Cayman Islands are a British Overseas Territory in the Caribbean Sea.
The population is about 54 thousands.
Nowadays Cayman Islands are the big offshore financial center.
Why exactly Cayman Islands?
- High developed infrastructure;
- Lack of taxes for exempted firms;
- Low level of a crime;
- Unique condition for development of tourist sphere;
The main moments
The best offshore type on Cayman Islands is Exempted Firm.
The law ‘About Companies’ 1961.
- The procedure of firm`s registration takes 2 days after the moment of submission of all required documents.
- Any legal activities are allowed. But insurance, banking and trust sphere must be licensed.
- Adress of the firm must be on Cayman Islands.
- The title of the organization must be unique and not be similar to existing title. The name may be in different languages, but translation in English is required.
- Required documents:
- Memorandum on the establishment
- The minimal statutory capital is CI$50000. It can be divided in any number of shares.
- Prohibited activity:
- claiming land on jurisdictional grounds,
- directing business with occupants,
- association of occupant organizations in the administration of the Cayman Islands offshore.
- There must be a meeting of the firm’s directors at least once a year.
- Bearer shares are not permitted to be issued;
- Legal entities and individuals of different nations can be shareholders of the firm. Minimal number of them is one.
- Legal entities and individuals of different nations can be directors of the firm. Minimal number of them is one.
- Directors can arrange their meetings anywhere in the world or even online. Storage of protocols is also allowed anywhere indicated in the documents on the establishment.
- Constituent and financial papers can be kept in any state of the world.
- Full confidentiality of data on directors and shareholders.
- There are no limitations on number of banks and accounts. Banking activities are private.
There are no profit tax on capital gains and distributed dividends for exempted firms. For twenty years from the date of registration.
Annual duties are paid:
- If the capital is up to CI$50,000, the fee is CI$510.
- 574 CI$ if the capital is between CI$40,000 and 1,700,000;
- CI$1.435 for sums greater than CI$1.700,000.
Accounting on the Cayman Isles
- Accounting claims are not required;
- There is no need to file an annual report.
Today you can already profitably purchase an offshore firm in the Cayman Islands. Our lawyers will help you to register your business quickly and easily.