Cayman Company Formation
Three islands that lie together between Central America and Cuba when grouped together, are globally known as the Cayman Islands. There are almost 600 banks in those islands, making them amongst the largest points of offshore banking. The political environment of the islands is quite stable and balanced. Moreover, they have a commercially structured framework. Another plus point is that the Cayman Islands don’t have a strict check on the exchange. Thus, it makes possible for the funds to be transferred to or from the islands independently.
An assurance of entitling an exempt corporate body as tax-free for a span of two decades can be granted in Cayman Islands. Also, for doing this, no filing or auditing of the accounts is needed and for this corporate body, there is a requirement of minimum reporting. The distribution of bearer shares can be done, provided the ownership of the shares belongs to a custodian who has been given an approval by the Monetary Authority of Cayman Islands. The shares that are registered, can have their registration by the name of a person or a corporate body. The Confidential Relationship (Preservation) Law terms exposing data that is classified, as well as, the act of deliberately acquiring that data or trying to acquire that data regarding every class of companies of Cayman Islands.
Requirements for Incorporation
There are certain requirements to incorporate a company in Cayman Islands, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of Cayman Islands. Corporate directors are allowed to be appointed. There is neither the requirement to hold director’s meeting nor to maintain and keep public director’s register. Although, there is a requirement to call annual meeting and location of the meeting should be in Cayman Islands. Proxy or alternate directors can attend the meeting.
There is a minimum requirement of one secretary and none of the appointed secretaries need to be the resident of Cayman Islands. Corporate secretaries are allowed to be appointed. There is no requirement for the secretary to hold any professional qualification. It is not a mandatory requirement to have company secretary, as there is a requirement of representative to work in secretary capacity.
There is a minimum requirement of one shareholder in order to incorporate a company in Cayman Islands. Corporate shareholders are allowed to be appointed. There is neither the requirement to maintain and keep public shares register nor par value of shares are permitted. Authorised share capital is usually 50,000 shares with value of USD 1 each. It is allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once incorporation is completed, you will receive:
It generally takes 1-2 weeks to incorporate a company in Cayman Islands.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.