The most flexible company for non-residents of the Cayman Islands where the proposed activities of the company are mainly offshore, is a Cayman Islands Exempted 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.
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:
Where the proposed activities of a company are to be carried out mainly outside of the Cayman Islands - offshore, an Exempted Company may be registered.
Exempted Company features:
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.
Only one director is required for your company and the director may 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.
Only one shareholder is required for your company. There are no nationality or residence restrictions.
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. You must have a registered agent in the Cayman Islands - this is included in our standard company formation price.
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.
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.
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 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)