Cayman Islands offshore company

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Cayman Islands Offshore Company Formation

The Cayman Islands is a British Overseas Territory in the western Caribbean Sea, consisting of three low-lying islands: the main island, Grand Cayman, the Little Cayman, and Cayman-Brac with capital at George Town.

As a major international financial center, Cayman Islands offshore companies benefit of a strong economy, enjoying full employment with most of the revenue being derived from the financial services sector and tourism.

The Cayman Islands are a British colony, and therefore the United Kingdom Parliament at Westminster retains the right to legislate. The Cayman Islands enjoy sophisticated legal, accounting and banking services and derive political stability from their connection with Britain.

The Cayman Islands offshore center has become the preferred choice for many financial institutions, as there are over 500 banks registered there.

The principal corporate legislation is The Company Law of the Cayman Islands. This legislation is based on the English Companies Act (1948) and can be found in the Cayman Islands Companies Law of 1960 (amended).

Cayman Islands Exempt Company can be incorporated with bearer shares, however, the bearer shares must be kept in the custody of an “authorized custodian”, which is defined as a bank or trust company or company manager licensed to do business in the Cayman Islands.

Companies that do not derive any income from sources in Cayman Islands are not subject to tax.

Cayman Islands Offshore Company Formation

Cayman Islands Offshore Company Formation Advantages

  • As a British overseas territory having a history of stable government, Cayman Islands offshore company is an ideal corporate vehicle for international financial transactions;
  • English is the official language and all the workplace, including contracts written, assessed are implemented in English;
  • The Company Law of the Cayman Islands is based on the English Companies Act of 1948, a Cayman Islands Exempt Company is tax-free however cannot trade within the Cayman Islands or own real estate within the territory (but it may enter into business with other Cayman Islands offshore company);
  • No taxes of any sort – Corporation tax 0%, Tax on Dividends – 0%, Withholding tax – 0%;
  • In place of tax, there is a fixed annual government fee, as well as an annual registered agent fee;
  • There are no restrictions on foreign Directors or Shareholders, individual or corporate;
  • There is no minimum authorized or issued share capital requirement;
  • There is no withholding tax on interest, dividends and royalty, no capital gains tax for Cayman Islands offshore;
  • Interim dividends distribution is allowed. Distribution to foreign entities or individuals are not taxed in Cayman Islands;
  • Nominee services are available for Cayman Islands company formation;
  • No requirement for filing of financial accounts or audit, however the Companies (Amendment) Law 2010 states that every company shall cause to be kept proper books of account including where applicable, material underlying documentation including contracts and invoices and must be retained for a minimum period of five years from the date on which they are prepared;
  • Board Meetings can be held anywhere in the world;

Cayman Islands Offshore Company Summary and Main Characteristics:

General Information 
Type of companyExempt Company
Corporate LegislationEnglish Companies Act of 1948,
Companies Law 1961 and Amendments
TaxationNo taxes of any sort.
Corporation Tax – 0%
Tax on Dividends – 0%
Withholding tax – 0%
CurrencyStandard Currency USD$
Share Capital can be in USD$
Paid up capital requirementNo paid up capital required
Time zoneGMT-5
Directors
Minimum no. required1
Local Director requiredNo
Location of MeetingsAnywhere
Shareholders
Minimum no. required1
Location of MeetingsAnywhere
Company Secretary
RequiredNo, but may be appointed
Local Secretary requiredNo
Registered office requiredYes
Share Capital
Standard CurrencyUSD$
Standard Authorized Capital50.000 USD$
Minimum paid up capitalNo
Accounting Requirements
Preparation of accountsProper books of account must be kept and
must be retained for a minimum period of five years
Requirement for auditNo
Accounts public accessibleNo
Requirement to file Annual ReturnNo
Further Information
Bearer sharesYes, on certain conditions
ConfidentialityYes
Nominee servicesAvailable
Need to travelNo
ApostilleNo
OwnersIndividuals or Corporate

Company Formation Fee

  • Company Formation – with all services included for the first year: €3.400;
  • Certificate of Incorporation;
  • Memorandum and Articles of Association;
  • Personal manager assistance for the entire period;
  • Appointment of Director(s), Distribution of Shares, Minutes, Resolutions in accordance with banks requirements;
  • Share Certificate(s);
  • Authorized Share Capital of $50,000;
  • Local Registered Office Address;
  • Registered Agent;

Renewal Fee after one year – with all services included for the next year: €2.900;

  • Personal manager assistance for the entire period;
  • Local Registered Office Address;
  • Cayman Islands Registered Agent;
  • Government annual fees;

Further Optional Services:

  • Compliance Service – After Company Incorporation Services – new persons, legal entities, annual compliance review for Cayman Islands offshore Exempt Company;
  • Nominee Director – Individual or Corporate as per client’s request – €600;
  • Nominee Shareholder – Individual or Corporate as per client’s request – €400;
  • Power of Attorney – General / Special PoA Notary Legalized with Apostille, in accordance official institutions and with banks requirements – €350;
  • Certificate of Good Standing with Apostille, in accordance with official institutions and banks requirements – €350;
  • Certificate of Incumbency with Apostille, in accordance with official institutions and banks requirements – €350;
  • Apostilled & notarized set of company documents – €310;
  • Apostille per document – €180;
  • Notarization per set of documents – €150;
  • Notarization per document – €120;
  • Company Seal – €65;
  • Company Rubber Stamp – €45;
  • Courier – €80;
  • Bank Account opening service – Quotation based on each particular case;

If you are looking to open a bank account in the particular country or bank, please contact as by e-mail office@consilformation.com
or call our Banking Department at +34 685 28 86 93

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