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Cayman Islands

Overview

The Cayman Island is the group of three islands: Grand Cayman, Cayman Brac and Little Cayman. Grand Cayman is the largest, and George Town is the capital. Grand Cayman is locates approximately 500 miles south of Miami. The three Islands have a total land area of about 102 square miles. The population of the islands is about 30,000 people of which 28,000 live on Grand Cayman.

The islands are the British Dependent Territory, which has consistently rejected all offers of independence. Representative government was introduced in 1832 and today the islands have a high degree of internal autonomy. The Territory has a written constitution, which was first extended to the islands in 1962 and since then has been amended several times. The Islands are governed by an elected Legislative Council which enacts the laws that govern the Territory, and Executive Council which is responsible for Government Policy. The Queen is represented by the Governor, who is empowered to appoint three members of the Legislative Council and acts pursuant to instructions from Her Majesty.

The Islands have their own currency which is tied to the US Dollar at a fixed rate of CI$1.00=US$1.20. There are no exchange controls or restrictions on the flow of money into or out of the Islands.

Unlike most other Caribbean islands, the Cayman Islands were not used for agricultural purposes, i.e. growing sugar cane. Therefore, the Islands lack a legacy of racial and economic conflicts that remain an undercurrent are some other islands of the region. The Islands are virtually free of serious crime.


Corporate Structure

The registration and control of companies is governed by the Companies Law (Cap. 22) (R), originally enacted in 1961 but revised in 1994, with several sets of regulations. Its administration under the Financial Secretary is conducted by the Registrar of Companies and his staff, housed in modern facilities on the ground floor of the Tower Building, Grand Cayman.

The Registrar is allowed to release only the name and type of company, the date of registration, and the address of its registered office. This assures a rigorously upheld standard of privacy for companies transacting a wide range of legitimate business.

The Confidential Relationships (Preservation) Law as amended ensures that all information is kept in the strictest confidence. Any breach of the law will result in heavy fines and/or imprisonment. It is an offense to divulge or to seek to obtain information. If bribes are offered or taken, the penalties are doubled.


Exchange of Information

The Cayman Islands have entered into a mutual legal assistance treaty with the USA which allows information to be obtained and exchanged between the countries in respect of matters which are regarded as serious criminal offenses in both countries. Offences which have tax implications are not included in the treaty and very stringent procedures must be followed prior the exchange of any information. The treaty is evidence of the Islands’ determination to prevent and discourage those who would seek to use their laws to carry out the interest of the public at large while ensuring that the flexibility given to the financial world is not used by persons who seek to use their laws in unscrupulous ways.


Benefits of Cayman Islands

Complete absence of direct taxation - no corporation, capital gains, payroll, property or withholding taxes - and this can be backed by a 30-year Government guarantee.

Anonymity - there are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout the Islands' financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. Except where assistance to law enforcement agencies is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is forbidden by law under severe penalties.

  • Minimal reporting requirements.
  • Ready availability of investment, legal and other advice and good management services at prices competitive with those in other offshore centers.
  • Ability to form a company with only one shareholder, with no minimum capitalization requirements.
  • Company must have minimum one director.
  • The directors may be natural persons or a corporate body.
  • Directors may be of any nationality, and need not be resident in the Cayman Islands.

 It is customary to appoint a secretary, who may be either a natural person or a body corporate. However, the Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a company secretary.




Prices

Exempt Company Registration

US$3,680.00

Annual Maintenance Cost

US$1,370.00

Provision of Company Secretary

US$850.00

Power of Attorney

US$395.00

(Company formation fees based on minimum fees payable on incorporation and based on an authorized (registered) share capital that does not exceed US$40,000 for an exempted company)


 Requirements to Register

In order to register exempt company we need to provide the inland Registered Agent with name, address, and contact phone number of the original director of the company as well as the copy of his passport. This information will be retained by the Register Agent of the company for the due diligence purposes and for annual maintenance cost forwarding.

Please note that above information is not public and can be released only upon request of authorized authorities.

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