Cayman Islands

Types of Companies Available from Cayman Islands

Ordinary Companies An ordinary company incorporated in Cayman Islands must have at least one shareholder of record and at least one director. An annual general meeting must be held each calendar year. A Cayman ordinary company must file an annual return detailing its shareholders, with the Registrar of Companies. The Register of Members is maintained at the registered office and is open to inspection by any person.   Ordinary Non-Resident Companies The provisions are the same for ordinary companies except that the company must be designated a non-resident company by certificate issued by the financial secretary, provided that he is of the opinion that it does not, and does not intend to, carry on business within the islands. Ordinary nonresident companies may be converted to exempted companies.   Cayman Islands Exempt Companies An exempted company is incorporated in the same way as an ordinary company and must have at least […]

Summary of Features of Cayman Islands Exempted Company

  General Information Company Law Cayman Islands Companies Law (Cap.22) . Type of Company Exempt Company Language of Legislation and Corporate Documents English Taxation of Foreign Profits Nil Exchange Controls None Length of Time to Incorporate 1 day Shelf Companies Available Yes Corporate Names Name Restrictions Names identical or similar, offensive words Endings and Abbreviations Required Limited or its abbreviation “Ltd”. Length of Time to Verify Name Availability few minutes Reservation of Names Permitted Yes Language of Name Any language Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license Yes Capital and Shareholders Minimum Number of Shareholders One Local Shareholders Required No Corporate Shareholders Permitted Yes Disclosure of Shareholders No Minimum Authorised Capital Required No minimum Bearer Shares Permitted Yes (but with restricted mobility) Registered Shares Permitted Yes No Par Value Shares Permitted Yes Directors and Officers Minimum Number of Directors One Qualifications of […]

Identity Requirements for Registration of Company in Cayman Islands

If an individual will be a director, shareholder (owning greater than 10% of the Company) or partner of the Cayman company or partnership, we will require the following identification documents: – (1) Notarized or certified copy of the individual’s passport or national identity card or driver’s license, showing their full name, address, date of birth and nationality. (2) Notarized or certified copy of the individual’s driving licenses or other form of confirmation regarding the persons permanent residential address, such as a copy of their utility bill. If a company will be the shareholder or partner of a Cayman Islands company or partnership, we will require the following identification documents: (1) Notarized or certified copy of the Certificate of Incorporation; (2) Certificate of Good Standing; (3) Notarized or certified copy of the Register of Directors, Officers and Managers; (4) Notarized or certified copy of the Register of Members; (5) List of […]

Features of Cayman Islands Exempted Company

General Information The Cayman Islands are a British colony situated in the Caribbean Sea approximately 500 miles South of Miami, Florida, with a population of approximately 50,000 people of mixed origin. The Islands enjoy sophisticated legal, accounting and banking services and derive political stability by virtue of their connection with Britain. The legal system is British, and the government is headed by a Governor appointed by the Crown who presides over a Government made up of twelve locally elected members and three senior civil servants who hold ex-officio office. There is no exchange control and no restrictions on the movement of funds to or from the Islands. The Confidential Relationships (Preservations) Law 1976 makes it a criminal offence for any person to divulge confidential information to a third party and the Cayman Islands have no double taxation treaties with any other part of the world but have undertaken to assist […]

Cayman Islands Corporate Structures – Shareholders, Directors and Meetings

Cayman Islands Corporations – Share Capitals and Shareholders Shareholders are protected by common law in the Cayman Islands. Under such law, a company’s director who has been neglectful of his responsibilities in maintaining the company may be held accountable and censured according to applicable laws. This is especially so if damages suffered by the company’s shareholders are grave. A shareholders’ meeting should be done at least once every year within the island for all types of companies residing within the island: Ordinary Resident; Ordinary Non-Resident; and Exempted Companies. There is no specified location where shareholders’ meetings must take place. However, non-resident companies are required to have at least one shareholders’ meeting within the island. Proper notice must be given and shareholders should be afforded ample time to receive such notice prior to the meeting. Shareholders’ resolutions are either special or ordinary, with the former requiring at least a two-thirds ratio […]

Cayman Islands Brief Introduction

Background THE CAYMAN ISLANDS are three small islands (Grand Cayman, Cayman Brac and Little Cayman) about 480 miles south of Miami, and just north of Jamaica in the Caribbean Sea. The population is made up of about 20% Caucasian, 25% black and 55% mixed race. The Cayman Islands are an English-speaking British Crown colony especially suitable for U.S. businessmen and Canadian businessmen owing to their close proximity to the U.S. and North America. The main industries are tourism, financial services, boat building and fishing. There are more than 500 bank and trust companies, and over 300 insurance companies registered in this world-famous tax haven. The Caymans receive over 500,000 tourists every year, most of them from the U.S.A.   Legal System The Islands are a common law jurisdiction, and, aside from the addition of a number of statutes to reflect the particular needs of the business community, have adopted a […]