use is widespread|
Parliamentary dependency under a constitutional monarchy.
Financial Services Industry
Road - Driving on the Left
UCT GMT -5
The Cayman Islands does not utilize Daylight Saving Time
|International Dialling Code||+1-345|
Contact us today to enquire about the Cost of Formation or if you have further questions regarding the application process.