The Cayman Islands are a group of islands in the Caribbean Sea located approximately 480 miles south of Miami, Florida. The country has an area of 260 square kilometers and a population of around 56,000. The Cayman Islands are a self-governing British Overseas Territory. Its legal system is based on English common law and is complemented by local laws. English is the official language. The Cayman Islands boasts a prosperous economy, supported by tourism and financial industries. More than 500 banks and trust companies are located in the Cayman Islands.
The Cayman Islands exempted company is the most popular type of companies incorporated in the Cayman Islands. Exempted companies must not carry on any business activities in the Cayman Islands. Offshore business activities are exempted from any form of tax in the Cayman Islands. There is no exchange control in the Cayman Islands. The US Dollar circulates freely in the Cayman Islands.