Cayman Islands

JURISDICTION IN CAYMAN ISLANDS

Cayman Islands jurisdiction - Image 1
LocationCaribbean south of Cuba and north west of Jamaica
Legal systemEnglish common law
Language(s)English
Exchange controlsNone

Company acquisition time

Shelf companiesAvailable on request
New formations1–2 days (but express formation within 24 hours available for an additional fee of US$487.80)

Typical incorporation costs for Exempt Company

Registration/statutory feesUS$732.00 – US$3,010.00

(dependent on the company’s authorised share capital)

Typical professional costs for formationRanges between US$850 to US$1,500 (for a standard company)

Annual charges for Exempt Company

Statutory feesUS$854.00 – US$3,132.00 (dependent on authorised share capital)
Registered agent feesUS$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 number1
Residency requirementsNo requirement for shareholder to be resident in the Cayman Islands

Share capital

Minimum authorisedNo minimum requirement
Minimum issued1 share

Beneficial ownership

DisclosureNot 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 number1 (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 requirementsNo requirement for directors to be resident in the Cayman Islands
Corporate directorsYes, corporate directors are permitted

Local presence requirements

DirectorsNo resident director requirements. Local directors may be provided by agreement with service providers
Annual general meetingNot required for Exempted companies
Audit requirementsNo requirement for an audit, unless the company is regulated by the Cayman Islands Monetary Authority
Annual accountsProper 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 dutyNil, unless the company holds land in the Cayman Islands in which case stamp duty may be payable

Tax rates

Offshore companiesNone