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  Professional offshore incorporations and offshore banking services since 1996

Company Incorporation
Cayman Islands

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Incorporations take between 3 to 4 working days and the most common type of incorporation available to foreign nationals is an 'Exempt' company.                  

 Incorporation / Organisation Services

Yes/No

Fees

Incorporation and registration of the referenced exempt company, swearing affidavit, paying stamp duty, arranging for proposed subscribers to sign incorporation documents, providing two certified copies of the Memorandum & Articles of Association (M & A), the Certificate of Incorporation

 

 1600.00

  • Due diligence on company (individuals)

200.00

  • *Registering with Chinese name

0.00

  • Preparing Subscribers Statement, First Directors Minutes, Share Transfer forms, Certificates

150.00

  • Appointing First Directors, preparing Proxies

75.00

  • Applying for Tax Exemption Status
     

75.00

  • Sworn Affidavit

15.00

  • Applying for Company Seal

45.00

  • Preparing Organisation Registers

40.00

*optional services

US$ =SUM(ABOVE) 2200.00

Registered Office Services

fee for provision of registered office, acting as local agent, providing and displaying registered office name outside of offices, receiving mail, providing record storage facilities services for the year ending 31 December 2001 (pro-rated max. 6 months).

 

 

Yes

 

 

800.00

  Attending to Statutory Requirements, ongoing due diligence

1st Year

N/A

 

US$800.00

Government Fees & Disbursements

Government Registration Fee (Authorised Capital $50,000)

575.00

Government Fee for Chinese name

0.00

Stamp Duty

30.00

Government Filing Fee for Appointing / Resigning Directors

31.00

Certificate of Tax Exemption

185.00

Certified Copy of Certificate of Incorporation

50.00

Production of Company Seal

50.00

Courier Costs

60.00

Out -of -Pocket Expenses

9.00

 

US =SUM(ABOVE) 990.00

 

 

 

TOTAL INCORPORATION & ESTABLISHMENT COSTS  US$3990.00

Registered office fees and annual statutory services 2nd Year US$2,656.00;

Please check here due diligence requirements


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We are pleased to provide a summary of the salient features of companies incorporated in the Cayman Islands.


[ BACKGROUND ] [ COMPANY FORMATION ]
[ SHARE CAPITAL, TAXATION, LICENCE FEES & COMPLIANCE ]
[ STRUCTURE OF MANAGEMENT ]


CORPORATE FEATURES

GENERAL
Type of Company

Exempt

Political Stability

Good

Common or Civil Law

Common

Disclosure of Beneficial Owner

No

Migration of Domicile Permitted

No

Tax on Offshore Profits

Nil

Language of Name

Latin Alphabet

CORPORATE REQUIREMENTS
Minimum Number of Shareholders

One

Minimum Number of Directors

One

Bearer Shares Allowed

Yes

Corporate Directors Permitted

Yes

Company Secretary Required

No

Standard Authorised Share Capital

US$ 50,000

LOCAL REQUIREMENTS
Registered Office/Agent

Yes

Company Secretary

No

Local Directors

No

Local Meetings

Yes (by proxy)

Government Register of Directors

No

Government Register of Shareholders

No

ANNUAL REQUIREMENTS
Annual Return

Yes

Submit Accounts

No

RECURRING GOVERNMENT COSTS
Minimum Annual Tax/Licence Fee

US$ 575

Annual Return Filing Fee

N/A


GENERAL INFORMATION

The Cayman Islands consists of a group of three islands in the Caribbean. The main island, Grand Cayman, is situated approximately 1,150 kilometres south of Florida. The three islands have a total area of 260 sq km, with Grand Cayman having an area of 200 sq km.

The Cayman Islands has a tropical climate providing mild, dry winters with temperatures between 65F and 75F and warm summers with temperatures between 75F and 85F. Rainfall is light between the months of November to April which is the winter season.

POPULATION

The population of the three islands is approximately 30,000, the majority of which reside on Grand Cayman.

POLITICAL STRUCTURE

The Cayman Islands are a British colony and therefore the United Kingdom Parliament at Westminster retains the right to legislate. The islands have 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.

INFRASTRUCTURE AND ECONOMY

The economy of the Islands is strong, enjoying full employment with most of the revenue being derived from the financial services sector and tourism. There are excellent telephone, fax and telex facilities with direct dialling to and from the rest of the world. Cayman Airways, Northwest Airlines and American Airlines serve the Islands. Miami is one hour away by air and the Island has direct air links with New York, Atlanta, Tampa, Houston and Jamaica. The islands are a popular cruise-ship stop.

LANGUAGE

The official and spoken language is English.

CURRENCY

Caymanian Dollar.

EXCHANGE CONTROL

None.

TYPE OF LAW

Common Law based on English Common Law.

PRINCIPAL CORPORATE LEGISLATION

The Company Law of the Cayman Islands is based on the English Companies Act of 1948 and can be found in the Cayman Islands Companies Law of 1960, as amended.


COMPANY FORMATION

TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT

Exempt Company.

PROCEDURE TO INCORPORATE

For Exempt Companies by submission of the Memorandum and Articles of Association and registration fee to the Registrar of Companies, together with 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.

RESTRICTIONS ON TRADING

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.

POWERS OF COMPANY

A Cayman Islands Exempt company has all the powers of a natural person.

LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS

English.

REGISTERED OFFICE REQUIRED

Yes, must be maintained in the Cayman Islands.

shelf COMPANIES AVAILABLE

Yes.

TIME TO INCORPORATE

Two days.

NAME RESTRICTIONS

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 will however be in English.

NAMES REQUIRING CONSENT OR A LICENCE

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, asset management, trust, trustees or their foreign language equivalent.

SUFFIXES TO DENOTE LIMITED LIABILITY

There is no requirement to utilise a suffix to denote limited liability, although normally companies are incorporated to include the suffixes Limited, Incorporated, Corporation or their abbreviations.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES

No requirement.


SHARE CAPITAL, TAXATION, LICENCE FEES & COMPLIANCE

AUTHORISED AND ISSUED SHARE CAPITAL

The minimum is US$ 1, but 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, this being the maximum for the minimum capital duty payable to the Registrar of Companies.

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. Permitted.

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

There is no requirement to file accounts for Exempt companies.


STRUCTURE OF MANAGEMENT

DIRECTORS

The minimum number of directors is one. The directors may be natural persons or bodies corporate. The directors may be of any nationality, and need not be resident in the Cayman Islands.

 COMPANY SECRETARY

The Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a company secretary. However, it is customary to appoint one, who may be either a natural person or a body corporate.

 SHAREHOLDERS

The minimum number of shareholders is one.


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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.


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