Cayman Company

The most common entity in the Cayman Islands is the exempted company similar in characteristics to the International Business Company (IBC) in the British Virgin Islands, Bahamas, Anguilla, etc. It may not do business in the Caymans or with Caymans residents but may do business everywhere else the world. There is no income, capital gains or other taxes other than the annual franchise tax and no annual accounting requirements.
As with most IBCs, the exempted company must maintain a registered agent/registered office in the Caymans.
Benefits of a Cayman Company
In addition to the speed of processing, other advantages of registering a company in the Cayman Islands include the following:

• Complete absence of direct taxation – no corporation, capital gains, payroll, property or withholding taxes – and this can be backed by a 30-year Government guarantee.
• Anonymity – there are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout the Islands’ financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. Except where assistance to law enforcement agencies is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is forbidden by law under severe penalties.
• Minimal reporting requirements.
• Ready availability of investment, legal and other advice and good management services at prices competitive with those in other offshore centres.
• Ability to form a company with only one shareholder, with no minimum capitalization requirements.

Corporate Features

General
Type of Company	Exempt
Type of Law	Common
Shelf company availability	Yes
Our time to establish a new company	2 days
Corporate Taxation	Nil
Double Taxation Treaty Access	No
Share capital or equivalent
Standard currency	US$
Permitted currencies	Any
Minimum paid up	US$1
Usual authorised	US$50,000
Directors
Minimum number	One
Local required	No
Publicly accessible records	No
Location of meetings	Anywhere
Shareholders
Minimum number	One
Publicly accessible records	No
Location of meetings	Anywhere
Company Secretary
Required	No
Local or qualified	No
Accounts
Requirements to prepare	Yes
Audit requirements	No
Requirements to file accounts	No
Publicly accessible accounts	No
Recurring Government Costs
Minimum Annual Tax / Licence Fee	US$854
Annual Return Filing Fee	US$250
Other
Requirement to file annual return	Yes
Change in domicile permitted	Yes

Incorporation
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. An Arabic language facility was enabled in 2007.
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, Chinese or Arabic, if the Registrar of Company receives a translation thereof. The corporate documents will however be in English.