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JURISDICTION IN CAYMAN ISLANDS
| Location | Caribbean south of Cuba and north west of Jamaica |
| Legal system | English common law |
| Language(s) | English |
| Exchange controls | None |
Company acquisition time
| Shelf companies | Available on request |
| New formations | 1–2 days (but express formation within 24 hours available for an additional fee of US$487.80) |
Typical incorporation costs for Exempt Company
| Registration/statutory fees |
US$732.00 – US$3,010.00 (dependent on the company’s authorised share capital) |
| Typical professional costs for formation | Ranges between US$850 to US$1,500 (for a standard company) |
Annual charges for Exempt Company
| Statutory fees | US$854.00 – US$3,132.00 (dependent on authorised share capital) |
| Registered agent fees |
US$1,000 – US$1,800 (but depends on time spent on administration) Tax exemption certificate — US$1,829.27 (valid for 20 years from date of issue) |
Shareholders
| Minimum number | 1 |
| Residency requirements | No requirement for shareholder to be resident in the Cayman Islands |
Share capital
| Minimum authorised | No minimum requirement |
| Minimum issued | 1 share |
Beneficial ownership
| Disclosure | Not required to be disclosed to the Government, but must be disclosed to the registered office and other service providers as part of anti-money laundering and “know your client” requirements |
Directors
| Minimum number | 1 (one or more Directors are appointed for practical purposes only as there is no legal requirement for Directors to be appointed). If the company is registered with the Cayman Islands Monetary Authority (CIMA), the Authority requires it to have at least two Directors appointed and the Directors will have to be registered with CIMA |
| Residency requirements | No requirement for directors to be resident in the Cayman Islands |
| Corporate directors | Yes, corporate directors are permitted |
Local presence requirements
| Directors | No resident director requirements. Local directors may be provided by agreement with service providers |
| Annual general meeting | Not required for Exempted companies |
| Audit requirements | No requirement for an audit, unless the company is regulated by the Cayman Islands Monetary Authority |
| Annual accounts | Proper books and records must be kept, but no requirement to prepare or publish annual accounts unless the company is regulated by the Cayman Islands Monetary Authority |
| Migration possible? | Yes — companies can migrate to and from the Cayman Islands |
| Share transfer duty | Nil, unless the company holds land in the Cayman Islands in which case stamp duty may be payable |
Tax rates
| Offshore companies | None |