Cayman Islands

General information

The Cayman Islands consist of a group of three Islands, situated approximately 500 miles South of Miami, Florida in the Caribbean Sea.

The Cayman Islands are a British Colony with the United Kingdom passing legislation. The islands are a flourishing financial offshore centre and have a strong economy enjoying full employment.

 

Currency: The Caymanian Dollar
Language: The official language is English.
Type of law: Common Law
Type of Company: Exempt

Principal Corporate Legislation:

The Company Law is based on the English Companies Act of 1948 and can be found in the Cayman Islands Companies Law (2007 revision); Companies Law (2009) revision and Companies (Amendment) (No. 2) Law 2009
Uses: Commercial and trading activities, subject to trading restrictions as below
Trading Restriction:

Companies cannot trade or own real estate in the Cayman Islands. Trading cannot be associated with banking, insurance or mutual funds, unless licensed.

Company name:

Restriction: Cannot be in conflict with pre-existing company.  Any name that in the opinion of the Registrar is undesirable or suggest an illegal activity or any name that may imply government patronage.
Language: Any languages using Latin alphabet. Chinese or Arabic is acceptable with translation.
Suffixes: Limited, Corporation, Incorporated or their abbreviations

Language of legislation and corporate documents:

English 
Taxation: No tax on offshore profits
Annual license fee:

$832 for share capital under $ 50,000
$1,098 for share capital over $50,000 up to $1m
$2,298 for share capital over $1m up to $2m
$3,010 for share capital over $2m

Double Tax Treaty Network:

The Cayman Islands is not party to any Double Taxation Agreements.

Registered Agent / Office:

A registered office must be maintained within the Cayman Islands and there must be a Cayman resident appointed as an agent.

Shareholders:

Minimum number: One
Publicly accessible records: No
Register of Shareholder:  Must be kept at the Registered Office

Disclosure of Beneficial Owner:

Not publicly available
Directors: Minimum: One
Can be corporate or natural person
Nationality: No restriction
Publicly accessible records: No
Location of meetings: No restriction
 Secretary: Local or qualified: No restriction
 Share capital: Permitted currency: Any
No minimum or maximum capital requirement
Only nominative/registered shares are allowed
Bearer shares: Not allowed
 Annual Reporting:

There is no requirement to file accounts but an annual return in the form of a simple declaration must be submitted.

 Shelf company: No

 

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