|Official address for 1 year
|The Power Of Attorney
|Fee for yearly administration
Cayman Islands at the beginning of the 16th century were discovered by the famous explorer Christopher Columbus and since then the islands several times were ruled by different national authorities, while in 1962 became separate British Overseas Territory. The Cayman Islands are considered as “tax haven” all the time since the island occupancy beginning until today. There was never charged income tax or capital gains tax, which made the island an increasingly popular tax bay. Currently, the island has become a thriving financial center, where are located more than sixty thousand offshore companies. Registered number of banks is reaching almost five hundred. At the same time, tourism is the main source of income in GDP.
The most common business entities
The most interesting company registration types are exempted company (EC) and exempted limited liability partnership (ELP).
The main features
There is no requirement to submit financial statements and conduct an audit.
Most of its history the island was under the authority of the British Crown, and that affected the business law. It is based on English common law and formulated in the law on companies of 1961.
In the Cayman Islands, there is no minimum of registered capital, while for the stated one share is enough. It can be in any currency or multiple currencies. The standard is considered the fifty thousand dollars for registered, authorized capital.
The main requirements for directors and shareholders
If you plan to open the most popular business entity- EC, it is sufficient with one director, besides there is no restriction on residency or physical, legal status. The same applies to the company’s shareholders.
Disclosure of the company’s beneficial to government bodies
The Cayman Islands are not required to disclose information on beneficiaries. This information is strictly confidential and is stored at the company- registrar.
Accounting records must be kept for five years from the date of creation. Financial reporting and audit is not required.
Exempt company registration in the business register takes 5 working days.
For more information, please contact us.