News: Registration of company in Cayman Islands

How to register company in the Cayman Islands

The Cayman Islands are the Overseas Territory of Great Britain and are located in the Caribbean Sea. The territory of the Cayman Islands consists of three parts. These are the islands of Grand Cayman, Cayman-Brac, and also Little Cayman.

The neighboring countries are such as Cuba (in the north), Mexico (in the west), and the Cayman Islands border with Belize, Guatemala and Honduras in the south-west, and Jamaica - in the southeast.

The basis of the state structure of the Cayman Islands is the principles of parliamentary democracy. The British Queen is the official head of state.

The administration of the islands is carried out by the appointed governor, who is elected for the term of four years.

Approximately 54 thousand people reside in the Cayman Islands.

Throughout the world, the Cayman Islands nowadays have the reputation of thriving offshore financial center. Several tens of thousands of companies are already registered on the islands. The banking sector is also developed (there are about 500 established banks). Offshore registration in the Cayman Islands is real opportunity to conduct and develop legitimate and profitable international business. Business in the Cayman Islands is gaining popularity.

The contemporary image of the Cayman Islands is exceptionally positive, and the reasons in favour of this are the following:

- unique conditions for the development of tourism (prolific climate, beautiful reefs, tropical thickets);

- extremely low crime rate;

- modern developed infrastructure;

- low taxes;

- political stability.

It is not surprising, however, that the basis of the economy of the state is the travel industry.

Registration of offshore company in the Cayman Islands: Main provisions

The most optimal form of offshore company in the Cayman Islands is the Exempt Company.

The legislative framework

There are the Law "On Companies" (1961) and amendments thereto.

Features of offshore company in the Cayman Islands:

• Any legal activity is allowed. Banking, insurance or reinsurance, and trust spheres of activities are subject to special licensing;
• It is prohibited to:

- own real estate in the territory of jurisdictions,

- conduct commerce with residents,

- engage resident companies in offshore management in the Cayman Islands.

• Registration of the company in the Cayman Islands takes about 48 hours after submission of all required documents;
• The name of the company shall be unique and can not be identical or similar to those already existing names. Registration of the name can be carried out in any language, but translation into English is required;
• Registration of offshore company in the Cayman Islands is carried out upon the availability of the following documents:

- Charter;

- Memorandum of Establishment.

• The address of the registered company shall be located in the territory of the Cayman Islands. The correspondence from government authorities will come to it;
• Minimum authorized capital is CI $ 40000. It is divided into 4,000 shares (nominal of each one is CI $ 10). There are no requirements concerning compulsory payment of the authorized capital;
• Issue of registered shares and bearer shares with value in any currency is allowed;
• Residents of any country of the world, legal entities and natural persons can become offshore shareholders in the Cayman Islands. Minimum number of shareholders is one;
• Residents of any country of the world, legal entities and natural persons can become directors of the company. Offshore can be managed by one director endowed with all rights, except for those belonging to shareholders;
• The shareholders' meetings can be held anywhere in the world, including by telephone. The storage of the minutes of meetings is allowed at any place specified in the documents regarding establishment;
• The meeting of the directors of the company should be held at least once a year;
• Constituent and financial documents can be stored in any state of the world;
• Confidentiality of data concerning shareholders and directors of the company in the Cayman Islands contained in the constituent documents is guaranteed. Access to information can be permitted only upon the appropriate decision of the judicial authority, if it was proved that the company was involved in supporting terrorist organizations, selling drugs, illegal arms sales, money laundering;
• The selection of banks and the number of accounts are not limited. Banking transactions are confidential.

Taxes in the Cayman Islands

There is no income tax, capital gains tax and tax on allocated dividends. The term of exemption is 20 years.

Such annual fees are paid as:
- CI $ 410, if the capital equals up to CI $ 40,000;

- CI $ 574, if the amount of capital ranges from CI $ 40.000 to 1.700. 000;

- CI $ 1.435 for amounts exceeding CI $ 1,700. 000.

Bookkeeping in the Cayman Islands

• Accounting is not maintained;
• Annual report does not need to be submitted.

Nowadays, it is possible to buy offshore in the Cayman Islands cost-efficiently. The registration of offshore companies in the Cayman Islands is one of the main directions of our work. If necessary, our specialists will provide additional information about the offshore zones in the Cayman Islands.

We will help you register offshore company in the Cayman Islands quickly and legally. And we will also provide assistance with business registration in the Cayman Islands.