Economic Substance instructions come into force in Caymans

The Cayman Islands are one of the most popular offshore zones. Due to a large number of non-residents registering in this jurisdiction, local authorities were forced to develop instructions that would help new companies navigate the Economic Substance. The document was adopted and entered into force in 2019, and in addition to answers to the most frequently asked questions, it also contains information about new economic requirements.

According to the instruction, Notifications of economic presence will now pass through the Cayman Islands Central Register. In the IV quarter, a new Notification form will come into force, which will be the same for non-residents working in all areas of business. This document will be a mandatory requirement for organizations requiring an annual return.

Today in the Caymans, the development of a website site is ongoing, with which it will be possible to submit Notifications. It will also contain the current instructions on Economic Substance.

If you have any questions regarding the activities of companies in the Cayman Islands, Law&Trust representatives are ready to answer them. We provide consulting services to clients, as well as are engaged in the registration of companies, registration with state authorities of offshore territories, opening and servicing bank accounts, etc.