Main Characteristics and the basic rules of Company registration in Cayman Islands
Situated in Western Caribbean, the Cayman Islands are actually British Crown Colony. The island has small population with English being the official language. The legal system that runs in the island is that of the British system. It is obvious that these islands have a strong link with UK and hence the place is politically stable, safe and protected from almost all aspects. In case, you are planning to open an offshore company in this Island country, you must opt for our professional Cayman Islands Company Formation service otherwise you will have to face a barrage of problems sooner or later.
In fact, it has been seen that the standard of living in the Cayman Islands is one of the highest in the Caribbean. The GNP per capita of Cayman Islands is around $49,000. Right from the business infrastructure to transport system to communication facilities, everything is well developed in Cayman Islands.
One of the major financial centers, with being the 5th largest banking sector in the world, the Cayman Islands is one of the greatest destinations for offshore company formation. If you are looking for international expansion for your business, you need to get in touch with a company that has proven record of providing Cayman Islands Company Formation service. The Cayman Islands has some top global financial institutions and almost 279 banks with service providers providing high quality banking and accountancy practices. The numbers of registered businesses in the islands are innumerable, infact more than the total population of the islands.
The implementation of the ‘Mutual Legal Assistance Treaty’ in 1986 has led to greater legitimacy of businesses which are coming from outside and being established in Cayman Islands. The main purpose of this treaty is assisting the various law enforcement agencies of different countries when they think that a Cayman Islands company has been integrally involved in some kind of criminal activity. Whatever may be the situation, privacy is maintained.
Mentioned below are key benefits of Cayman Islands company formation:
Though there are minimal hassles of Cayman Islands company formation, getting some assistance is always helpful for you and this is where BRIS group comes into the picture. All kinds of documentation, paper works and legal formalities are handled by us and your company formation process is made smooth and hassle free. Talk to us for all kinds of assistance.
|Cayman Islands Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access. Bahamas has not yet signed any Double Tax Avoidance Treaties.|
|Cayman Islands Tax Information Exchange Agreements||Yes, TIEAs signed by Cayman Islands authority|
|Account Filing Requirements:||No accounting or reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Cayman Islands Company Formation||Registration Requirements|
|Share Capital:||Maximum authorised (as opposed to issued) capital for minimum government incorporation and annual filing is US$50,000 for an exempted or ordinary non-resident company. The number of authorised shares can be enlarged at a later date|
|Classes of Share Available for Cayman Islands company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value.|
|Minimum paid up share capital:||US$1|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes, required and must be maintained in Cayman Islands.|
|Registered agent:||Yes, required|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality and need not be resident in Cayman Islands. Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||“Corporation”/ Corp., “Limited”/Ltd, “Incorporated”/Inc.,, “Societe Anonyme”/S.A., “Sociedad Anonima”,|
|Documents required for Cayman Islands company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Cayman Islands Company Formation||Restrictions|
|For Cayman Islands company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Cayman Islands Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||Details of shareholders NO; details of directors YES|
|Possibility to use Nominee Shareholders and Nominee Directors for Cayman Islands Company Formation:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||NO, The names or identities of beneficial owner do not appear in any public records.|
|Meetings of Directors and Shareholders to be held:||You can hold Meetings of Directors and Shareholders of Bahamas IBC anywhere|
|What is the stability to register Cayman Islands Company (IBC)||Stable jurisdiction and very highly regarded reputation.|
|About Cayman Islands|
|Capital city:||George Town|
|Region:||a British Overseas Territory, encompasses 3 islands in the western Caribbean Sea. Grand Cayman, the largest island, is known for its beach resorts and varied scuba diving and snorkelling sites.|
|Political System:||Parliamentary Democracy|
|Governing corporate legislation:||The Companies Laws 2007 as amended.|
|Type of Law:||Common|
|Type of company:||Cayman Islands Exempt Company|
|Currency:||Cayman Islands Dollar (KYD)|
|Language of Legislation and Corporate Documents:||English.|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.