The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. The Cayman Islands are considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is a major world offshore financial centre.
Caymanians have the highest standard of living in the Caribbean. The Cayman Islands GDP per capita is the 14th highest in the world. The islands print their own currency, the Cayman Islands Dollar (KYD), which is pegged to the U.S. dollar at a fixed rate of 1 KYD = 1.25 USD. The government’s primary source of income is indirect taxation. There is no income tax, capital gains tax, or corporation tax.
Type of Company: Exempt company. An exempt company can be defined as a private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than 20 members, none of who is a corporation.
Who can incorporate: Registrar
Time to incorporate: Two Days
Registration fee: For exempt companies:
For a share capital not exceeding US$50,000: US$732
With a share capital greater than US$50,000 but not exceeding US$1 million: US$1098
Shelf company availability: Yes
Taxation: There is no form of taxation in the Cayman Islands relating to individuals, corporations or trusts.
Minimum annual government fee: US$732
Disclosure of beneficial owner: No requirements
Bearer shares: The Companies (Amendment) custody of Bearer Shares Law 2001 provides for a licensed Custodian in the Cayman Islands to hold bearer shares by order of the beneficial owner.
Standard minimum paid up: US$ 1
Standard authorized capital: The standard authorized capital of a company is USD50,000 divided into 50,000 shares of USD1.00 each.
Permitted currency of capital: Any
Minimum number of shareholders: One
Minimum number of directors: One
Corporate directors: Yes
Local directors: Not required
Company secretary: Not required
Company seal: Option
Public record of directors & shareholders: No
Location of directors & shareholders meeting: Anywhere
Telephone board meeting: Yes
Access to Double Tax Treaty: The Cayman Islands has no double tax agreements
Requirement to file account: No
Requirement to keep account: Yes
Requirement to file annual return: Yes
Change in domicile: Yes
Local Registered office address: An Cayman exempt company must at all times have a registered office located within Cayman, which is normally provided by a Cayman management company, law firm, accountancy practice or trust company. An Cayman exempt company can resolve to change the location of the registered office at any time.
|Type of company||Exempt|
|Common or civil law jurisdictions||Common law|
|Shelf company availability||Yes|
|Time to incorporate||2 days|
|Min. annual duty or franchise fee||732|
|Annual return filling fee||NIl|
|Disclosure of beneficial ownership||Permitted|
|Standard minimum paid up capital||US$1|
|Standard authorised share capital||The standard authorized capital of a company is USD50,000 divided into 50,000 shares of USD1.00 each.|
|Permitted currency of capital||Any|
|Minimum number of shareholders||1|
|Minimum numbers of directors||1|
|Corporate directors||Not Required|
|Local directors||Not required|
|Company secretary||Not required|
|Public record of directors||No|
|Public record of shareholders||No|
|Location of directors meeting||Any where|
|Location of shareholders meeting||Any where|
|Telephone board meeting||Yes|
|Access to Double taxation treaty||No|
|Requirement to file account||No|
|Requirement to keep account||Yes|
|Requirement to file annual return||Yes|
|Change in domicile||Yes|
|Local registered address||An Cayman exempt company must at all times have a registered office located within Cayman, which is normally provided by a Cayman management company, law firm, accountancy practice or trust company. An Cayman exempt company can resolve to change the location of the registered office at any time|
|Who can incorporate?||Licensed management company|
Please contact us to know the banking options we have for Cayman Islands Company.
How can I get more information on company formation in Cayman Islands?
Please contact us if you wish to open a company in Cayman Islands and we will be pleased to discuss your Cayman Islands offshore company formation matters in greater detail.