The Cayman Islands are part of an underwater mountain range, which are situated south of Cuba and Northwest of Jamaica and are made up of three Islands, Grand Cayman, Cayman Brac and Little Cayman.
Recognized worldwide for financial services, tourism, real estate sales and development the Cayman Islands are a politically stable British Overseas Territory. There are no wealth taxes and no controls on the foreign ownership of property and land.
The Cayman Islands Registry
The Registry of Companies has over 92,000 companies registered and growth continues at a steady pace with an average of 9,200 new companies registered each year.
The majority of the 92,000 are offshore companies. Offshore companies can be used for anything from stock dealing to the ownership and licensing of patents to shipping operations or aircraft financing, additionally they are tax-efficient vehicles for international trade.
Offshore companies are also used to simply hold property and investments or as part of a more complex financial structure.
Company Formation in the Cayman Islands: a quick guide
|Company Law||The Companies Law 2012|
|Types of Company||For international transactions: Exempt Companies.
Ordinary Resident, Ordinary Non-Resident, Limited Duration, Guarantee, Protected Cell, No Par Value and Special Economic Zone Companies.
|Taxation rates applied to Companies||No income, corporate, or capital gains tax, or withholding tax|
|Double Taxation Treaty||The Cayman Islands are not party to any tax treaties. However there is a Tax Information Exchange Agreement in place which provides for exchange of information, upon request, for criminal tax evasion, civil, and administrative tax matters relating to U.S. federal income tax. It is also worth noting that the Cayman Islands is on the OECD white list as a result of agreeing a requisite number of Tax Information Exchange Agreements with other countries approved by the OECD.|
|Capital Requirements||There are no minimum paid-up capital requirements.|
|Members||There must be a minimum of one registered shareholder.|
|Directors||There is no requirement to have a local directors or officers, however all companies require a Registered Agent in the Cayman Islands. Corporate directors are allowed.|
|Secretary||There is no requirement to have a local directors or officers.|
|Annual Meetings||There is no longer a requirement that directors hold at least one meeting annually.|
|Accounts||Regulated companies/entities are required to file annual audited accounts. However companies should prepare annual financial statements.
Annual returns to the Registrar of Companies do not include financial statements. Audited accounts to regulators will include profit statements.
|Incorporation Fees paid to authorities||For exempted companies (USD):
Up to 50,000: Incorporation 731.71, Annual Fees 853.66 50,000 – 1 million: Incorporation 1,097.56, Annual Fees 1,219.51 1-2 million: Incorporation 2,297.56, Annual Fees 2,419.51 Over 2 million: Incorporation 3,009.76, Annual Fees 3,131.71
|Method of incorporation and timescale||Corporate documents must be filed with the Registrar of Companies along with the requisite fees. Timeframe, provided that full due diligence information has been provided 24 hours for a rush service or three days normal service.|
If you’d like to download this information as a PDF then please see our Cayman Islands Company Factsheet.
To set-up a Cayman Islands Company today email me email@example.com. You can read more about our corporate governance services here.