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.
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Cayman Islands Companies
| Company type | Exempted company |
|---|---|
| Share Capital | USD 50,000 |
| Shareholders | At least one shareholder |
| Incorporation time | Around 4 to 5 weeks |
| Company secretary | Appointing company secretary is recommended |
| Annual Return | Required to file annual return |
| Annual General Meeting (AGM) | Required to hold an AGM |
| Retention of books and records | Must be maintained and available if required |
Cayman Island Companies
Introduction
Advantages of 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.
Type of companies available
The most common company used for offshore purposes is the Cayman Islands exempted company.
Company Name
The name of the Cayman company can be in English and/or Chinese. Regarding the name of company unless otherwise approved by the Registry of Companies, company name cannot contain the words “Bank”, “Trust”, “Insurance” and “Chartered”.
Share Capital
Memorandum of Association of exempted company must state the maximum number of shares that the company is authorized to issue. The standard maximum authorized share capital in Cayman Islands is US$50,000, divided into 50,000 shares of US$1 each. Shares of no par value may be issued.
Directors
A minimum of one director is required and can either be a natural person of any nationality or a body corporate. A register of directors of an exempted company must be kept at the registered office of the company.
Shareholders
A minimum of one shareholder is required, it can be an individual or a corporation. Details of the shareholders are not maintained on public record. There is no residence requirement for the shareholders.
Company Secretary
A company secretary is not mandatory but since the regulation is more stringent compared to other jurisdictions, it is recommended to appoint one to ensure that the exempted company complies with all statutory requirements.
Registered Office
Exempted company must have a local registered office provided by a licensed service provider in the Cayman Islands.
Incorporation Time
Incorporating an exempted company and preparing the initial documentation require around 4 to 5 weeks.
Annual Return
Exempted company needs to file an annual return declaration of compliance with statutory requirements governing on Exempted Company.
Annual General Meeting (AGM)
Exempted companies are required to hold an AGM.
Retention of Books and Records
Exempted company must keep the accounting records for all receipts and expenditure, as well as all sales and liabilities of the company. There are no requirements on the appointment of auditors or to file or make available to the public any financial records of the company.
Services
Cayman Islands Company Incorporation
- Incorporation of an exempted company
- Advice on the incorporation procedures
- Preparation of incorporation documents
- Submission of incorporation documents to the Registered Agent of Cayman Islands
- Advice on options and procedures of opening a corporate bank account
- Preparation of one company chop, one seal, minute books, registers of directors and secretaries, Memorandum & Articles of Association and share certificates
Annual Maintenances of Cayman Islands Company
- Acting as the company’s administrator
- Custody of statutory books and records
- Arranging payment for Registered Agent and local registration fees
Disbursements
Annual government and registered office fee
Providing proposed company name(s)
Check for availability
Providing company structure
E.g. issued shares, Director(s) and shareholder(s)'s info, passport copy, address proof within 2 months
Completing the payment
Preliminary stage
Preparation of the incorporation documents
2-4 working days
Submission of signed incorporation documents to the Registered Agent of Cayman Islands
Set up Cayman Islands company
4 - 5 weeks
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