Cayman Islands

General Information on Cayman Islands
Cayman Islands company

General Information on Cayman Islands:

About Cayman Islands:

The Cayman Islands consist of a group of three islands located in the Carribbean. The population is approximately 40,000, most of them living on Grand Cayman. The islands have a Governor appointed by the Queen since they are a British colony and the UK Parlament has the right to legislate.

Legal system in Cayman Islands:

Common law based on English Common Law.

Infrastructure in Cayman Islands:

Cayman Islands have an established commercial infrastructure, with direct dialling access to the rest of the world.

Cayman Islands Economy:

Cayman Islands are amongst the largest offshore banking centers in the world, with over 600 banks. Most of the island's revenew is derived from the financial services sector as well as tourism.

Currency in Cayman Islands:

Caymanian Dollar

Language in Cayman Islands:

English is the official language

Time Zone:

(GMT -05:00)

Cayman Islands company:

Types of companies in Cayman Islands:

Exempt Company

Company Law in Cayman Islands:

Caymanian Islands Companies Law, 1960, based on English Companies Act 1948.

Capital requirement of a Cayman Islands company:

Minimum paid up capital - 1 common voting share of US$1 each.
Usual authorized share capital - US $50,000 of common voting shares of US$1 each.
Classes of shares: Registered shares of par value or no par value, bearer shares, redeemable shares, preference shares, voting or non-voting shares.

Restrictions on activity of a Cayman Islands company:

Exempt companies are not allowed to undertake business in banking, insurance, business, or mutual funds, unless special consent or license is given. Exempt companies should trade outside Cayman Islands and not own real estate there. Cannot solicit funds from the public.

Taxation of a Cayman Islands company:

NIL

Double Tax Treaties between Cayman Islands & other countries:

No double tax treaties

Annual Returns of a Cayman Islands company:

Not required.

Annual License Fee of a Cayman Islands company:

US$575 for authorized capital of up to US$50.000.
US$805 for authorized capital of between US$50,000 - US$1,000,000.
US$1,690 for authorized capital of between US$1,000,000 - US$2,000,000.
US$2,400 for authorized capital of between US$2,000,000 or more.

Annual Financial Reporting of a Cayman Island company:

Not required.

Registered Office & Registered Agent in Cayman Islands:

A Registered Office and a Registered Agent must be maintained in Cayman Islands.

Company Secretary in a Cayman Islands company:

Optional, but a secretary is normally appointed.

Directors in a Cayman Islands company:

Minimum of one. Can be of any nationality and residence and can be a physical person or a corporate entity.

Shareholders in a Cayman Islands company:

Minimum of one

Disclosure of Beneficial Ownership in a Cayman Islands company:

No.

Disclosure of directors in a Cayman Islands company:

Not in any public record.

Confidentiality of a Cayman Islands company:

Very confidential. By virtue of the Confidential Relationship law, it is considered as a criminal offence to disclose any confidential information in relation to the companies registered in the Cayman Islands.

Bearer shares in a Cayman Islands company:

Yes, but these shares must be held by a custodian.

Exchange controls in a Cayman Islands company:

None

Language of Name of a Cayman Islands company:

Can be expressed in any language in the Latin alphabet.

Name Restrictions of a Cayman Islands company:

Any name which the Registrar considers undesirable, obscene or offensive and names such as bank, insurance, trust, their foreign language equivalens, or royal, imperial, or which suggests the patronage of Cayman Islands government.

Language of corporate documentation of a Cayman Islands company:

English