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Cayman Islands Overview Chart
| Type of Company: |
Exempt
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Incorporation cost: |
US$ 1,200
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| Minimum number of Shareholders |
1
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Domiciliary service fee: |
US$ 820
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| Minimum number of Directors: |
1
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Government fees: |
US$ 500
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| Bearer Shares Allowed? |
Yes
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Total First Year Incorporation Cost: |
US$ 2,520
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| Standard Authorized Capital: |
US$50000 |
2nd and subsequent year's costs: |
US$ 1,320
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| Audited Accounts Required: |
No
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Incorporation with Swiss Bank Account (First Year) |
US$ 3,245
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| Incorporation with Latvia Bank Account |
US$ 3,300 |
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| Incorporation with Latvia Bank Account with Debit Card |
US$ 3,330 |
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POLITICAL STRUCTURE
The Cayman Islands are a British colony and therefore the United Kingdom Parliament at Westminster has the right to legislate. This has important implications for the future of confidentiality although not for the other aspects of incorporating in the Caymans. The titular leader of the islands is a Governor who is appointed by the Queen who heads the Cayman Islands Government and is responsible for the civil service, defence, law and order and external affairs. There is a Legislative Assembly consisting of 12 elected members plus the Financial Secretary, the Attorney General and the Administrative Secretary, which may make laws with the consent of the Crown.
An Executive Council, consisting of three official members appointed by the Governor and five members elected by the Legislative Assembly, formulates policy and advises the Governor.
NOTICE
The OECD, EU and the United States government are all taking measures to create greater transparency in the ownership of bank accounts and of companies wherever they are able to apply sufficient pressure. Although the Cayman Islands are for the moment not affected, it cannot be guaranteed that this situation will remain because of the strong political and economic links to Great Britain and the United States.
INFRASTRUCTURE AND ECONOMY
There are excellent telephone, fax and telex facilities with direct long distance dialling to and from the rest of the world. The economy of the Islands is strong, enjoying full employment. Most of the revenue being derived from the financial services sector and tourism. The islands are served by two international airlines as well as Cayman Airways. Miami is one hour away by air. There are direct air links tp New York, Atlanta, Tampa, Houston and Jamaica. The islands are a popular cruise-ship destination.
LANGUAGE
The official and spoken language is English.
CURRENCY
The official currency is the Caymanian Dollar. There are no exchange controls.
PRINCIPAL CORPORATE LEGISLATION
The Company Law of the Cayman Islands is based on the English Companies Act of 1948 which is incorporated into the Cayman Islands Companies Law of 1960, as amended.
COMPANY INFORMATION:
TYPE OF COMPANY DESIGNATED FOR INTERNATIONAL TRADE AND INVESTMENT
Exempt Company.
INCORPORATION PROCEDURE
Exempt Companies: Submit the Memorandum and Articles of Association and registration fee to the Registrar of Companies, accompanied by a sworn statement declaring that the business activities of the proposed company will be undertaken mainly outside the Cayman Islands. The names and addresses of the proposed first directors must be disclosed to the Registrar.
TRADING RESTRICTIONS
Cannot trade within the Cayman Islands, own real estate in the Cayman Islands. Cannot undertake the business of banking, insurance business or mutual fund business unless licensed. Cannot solicit funds from the public.
COMPANY POWERS
A Cayman Islands Exempt company has all the powers of a natural person.
BUSINESS & LEGISLATIVE LANGUAGE
English.
REGISTERED OFFICE REQUIREMENT
Must be maintained in the Cayman Islands.
TIME TO INCORPORATE
Two days.
RESTRICTIONS ON BUSINESS NAMES
Cannot use the following terms: bank, insurance, assurance, reinsurance, trust, municipal, charter, co-operative, their foreign language equivalents or any name that, in the opinion of the Registrar, would suggest a connection with a Royal family or Government authority.
LANGUAGE OF NAME
Names can be expressed in any language using the Latin alphabet, if the Registrar of Company receives a translation thereof. The corporate documents must be in English. (Note - if language is important, please check out Samoa incorporation. There you may use any language for your name and company documents.)
SUFFIXES TO DENOTE LIMITED LIABILITY
There is no requirement to utilise a suffix to denote limited liability. We suggest that you consider using one of the following suffixes: Limited, Incorporated, Corporation or their abbreviations.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No requirement.
AUTHORISED AND ISSUED SHARE CAPITAL
The minimum is US$ 1. It is normal to incorporate with an authorised share capital of US$ 50,000; divided in to 50,000 common voting shares of US$ 1. The cost is the same and you have greater flexibility if you follow this route.
The minimum issued share capital is one share of no par value or one share of part value.
CLASSES OF SHARES PERMITTED
Registered shares of par or no par value, bearer shares, preference shares, redeemable shares and voting or non-voting shares.
BEARER SHARES PERMITTED
Yes.
TAXATION
There is no form of taxation in the Cayman Islands relating to individuals, corporations or trusts.
DOUBLE TAXATION AGREEMENTS
The Cayman Islands has no double tax agreements.
LICENCE FEES:
For exempt companies with a share capital not exceeding US$ 50,000: US$ 500
For exempt companies with a share capital greater than US$ 50,000 but not exceeding US$ 2 million: US$ 700
For exempt companies with a share capital exceeding US$ 2 million:US$ 1,750
FINANCIAL STATEMENT REQUIREMENTS
None.
DIRECTORS
Minimum is one. The directors may be natural persons or a corporate body. Directors may be of any nationality, and need not be resident in the Cayman Islands.
COMPANY SECRETARY
It is customary to appoint one, who may be either a natural person or a body corporate. However, the Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a company secretary.
SHAREHOLDERS
The minimum number of shareholders is one.
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