Cayman Islands Offshore Company
The Cayman Islands is a group of three islands in the Caribbean to the south of Cuba. The capital and financial centre, George Town is on the largest island, Grand Cayman. The territory is a British Crown Colony and the British government has the ultimate power to legislate. There is however a Legislative Assembly which governs and enacts legislation with the consent of the British Crown. The Governor is responsible for external affairs, , law and order and the civil service. The language is English and the currency the Cayman Islands dollar. Financial services and tourism are the mainstays of the economy.
The Cayman Islands hosts a substantial financial services industry and is a major centre for offshore banking, offshore fund management and captive insurance operations. The Companies’ Act 1960 as amended is based on the English Companies’ Act of 1948. The Act provides for exempt companies and a Cayman exempt company must conduct its business activities outside the Cayman Islands. It is not permitted to own real estate within the Cayman Islands.
Being a British Controlled Territory the Cayman Islands is subject to the terms of the European Savings Tax Directive.
Cayman Islands offshore company regulations |
|
| Type of entity | Exempt |
| Type of law | Common |
| Corporate taxation | Nil |
| Double taxation treaties available | No |
| Share Capital | |
| Usual currency | U.S.$ |
| Permitted currencies | Any |
| Minimum paid up | $1 |
| Usual authorised | $50,000 |
| Directors | |
| Minimum number | 1 |
| Local resident required | No |
| Records publicly available | No |
| Corporate Director allowed | Yes |
| Shareholders / Members | |
| Minimum number | 1 |
| Records publicly available | No |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | No |
| Local or qualified | N/A |
| Accounts | |
| Required | Yes |
| Audit required | No |
| Filing required | No |
| Publicly available | No |
| Other | |
| Annual return required | Yes |
| Change of domicile permitted | Yes |
| Availability of shelf companies | Yes |
| Time ti incorporate shelf co | 2-3 working days |
| Time to incorporate new co | 3-4 working days |
