Cayman Islands Company Formations

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:

  • Appointing Directors and Officers
  • Approving the transfer of shares held by the subscriber to the memorandum to the proposed shareholders
  • Approving the financial year end of the company
  • Appointing accounts, bankers, attorneys, etc., to the company
  • Adopting the seal, if applicable
  • Approving the application for a tax undertaking pursuant to the Tax Concession Law of the Cayman Islands - if applicable

Following this first meeting of Directors the company will be in a position to commence its business operations.

Mandatory Disbursements – Frist Year

Fees or Disbursement

US$

Incorporation fee payable to the Registrar of Companies

                         734.00

Certified copy of Certificate of Incorporation

                         154.00

Stamp duty on Articles of Association

                           64.00

Notice to Registrar of appointment of directors

                           93.00

Total

                     1,045.00

Share Capital/Shareholders

  • There is no minimum share capital
  • Exempt companies can issue shares at no par value
  • Non-Resident companies need to put a par value on shares
  • Shareholders can be of any nationality
  • Additional Government fees will apply for a company incorporated with a share capital greater than US$50,000

Company Directors

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.

Company Name

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.

Taxation

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.

Company Law

In the Cayman Islands the registration and control of companies is governed by the Companies Law (2010 Revision)

Company Incorporation Documents

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.

Registered Office - Company Secretary

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.

Company Registers

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.

Auditing

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.

Annual Return

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.

Taxation

Companies registered in the Cayman Islands are not subject to any form of direct corporate taxation.

Cayman Islands - Types of Company

types of companies may be registered in the Cayman Islands:

  • Non-Resident Companies
  • Exempted Companies

Exempted Companies

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:

  • Exempted company need not keep a register of members open for public inspection. 
  • Exempted company need not hold an annual general meeting in the islands. (which resident and non-resident companies must).
  • An exempted company may alter its Memorandum and Articles of Association without restriction, but must notify same to the Registrar.
  • It can offer shares to the public in Cayman if listed on the Cayman Islands Stock Exchange (CSX).
  • It may issue shares with nominal or no par value.
  • The annual return to the Registrar requires a declaration that: no changes, other than those notified to the Registrar, have been made in the Memorandum of Association; the provisions of the Companies Law have been observed; and the company's operations have been mainly outside the Cayman Islands.
  • An exempted company need not include the word Limited or the abbreviation Ltd. after its name.
  • The Registrar must give one month's notice before taking action to strike off an exempted company.
  • An exempted company may express its capital in any currency or in multiple currencies.

Non-Resident Companies

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.

Cayman Islands Company Formations

We can incorporate your Cayman Islands company, according to your specifications, please complete our enquiry form below:

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Cayman Islands Advantages
  • Time - only 3-4 days to incorporate your Cayman Islands company
  • Cost - a Cayman Islands company will cost £1045
  • Directors - only 1 director of any nationality is necessary for your company
  • Shareholders - only 1 shareholder is required
  • Share Capital - there are no minimum share capital requirement
  • Registered Office - your company requires a registered office in the Cayman Islands, which we can provide
  • Tax - Companies registered in the Cayman Islands are not subject to any form of direct corporate taxation
  • Support - using our 20 years experience we guide you throughout every step of the company formation process