The Cayman Islands, island group and overseas territory of the United Kingdom in the Caribbean Sea, comprising the islands of Grand Cayman, Little Cayman, and Cayman Brac, situated about 180 miles (290 km) northwest of Jamaica. The islands are the outcroppings of a submarine mountain range that extends northeastward from Belize to Cuba. The capital is George Town, on Grand Cayman.
The islands are generally low-lying, though Cayman Brac has a central bluff that constitutes 90 percent of its landmass. The coasts are ironshore (limestone fringes with numerous marine fossils) interspersed with sandy beaches and enclosed by coral reefs. Grand Cayman is the largest and most populous island, about 22 miles (35 km) long and 8 miles (13 km) across at its widest, with a total area of 76 square miles (197 square km). It has a 36-square-mile (93-square-km) sound that is a breeding ground for much marine life. Cayman Brac, about 89 miles (143 km) northeast of Grand Cayman, is the next largest island; it is about 12 miles (19 km) long, averages about 1 mile (1.6 km) in width, and has the highest elevation of the group, rising to 140 feet (42 metres) above sea level. Its total area is 14 square miles (36 square km). The smallest of the islands, Little Cayman, lies 5 miles (8 km) west of Cayman Brac; it is 10 miles (16 km) long and has a maximum width of 2 miles (3 km) and a total area of 10 square miles (26 square km). There are no rivers.
About one-fifth of Caymanians are of European, mainly British, ancestry; another fifth are blacks, the descendants of African slaves; and two-fifths are of mixed African and European ancestry. The remainder of the residents are of other mixed ancestry or are expatriates. English is the official language and the main spoken language, heard in a variety of dialects. Spanish is frequently a second language.
The Cayman Islands has an excellent legal, fiscal, financial and professional environment for the incorporation of international business companies.
The jurisdiction is a world-leading offshore financial services jurisdiction. due to its political and economic stability, and its broad offer of banking, trust, hedge fund formation and investment, structured finance and securitization, captive insurance, and international business services.
The Companies Law 1961 (as amended in 1990, 1995, 2004, 2007 and 2010) is based on English Common law and governs the incorporation of the Exempted Companies, Cayman’s most popular offshore company.
Limited Company registered under the Exempted status.
|Governing corporate legislation|
The Cayman Islands Monetary Authority is the governing authority and companies are regulated under The Companies Law (2016 Revision).
Exempted companies may be incorporated by one or more shareholders, who can be either natural or legal persons, residents or non-residents, without restrictions.
At least one director is required, who may be a natural person or a legal entity.
|Information published relating to company officers|
Details of shareholders are not publicly disclosed.
Directors’ details are not available to the public. Nominee directors are permitted.
The liability of the shareholders for the company is limited to the amount of their respective shareholdings.
|Accounting requirement/ compliance|
Cayman Islands’ exempted companies must keep accounting records. The records may not be kept in Cayman, but must be made available at the registered office if an order or notice for production under the Tax Information Authority Law is made.
Exempted companies are not required to file financial statements, nor tax return. An annual return must be submitted annually stating whether there has been a modification of the Memorandum of Association and confirming that no business has been conducted within the jurisdiction. Exempted companies are also required to pay an annual government fee, of which its amount will be according to the company authorized share capital.
|Corporate income tax|
The Cayman Islands does not levy corporate income tax. In addition, an Exempted company may apply for an undertaking from the Governor that no law enacted in Cayman imposing any tax to be levied on profits or income or gains or appreciations shall apply to the Exempted company. The undertaking will be for a maximum of 50 years and will also cover estate duty or inheritance tax.
No withholding tax is levied on dividend, interest and royalty payments to non-residents.
|Shared capital/paid up|
There is no authorized share capital established, and shares may be denominated in one or more currencies.No paid-up capital requirement. The standard share capital is USD 50,000 but can be amended to fit your requirements.
|Basis of the Legal System|
Under Common Law.
The appointment of officers such as a secretary is optional, and may be an individual or a corporation, resident or non-resident.
Shares may be with or without nominal or par value, issued at a premium over par value, in fractions of a share, preferred, deferred, or other special rights. Bearer shares are not allowed.
An Exempted company must have a registered office in the Cayman Islands, provided by a licensed service provider.
Annual general meetings are not mandatory. However, if meetings are held, they can be anywhere in the world and maybe by proxy. Minutes of the meeting must be taken but the minute book can be kept anywhere.
|Time to form|
The Cayman island has a fast and efficient registry: it takes about 2 to 3 working days to register a company.
Anniversary date of the company / Each Year
Convenient world time zone: GMT-5
The Cayman Island offers a high level of anonymity and privacy.
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