Company Incorporation in the Cayman Islands
Company Incorporation at Cayman Islands
The Cayman Islands, a British Overseas Territory, encompasses 3 islands in the western Caribbean Sea. English common law has always been the standard for its judicial system. The Cayman Islands has the highest standard of living in the Caribbean. The territory’s economic success attracts many workers from around the world. Immigrants from over 130 countries and territories reside in the Cayman Islands.
Types of companies
1. Limited Liability Company (LLC)
2. Foreign Company
3. Exempted company
In order to form a corporation in the Cayman Islands, here is what you need. You need a Cayman Islands registered agent and registered office.
To incorporate in the Cayman Islands, you need a minimum of one shareholder. This can be a person or another company or a trust.
Director and officer requirements
At least one director is required for incorporation in the Cayman Islands. Resident directors and secretaries are not required for incorporation.
Authorized capital requirements
The Cayman Islands requires no minimum authorized capital shares.
Profits and distributions to shareholders along with exchanging shares are not taxable either to the incorporation or the shareholder. There is no withholding of taxes. In addition, there are no estate, gift, or inheritance taxes levied on corporate share transfers.
Public access to records in the register of directors and officers or the register of shareholders is prohibited. Shareholder and director names remain private in the Cayman Islands.
Accounting and audit requirements
Annual returns must be filed yearly in the Cayman Islands. However, there is no requirement for corporations to submit financial records when filing annual returns.
Annual general meeting
An annual general meeting is required for corporations operating in the Cayman Islands. These meetings don’t need to be held locally, and companies may hold their meetings anywhere in the world.
Time required for incorporation
1-4 business days
The minimum deposit, as of this writing, for a foreigner opening a Cayman Islands bank account is $10,000 to $100,000, depending on the bank. Keep in mind, that you can have a bank account in another country.
Benefits of a Cayman Islands Company
• Stability – the government has always been stable, and the economy remains strong
• Whitelisted – unlike many other so-called tax havens, the Cayman Islands follows international tax regulators
• Limited filing requirements
• Fast incorporation