Introduction

The Cayman Islands consist of a group of three islands located in the Caribbean between Cuba and Central America. They are one of the largest offshore banking centres in the world with over 600 banks. The Islands are politically stable and have an established commercial infrastructure. There are no exchange controls enabling funds to be moved freely into and out of the Cayman Islands.

The Exempt Company can obtain a guarantee of tax-free status for a period of twenty years. There is no requirement for accounts to be filed or audited and there are minimal reporting requirements for this corporate vehicle. Bearer Shares may be issued but these shares must be held by a Custodian approved by the Cayman Islands Monetary Authroity. Registered shares can be in the name of an individual or a body corporate. By virtue of the Confidential Relationship (Preservation) Law it is a criminal offence to disclose confidential information or to wilfully obtain or attempt to obtain confidential information in relation to all types of Cayman Companies.

Incorporating requirements

Directors

Minimum of 1 directors required, of which 0 must be residents.
Corporate directors are permitted.
Director's meetings are not required
There is a public director's register
Other notes: An annual meeting must be held within Cayman Islands. The meeting can be held by alternate or proxy directors

Secretaries

Minimum of 1 secretaries required, who need not be residents.
Corporate secretaries are permitted.
There is not any requirement for secretaries to hold a professional qualification
Other notes: A Company Secretary is not mandatory. A representative is required to act in the capacity of a Company Secretary

Shareholders

Minimum of 1 shareholders required
Corporate shareholders are permitted.
There is not a public shares register
Bearer shares are permitted.
No par value shares are permitted.
Usually the Authorised share capital is 50000 shares of USD1 each.

Miscellaneous