Cayman Islands

Introduction

The Cayman Islands, which comprises of three islands in the Caribbean Sea south of Cuba, is a British Dependent Territory that was originally discovered by Christopher Columbus. The financial services sector is one of the main industries in the Cayman Islands, and there is a substantial commitment to the continued development of the offshore financial services industry. The reputation and popularity of the Cayman Islands have increased significantly, particularly in Asia, as it is one of the offshore centres that is approved by the Hong Kong Stock Exchange for public listings in Hong Kong. The Cayman Islands established its own Stock Exchange in 1997.

The Cayman Islands Companies Law governs the operations of the Cayman Islands Exempted Company.

Features and Advantages

  • All documents and legislation are in the official language of English
  • There are no accounting or auditing requirements for an Offshore Cayman Islands Company
  • Only one shareholder and one director is required. These can be the same person or a corporate body and do not need to include a local
  • There is a complete lack of direct taxation; no corporation, property, capital gains or withholding taxes. This legislation is backed by a 20 year government guarantee (rising to 30 years on application) enabling long term business planning
  • There is no minimum capital requirement for a Cayman Island Company formation
  • The business does not need to be run from the Cayman Islands. It can be run from anywhere in the world
  • Corporate bank accounts
  • Chinese names are permitted and can be included on a company’s Certificate of Incorporation.

Summary

Type of Company
Exempted Company

Time to Incorporate
7 working days

Disclosure of Director / Shareholder Information
Information of director and shareholder is not accessible publicly

Taxation
Nil

Minimum Director
At least 1 director who can be natural person or corporate body

Minimum Shareholder
At least 1 shareholder who can be natural person or corporate body

Audit Requirement
No audit requirement for accounts

Filing of Accounts
Required to prepare accounts but the accounts are not accessible publicly

Filing of Annual Return
Mandatory