Cayman Islands

JURISDICTION IN CAYMAN ISLANDS

caymanisland-detail
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