Company Formation in Cayman Islands
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.
Advantages of company formation in Cayman Islands:
Summary of Cayman Islands Company and main characteristics:
| General Information | |
|---|---|
| Type of company | Exempt Company |
| Corporate Legislation | English Companies Act of 1948, Companies Law 1961 and Amendments. |
| Taxation | No taxes of any sort. Corporation Tax – 0% Tax on Dividends – 0% Withholding tax – 0% |
| Currency | Standard Currency US$ Share Capital can be in US$ |
| Paid up capital requirement | No paid up capital required |
| Time zone | GMT-5 |
| Directors | |
| Minimum no. required | 1 |
| Local Director required | No |
| Location of Meetings | Anywhere |
| Shareholders | |
| Minimum no. required | 1 |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | No, but may be appointed |
| Local Secretary required | No |
| Local Registered office required | Yes |
| Share Capital | |
| Standard Currency | US$ |
| Standard Authorized Capital | US$50,000 |
| Minimum paid up capital | No |
| Accounting Requirements | |
| Preparation of accounts | Proper books of account must be kept and must be retained for a minimum period of five years. |
| Requirement for audit | No |
| Accounts public accessible | No |
| Requirement to file Annual Return | No |
| Further Information | |
| Bearer shares | Yes, on certain conditions |
| Confidentiality | Yes |
| Nominee services | Available |
| Need to travel | No |
| Apostille | No |
| Owners | Individuals or Corporate |
Register your Cayman Islands Company
- Document Notarization per document:
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.