The most popular form of company incorporated in the Cayman Islands is an exempt company, which is not authorised to trade within or own property within the Cayman Islands but is completely tax exempt for 20 years on all income generated abroad.
The incorporation procedure in the Cayman Islands takes 3-4 days.
An application to incorporate a company is effected by the delivery of signed copies of the Memorandum of Association and the Articles of Association to the Registrar of Companies.
Once the company has been incorporated, a first meeting of Directors deals with administrative matters, including:
In the Cayman Islands only one director is required and the director can be of any nationality. The initial directors details are filed as part of the Memorandum and Articles of the company with the Registrar, subsequent appointments are not on public record.
There are a number of restrictions on the naming of companies in the Cayman Islands. The name of a new company must not resemble that of an existing company, must not contain words suggesting royal patronage or such words as “bank”, “trust”, “insurance”, “assurance”, “chartered”, “company management”, “mutual fund”, or “Chamber of Commerce”.
There is no requirement to add a suffix to the company name, although normally companies are incorporated in the Cayman Islands include Limited, Incorporated, Corporation or their abbreviations.
Companies in the Cayman Islands are not subject to any form of direct taxation in Cayman Islands. An exempt company provides the additional benefit of a tax exemption certificate granted for a period of up to 20 years.
In the Cayman Islands the registration and control of companies is governed by the Companies Law (2010 Revision)
Once incorporated we provide a set of corporate documents for your Cayman Islands company which, includes the Certificate of Incorporation, Memorandum of Association the Articles of Association, first minutes and share certificates. Copies of the company incorporation documents are sent via email and the originals from the companies registry are sent to you in a corporate folder.
Your Cayman Islands company must have a registered office, which must be a physical address in Cayman Islands. The registered office is where documents may be legally served on the company.
The Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a company secretary, however, it is usual to have company secretary.
Companies must maintain shareholder and director registers at the registered office. Registers contain personal information along with information on each individuals share holding. These registers are filed at the companies registry but are not available for public inspection.
Another register of mortgages and charges must be kept at the registers office, which may be inspected by shareholders, directors and creditors.
Generally there is no auditing requirements in the Cayman Islands. Only companies who are subject to certain licensing legislation as a result of specific proposed activities are required to conduct an audit.
Companies incorporated in the Cayman Islands must file an annual return in January of each year. This annual return must be filed alongside payment of the annual government fee.
Companies registered in the Cayman Islands are not subject to any form of direct corporate taxation.
types of companies may be registered in the Cayman Islands:
Where the proposed activities of a company are to be carried out mainly outside of the Cayman Islands - offshore - the promoters can apply for registration as an exempted company.
Features of such companies include the following:
The non-resident company is an alternative to the exempted company.
Such companies must maintain at their registered office, for public inspection, a register of their past and present members, provide annually the names and addresses of members, directors and the amount of paid-up capital to the Registrar.
The company may deal in shares of exempted companies, foreign corporations and partnerships, but may only carry on such other business in the Cayman Islands as is necessary for the furtherance of its foreign business.