About Cayman Islands
The Cayman Islands consists of a group of three islands in the Caribbean: Little Cayman, Cayman Brac and Grand Cayman. The main Island, Grand Cayman, is situated approximately 480 miles southeast of Miami. The Cayman Islands are British dependent territories and hold the title of 5th largest offshore financial center in the world, boasting 279 banks and leading financial institutions, international accountancy practices (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG all have an established presence in the Caymans) and leading offshore-law law firms.
Due to its strong links with the UK, the Cayman Islands are very politically stable, socially protected and safe. The infrastructure on the Caymans is excellent with cutting edge communication facilities and a well-established, reliable transportation system.
Benefits of Setting up an Offshore Business in the Caymans
- All documents and legislation are in English, the official language
- No yearly reporting, accounting or auditing requirements for any Offshore Cayman Islands Company
- Only one shareholder and one director is required. They can be the same person or a corporate body
- There is no direct taxation; no corporation, property, capital gains or withholding taxes. This legislation is backed by a 20 year government guarantee (rising to 30 years on application) enabling long term business planning
- No minimum capital prerequisite for a Cayman Island Company formation
- Businesses may be run from anywhere in the world
- Corporate bank accounts available
Key Corporate Features
| General | |
| Type of Company | Exempt |
| Type of Law | Common |
| Shelf company availability | Yes |
| Time to establish a new company | 2-3 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 |
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