Cayman Islands

Grand Cayman

 

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.

Incorporation

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.

Data Sheet

Cayman Exempt Company Corporate Data Sheet – Summary

Type of companyExempt
Common or civil law jurisdictionsCommon law
Shelf company availabilityYes
Time to incorporate2 days
Min. annual duty or franchise fee732
Annual return filling feeNIl
TaxationNil
Disclosure of beneficial ownershipPermitted
Bearer sharesPermitted
Standard minimum paid up capitalUS$1
Standard authorised share capitalThe standard authorized capital of a company is USD50,000 divided into 50,000 shares of USD1.00 each.
Permitted currency of capitalAny
Minimum number of shareholders1
Minimum numbers of directors1
Corporate directorsNot Required
Local directorsNot required
Company secretaryNot required
Company seal?
Public record of directorsNo
Public record of shareholdersNo
Location of directors meetingAny where
Location of shareholders meetingAny where
Telephone board meetingYes
Access to Double taxation treatyNo
Requirement to file accountNo
Requirement to keep accountYes
Requirement to file annual returnYes
Change in domicileYes
Local registered addressAn 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

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